Goldplat plc Goldplat Plc: Preliminary Results

 
TIDMGDP 
 
 
   Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration 
 
   26 September 2016 
 
   Goldplat plc ('Goldplat' or 'the Company') 
 
   Preliminary Results 
 
   Goldplat plc, the AIM listed gold producer, announces its preliminary 
results for the year ended 30 June 2016 ('FY 2016'). 
 
   Overview 
 
 
   -- Goldplat continued to strengthen its market-leading gold recovery 
      operations in South Africa and Ghana, whilst making progress on the 
      geographical diversification of these businesses into Africa, as well as 
      into South America 
 
   -- Management approved plans for a plant expansion at Kilimapesa, with the 
      aim of  increasing production rates and operational profitability during 
      the 2017 financial year 
 
   -- The Company produced 37,666 ounces of gold during the year (FY 2015: 
      30,524 ounces) 
 
          -- Significant increase in production from recovery operations to 
             35,661 ounces (FY 2015: 28,246 ounces) 
 
          -- Kilimapesa mine produced 2,005 ounces (FY 2015: 2,278 ounces) 
 
   -- Actual sales were 40,763 ounces (FY 2015: 24,904 ounces) 
 
          -- Gold sold for own account was 27,538 ounces (FY 2015: 21,181 
             ounces) 
 
          -- Gold transferred to clients was 13,225 ounces (FY 2015: 3,723 
             ounces) 
 
   -- Multiple cost improvement initiatives and investment in infrastructure to 
      improve operational efficiencies, resulting in increased profitability 
      and return to positive cash flow 
 
   -- The management team was strengthened across all operations to align 
      skills and experience with Company strategy in order to build on 
      profitability and spearhead new development opportunities 
 
   -- A new Chairman, Matthew Robinson, was identified, and is to be proposed 
      at the upcoming AGM 
 
 
   Financials 
 
 
   -- Operating profit of GBP1,172,000  (2015: loss of GBP711,000) 
 
   -- Profit before tax of GBP1,942,000 (2015: loss of GBP796,000) 
 
   -- South African recovery business continued to perform well and increased 
      its operating profits to GBP1,777,000 (FY 2015: GBP1,090,000) 
 
   -- Gold Recovery Ghana showed the strongest turnaround performance, turning 
      an operational loss in FY 2015 of GBP641,000 into an operational profit 
      of GBP437,000 for FY 2016 
 
   -- Kilimapesa gold mine reported a net loss of GBP711,000 for the year (FY 
      2015: loss of GBP753,000) - operational constraints are now being 
      addressed with mining and treatment capacity being increased during H1 FY 
      2017, which aims to return the mine to profitability 
 
   -- Net cash position of GBP2,056,000 as at 30 June 2016 (2015: GBP630,000) 
 
   -- Increase in revenue of 21% whilst cost of sales increased by 10% year on 
      year 
 
   -- Gold sold on own account increased by 30% to 27,538 ounces (FY 2015: 
      21,181 ounces), which is reflected in increased Group sales 
 
 
   For further information visit www.goldplat.com, follow on Twitter 
@GoldPlatPlc or contact: 
 
 
 
 
Gerard Kisbey-Green       Goldplat plc               Tel: [phone] 
(CEO) 
Colin Aaronson / Jen      Grant Thornton UK LLP      Tel: [phone] 
Clarke / Daniel Bush      (Nominated Adviser) 
Andrew Raca / Justin      VSA Capital Limited        Tel: [phone] 
McKeegan                  (Broker) 
Charlotte Page / Susie    St Brides Partners Ltd     Tel: [phone] 
Geliher 
 
 
   The information contained within this announcement is considered to be 
inside information, for the purposes of Article 7 of EU Regulation 
596/2014, prior to its release. 
 
   Chairman's Statement 
 
   Goldplat's portfolio of assets consists of gold recovery operations in 
South Africa and Ghana, a gold mine in Kenya and exploration projects in 
Ghana and Burkina Faso. 
 
   It is a pleasure to be able to report an improvement in both the 
production and profitability of Goldplat, led by the recovery 
operations.  These operations not only increased profitability but also 
returned to positive cashflow generation, which enabled the Group to 
finance significant capital projects internally and to strengthen the 
balance sheet, without resorting to external capital raising.  In turn 
this has enabled us to commence the expansion of Kilimapesa which is 
needed to make the mine profitable. 
 
   In my previous Chairman's Statement I noted that the gold price during 
FY 2015 averaged US$1,229/oz. During FY 2016, the gold price averaged 
US$1,167/oz.  During the first quarter of the current financial year the 
gold price seems to have settled at above US$1,300/oz, and expert 
opinions expect it to strengthen further, which would be excellent news 
for Goldplat. 
 
   Along with continued cost improvement initiatives, it is pleasing to 
note that the Group has placed renewed focus on increasing management 
skills as well as international diversification.  These strategies 
should ensure sustainable growth in the business going forward.  I 
believe that the turnaround strategy being implemented at the Kilimapesa 
mine, as well as the planned diversification into South America and West 
Africa, are fundamental to sustained growth and will stand the Group in 
good stead, even in tough market conditions. 
 
   Goldplat is now targeting a period of renewed growth, having re-invested 
in infrastructure and equipment, and strengthened its management team, 
as well as its financial situation. 
 
   During the year Goldplat appointed Grant Thornton as nominated adviser, 
replacing SP Angel. VSA Capital remains as Broker to the Company. 
 
   This is my last report as Chairman of Goldplat. Having held that role 
for 10 years since the flotation of the Company and also having reached 
80 years of age recently, I am retiring at the conclusion of the AGM 
convened for 27 October 2016, and, subject to the approval of 
shareholders, handing over to Matthew Robinson.  With over 12 years' 
experience in mining and resources and more than 15 years working as a 
corporate adviser, Matthew has excellent credentials and I wish him and 
the Board of Goldplat every success going forward. I believe that I am 
handing over a company in good shape and well placed for the future. 
 
   Finally, I would like to thank the management and staff for all their 
efforts on behalf of Goldplat over the last twelve months. 
 
   BRIAN MORITZ 
 
   CHAIRMAN 
 
   Operations Report 
 
   In Goldplat's 2015 annual report I said that we had laid the foundations 
for a turnaround of the Group's performance and a return to operational 
robustness and profitability. In FY 2016 we have laid the foundations 
for growth and diversification. I am pleased to report that all the 
initiatives of FY 2015 as well as those for the first half of FY 2016 
have borne fruit, resulting in a marked return to profitability and a 
more robust balance sheet. The Group produced 37,666 ounces of gold 
during the year (FY 2015: 30,524 ounces). This reflects a marked 
increase in production from recovery operations to 35,661 ounces (FY 
2015: 28,246 ounces), whilst Kilimapesa produced 2,005 ounces (FY 2015: 
2,278 ounces). 
 
   The Group spent GBP1,284,000 during the period, largely financed 
internally, on a comprehensive programme to refurbish and replace 
obsolete plant and to acquire new infrastructure and equipment. The 
majority of the projects begun in FY 2015 were completed during the 
first half of FY 2016. 
 
   With the completion of most of these capital programmes, the Group 
turned to a new set of priorities during the second half of the year: 
 
 
   1. to focus on the material procurement function, which included appointing 
      appropriate staff across all operations, broadening the geographic 
      sources and diversity of materials acquired, and re-defining the Group's 
      procurement contract structures to more accurately reflect its business 
      and the prevailing economic landscape 
 
   2. to focus on the potential business opportunities we believe are available 
      in South America.  This has included establishing relationships with 
      local partners, appointing a team to take this initiative forward, and 
      the trial processing of sample material at our plant in Ghana 
 
   3. to return Kilimapesa to profitability; the Board approved a plan to 
      return Kilimapesa to profitability during FY 2017. We believe that this, 
      and potential investment opportunities currently being considered with 
      third parties, will significantly strengthen the Group. 
 
 
   A major risk identified during the previous financial year was the 
Group's historical relationship with only one refiner, Rand Refinery, 
which we termed the "single refiner" risk. In the year under review 
Goldplat identified and subsequently formalised relationships with a 
number of international refiners to both process concentrates and refine 
dore gold.  Aurubis Refinery in Germany was used during the year to 
assist in processing the backlog of concentrate stock that had resulted 
from difficulties experienced with Rand Refinery during FY 2015. 
 
   Areas of Strategic Focus 
 
   During 2016 strategic sourcing was identified as a critical area for the 
Group. A new Strategic Sourcing Manager was appointed in South Africa 
and the decision was taken to move the Sourcing Manager in Ghana to 
South America (with a new Ghanaian Sourcing Manager appointed). A Kenya 
Sourcing Officer has also been appointed to focus solely on sourcing 
tailings in country. 
 
   During the year a number of exploratory visits were undertaken to South 
America to determine the potential for business - initially to source 
material for processing through the Group's existing recovery operations 
in Africa, but also to determine the potential for establishing a 
recovery operation in South America. A potential Brazilian business 
partner has been identified, who has extensive knowledge of, and 
experience within, the South American mining sector. Goldplat expects to 

finalise contractual arrangements with him in early FY 2017. Initial 
introductions provided by the Brazilian contact have led to a number of 
meetings with potential future clients, and to the first sample batches 
of materials, for testing, being shipped to Ghana, where they were found 
to be profitable.  Logistics, regulatory hurdles, infrastructure and 
administrative requirements are being determined and we have identified 
a new manager to oversee our South American operations, who is expected 
to be appointed early in FY 2017. This manager will determine the 
optimal way to take a potential South American business forward and 
significant progress is expected during FY 2017. 
 
   Kilimapesa has been loss-making during the year, primarily due to plant 
throughput capacity constraints at its original treatment plant. A 
decision was taken by the Board to increase processing capacity and 
production in a staged process, with the aim of bringing Kilimapesa to 
operational profitability. The initial stage being to erect a new 
processing facility and tailings deposition site near the Kilimapesa 
Hill mining operation, which will increase processing capacity to 3,000 
tonnes per month. The original treatment plant will continue to be used 
to process high grade artisanal tailings for as long as the existing 
tailings facility has capacity or until an economically viable means of 
transporting tailings to the new facility is found. In order to meet the 
increase in underground production, a mechanised loader has been ordered 
for the mines. Site preparation for the new treatment plant was largely 
completed during FY 2016 and construction and installation is expected 
to be completed during the first half of FY 2017. 
 
   Gold Production and Sales 
 
   The table below provides a summary of gold (and gold equivalent) 
production and sales for FY 2016, with comparisons to FY 2015. Gold 
equivalent ounces have been included as a significant amount of silver 
was produced during the year, mainly as a result of the silver 
toll-treatment contract undertaken for the Rand Refinery. During the 
year overall production was 37,666 ounces (FY 2015: 30,524 ounces) and 
actual sales were 40,763 ounces (FY 2015: 24,904 ounces). Gold sold on 
the Group's own account was 27,538 ounces (FY 2015: 21,181 ounces) and 
that transferred to clients was 13,225 ounces (FY 2015: 3,723 ounces). 
The difference between gold sold and gold produced (3,097 ounces) 
reflects the decrease in locked up concentrate stocks which accumulated 
during the previous financial year. 
 
   During the year, the Group undertook a toll processing contract with 
Rand Refinery which yielded 3,700 kg of silver (1,593 of gold equivalent 
ounces) and 1,350 ounces of gold.  Although a dispute has arisen between 
the two companies regarding payments against certain invoices, Goldplat 
is confident that the dispute will be resolved in FY 2017. 
 
 
 
 
                             FY 2016 Total     FY 2016 Total 
                             Equivalent Gold   Equivalent Gold  FY 2015 Total Equivalent Gold 
Goldplat Plc Consolidated          kg                oz                       kg               FY 2015 Total Equivalent Gold oz 
Gold Equivalent Production 
Goldplat Recovery *                      895            28,778                            688                            22,135 
Gold Recovery Ghana                      214             6,883                            190                             6,111 
Kilimapesa Gold                           62             2,005                             71                             2,278 
Total                                  1,171            37,666                            949                            30,524 
Gold Equivalent Sold 
Goldplat Recovery *                      516            16,575                            514                            16,530 
Gold Recovery Ghana                      279             8,964                             80                             2,578 
Kilimapesa Gold                           62             1,999                             64                             2,073 
Total                                    857            27,538                            658                            21,181 
Gold Equivalent 
Transferred 
Goldplat Recovery*                       411            13,225                            116                             3,723 
Total                                    411            13,225                            116                             3,723 
Gold Equivalent Sold and 
Transferred 
Goldplat Recovery                        927            29,800                            630                            20,253 
Gold Recovery Ghana                      279             8,964                             80                             2,578 
Kilimapesa Gold                           62             1,999                             64                             2,073 
Total                                  1,268            40,763                            774                            24,904 
 
 
   * The gold kilograms and ounces reported for FY 2016 includes gold 
equivalent silver and other precious metals ounces produced and sold in 
the normal course of business. The gold produced and transferred also 
include 1,350 oz of gold and 1,593 equivalent gold oz of silver produced 
and transferred during the Rand Refinery silver sulphide tolling 
project. The kilograms relating to intercompany sales between Gold 
Recovery Ghana and Goldplat Recovery are not reflected in the above 
production and sales figures. 
 
   Goldplat's Recovery Operations 
 
   Goldplat recovers precious metals, primarily gold and silver but also 
platinum group metals ('PGM's'), from by-products of the mining industry 
and gains its competitive advantage from a combination of the diversity 
and flexibility of its treatment circuits, which make possible the 
recovery of metals and concentrates from these by-product materials, the 
strategic geographic locations of the Group's plants, and the extensive 
depth of knowledge and experience of its longstanding team. 
 
   Goldplat sources by-products from the mining and related industries; 
these include, coarse and fine carbon, woodchips, rubber and steel mill 
liners, grease, concentrate bags, surface materials and rock dumps. The 
Group also assists in plant clean-up operations. These materials 
typically present an environmental risk and cost to producers but can 
become a source of precious metals and revenue when processed by 
Goldplat. Clients include most of the significant gold producers, an 
increasing number of PGM producers, and a number of refineries requiring 
the processing of concentrate materials prior to final refining as 
bullion. 
 
   Goldplat Recovery (PTY) Limited - South Africa ('GPL') 
 
   GPL is a well-established operation based near Johannesburg in South 
Africa, serving clients within South Africa as a Responsible Gold 
Producer fulfilling the requirements set out by the London Bullion 
Market Association. The Company's facilities include crushing, milling, 
thickening, wash plants, carbon-in-leach ('CIL'), elution, incineration, 
flotation, spiralling and shotblasting. 
 
   During FY 2016 GPL produced 28,778 ounces of gold and gold equivalent 
(FY 2015: 22,135 ounces of gold) of which 16,575 ounces were for its own 
account (FY 2015: 16,530) and 13,225 ounces were transferred to clients' 
metal accounts (FY 2015 3,723 ounces). The difference between the total 
gold sold and transferred and the gold produced (1,022 ounces) 
represents the reduction during the year of the backlog of concentrates 
built up during FY 2015. 
 
   Focus at GPL during FY 2016 was on completing the numerous capital 
projects, eliminating the single refiner risk and further improving the 
sourcing function. Excellent progress was made in all of these areas of 
strategic focus. 
 
   Capital projects completed during the year included: the installation of 
a 4-tonne elution column and its associated infrastructure, the 
completion of a JORC-compliant resource statement on the tailings 
storage facility, a new woodchip wash plant, a liquid cyanide storage 
facility, a replacement mill for the low grade circuit, a new pumping 
station for the tailings re-treatment CIL circuit, a new on-site weigh 
bridge and a carbon regeneration kiln. All of these projects were 
internally funded and are making significant improvements to costs and / 
or efficiencies. 
 
   The highlight of the year was the successful installation and 
commissioning of the 4-tonne elution column. A used plant consisting of 
three 4-tonne elution columns and the associated equipment was acquired 
from DRD Gold Limited during FY 2015.  The first of these columns was 
successfully installed and commissioned at GPL during the six-month 
period ended 31 December 2015. This increased the plant's elution 
throughput capacity from approximately 1.5 tonnes per day to 8 tonnes 
per day. Not only has this enabled the rapid reduction of backlog stocks, 
it has also provided the flexibility and capacity to source and process 
additional material from within South Africa and internationally. 
 
   During FY 2016 a Competent Person was engaged to complete a 
JORC-compliant Resource Statement for the Tailings Storage Facility 
('TSF') at GPL.  In January 2016 a total resource of 81,959 ounces of 
gold, 216,094 ounces of silver and 193,276 pounds of uranium oxide was 
declared.  Work continues together with a local University to determine 
the optimal production method, recovery process, final tailings 
deposition facility and costs associated with re-processing this 
material. The metallurgical research work completed at the end of May 
2016 showed positive results and the process of selecting a final 
tailings deposition site remains ongoing. Our preferred site is a 
disused open-pit adjacent to GPL but regulatory, environmental and 
ownership issues have delayed finalisation of the acquisition of this 

site. GPL has the support of the Department of the Mineral Resources 
('DMR') for the use of this site and a decision in FY 2017 is expected, 
after which final economics can be determined and the processing of the 
TSF can commence. 
 
   GPL entered into, and successfully completed, a silver toll recovery 
project for Rand Refinery to which the high grade circuit and 
approximately half of the increased elution capacity was dedicated. This 
project proved the flexibility gained by the installation of the 
increased elution capacity and allowed for the production, on a 
toll-treatment basis, of significant amounts of silver. Unfortunately, a 
dispute has arisen between the two companies regarding payments against 
certain disputed invoices. Goldplat is confident that the dispute will 
be resolved in FY 2017. 
 
   During the year, GPL entered into a pre-payment agreement with Auramet 
International LLC ('Auramet') to accelerate receipt of funds due from 
Aurubis Refinery. This enabled GPL to bring forward payments to material 
suppliers. 
 
   Finally, various senior appointments were made to strengthen operational 
management at GPL. These included the creation of a new General Manager 
as well as the appointment of a new Strategic Sourcing Manager. 
 
   Gold Recovery Ghana Limited ('GRG') 
 
   GRG's gold recovery operation, which has a tax free status until 
December 2016, and a favourable tax rate thereafter of 8%, is located in 
the free port of Tema in Ghana. Processing facilities include a 
spiralling section, filter presses, an incinerator and a shotblast 
facility, used to recover gold from mill liners.  Concentrates produced 
at GRG are exported to GPL or to Aurubis Refinery in Germany and/or Rand 
Refinery in South Africa. Most of the region's major gold producers and 
a number of smaller operations have contracts with GRG for the 
processing of their by-products which include fine carbon, fine carbon 
sludges, steel and rubber mill liners, wood chips, slag, scaling and 
grease. 
 
   FY 2016 was a recovery year for GRG, which suffered significant setbacks 
due to the problems experienced with the Rand Refinery during FY 2015. 
Not only had a significant backlog of material built up, which was 
processed during FY 2016, but the resulting delayed payments to clients 
caused strain on relationships and delays in delivery of new material. 
During the year, as with GPL, GRG also entered into a pre-payment 
agreement with Auramet International LLC to accelerate receipt of funds 
due from Aurubis Refinery. This enabled GRG to bring forward payments to 
material suppliers in Ghana, which in turn facilitated the receipt of 
new material from these suppliers. 
 
   During FY 2016, a total of 6,883 ounces of gold were produced (FY 2015: 
6,111 ounces) and 8,964 ounces of gold were sold (FY 2015: 2,578 
ounces). The difference between the gold sold and gold produced of 2,081 
ounces (FY 2015: -3,533 ounces) is largely a result of the processing 
during the year, through Aurubis refinery and the new elution plant in 
GPL, of backlog concentrates which had built up during FY 2015 due to 
problems associated with Rand Refinery. 
 
   During the year the CIL circuit was deconstructed, containerised and 
shipped to Kenya. The space created will be used as a site for the 
planned erection of an elution plant, the timing of which is being 
negotiated with the Ghanaian authorities.  A shotblast facility was 
fabricated at GPL and installed at GRG during the year and is being used 
to extract gold from mill liners. Four filter presses were installed 
during the year to improve the efficiency of the spiral circuits. 
 
   The renewal of the Gold and Environmental Protection Agency licences are 
in progress. The renewals are taking longer than anticipated but we are 
working closely with the relevant authorities and expect to conclude the 
process during the first half of FY 2017. 
 
   Goldplat's Mining and Exploration 
 
   Kilimapesa Gold (Pty) Limited ('Kilimapesa') 
 
   Kilimapesa is a producing gold mine located in South Western Kenya. The 
mine is located in the historically productive Migori Archaean 
Greenstone Belt and has a total resource of 8,715,291 tonnes at 2.40 g/t 
of gold for a total of 671,446 ounces of gold at 1 g/t. 
 
   During the year, Kilimapesa Hill remained the primary source of 
production with additional gold being recovered from artisanal material 
and limited amounts from exploration work on the Teng-Teng mine. Gold 
production for the year was 2,005 ounces (FY 2015: 2,278 ounces) with 
1,999 ounces being sold during the year (FY 2015: 2,073 ounces). The 
slight decrease in production was primarily due to a reduction in 
artisanal tailings sourced during the year. 
 
   Focus at Kilimapesa Hill during the year was on re-opening the Adit D 
and once complete activities focussed on understanding geological 
structures and value trends, developing mining blocks through on-reef 
drives and raises between the levels, and establishing second outlets. 
All high grade material mined was delivered to the processing plant for 
treatment and low grade material was stockpiled for later processing 
during commissioning of the new plant during FY 2017. 
 
   Following de-watering and equipping of the previously abandoned and 
flooded Teng-Teng shaft during FY 2015, the underground workings were 
rehabilitated and re-equipped in preparation for further on-reef 
exploration work. Reef drives on the lowest level opened up new ground 
and raises were developed to delineate potential mining blocks. A second 
outlet was developed for safety purposes as well as to facilitate rock 
and material handling during the decline shaft deepening planned for FY 
2017. 
 
   To gain a better understanding of the resource, and in preparation for 
the planned increase in underground production rates, two part-time 
geologists have been employed.  They will also guide the exploration 
programmes at Teng-Teng and other sites, and maintain compliance with 
regulatory requirements. 
 
   Once Adit D had been successfully re-opened, mining activities at 
Kilimapesa Hill focussed on. 
 
   During FY 2016, successful trial processing of tailings through the 
gravity concentrator were concluded and the concentrator was moved to 
and erected at the new plant site for commissioning early in FY 2017. 
This concentrator will be utilised for processing low grade artisanal 
tailings. 
 
   In preparation for the construction of a new processing plant and 
tailings facility, the Environmental Impact Assessment was approved and 
all agreements regarding land usage were concluded. With design and 
construction drawings and layouts completed, work commenced on the new 
plant project during 2016. A CIL plant, which was de-commissioned at GRG 
during FY 2015 was de-constructed and shipped to Kilimpaesa for 
re-erection during FY 2017. Two new second-hand ball mills were acquired 
in South Africa and one of these was shipped to Kilimapesa. Fabrication 
of infrastructure for the new plant is taking place at GPL and shipments 
to Kilimapesa began during the year. 
 
   Goldplat plans to have the new plant in production by the end of the 
first half of FY 2017 and for Kilimapesa to become profitable at an 
operational level during FY 2017. To date the project has been financed 
within the Group, but alternative ways to re-finance this capital 
investment are being considered. 
 
   No capital was spent on exploration during the year under review, other 
than on Teng-Teng, despite the significant potential known to exist 
within the greater exploration permit. 
 
   On 27 May 2016 a new mining act (the Kenya Mining Act) came into force 
in Kenya.  A new Cabinet Secretary for Mining was appointed and a good 
relationship exists between Goldplat management and the Ministry of 
Mining. In addition to this, relationships with the Narok County 
Governor have been strengthened and new relationships developed with the 
Governor of the adjacent Migori County, which has significant potential 
for gold exploration, mining, sourcing and processing of tailings. 
Community relations at Kilimapesa remain sound and a new collective 
bargaining agreement and wage negotiations were concluded during the 
year. 
 
   Other Exploration Projects 
 
   Goldplat maintains interests in two greenfield exploration projects, 
which have a total JORC compliant mineral resource of 3,940,000 tonnes 
at 2.05g/t for approximately 259,000 ounces of gold. These include the 
29 sq. km Anumso Gold project in the Ashanti region in Ghana as well as 
the 246 sq. km Nyieme project in the Birimian Greenstone Belt in 
Southern Burkina Faso. Due to prevailing market conditions, no further 
exploration work was conducted on either of these two projects during 
the FY 2016. 
 
   Discussions regarding potential corporate deals involving these assets 
continued during the year with an earn-in option agreement over Anumso 
signed after the year-end with a Canadian listed company, Ashanti Gold 
Corp ('Ashanti'); Ashanti has the option for a US$3 million earn-in to 
Goldplat's 90% interest in Anumso.  This agreement will allow Goldplat 
to retain prospective exposure to Anumso whilst minimising capital 
commitments. 
 
   OUTLOOK 
 
   I am confident that Goldplat is well positioned for growth and sustained 
financial profitability, with the recovery operations back on track and 
profitable, plans in place to return Kilimapesa to profitability during 
the FY 2017, and exciting growth prospects in the pipeline. 
 
   Discussions regarding the dispute with Rand Refinery continue between 
GPL and Rand Refinery, and an independent joint team has been appointed 
to manage a process of investigation to try to resolve this issue 
amicably.  During the course of the investigation Rand Refinery has 
agreed to deal with Goldplat in a "business as usual" manner regarding 
refining and payments.  Good progress is being made regarding the future 
processing of the TSF, both in terms of the University work on potential 
recovery processes, as well as with the DMR on access to the open pit 

for final tailings deposition. 
 
   We have begun sending materials from GPL to GRG for the erection of a 
4-tonne elution plant on the site of the old CIL plant. Good progress is 
being made with the sourcing of material elsewhere in West Africa. The 
gold licence has been renewed in the first few months of FY 2017 and the 
earn-in option agreement over Anumso with Ashanti Gold Corp., (formerly 
Gulf Shore Resources) has been signed. 
 
   Subsequent to the year end, a contract was agreed with our new South 
American partner, a new South American Manager was appointed, a 
Strategic Sourcing Manager was moved to Brazil and we conducted further 
visits to the region to establish relationships, scope contracts and 
determine optimal way to grow a business in the region. 
 
   The new plant at Kilimapesa is progressing well with VAT exemptions 
being granted for all project plant and equipment. Containers have been 
released through port customs, the gravity concentrator has been 
commissioned, and the borrow pit for tailings completed.  All civil and 
construction work on-site is progressing well. Fabrication of the 
infrastructure is progressing well at GPL and is being shipped to Kenya 
regularly. An exploratory trip to the adjacent Migori county and 
meetings with the Governor identified good opportunities for the 
procurement of tailings as well as the potential to mine and process 
gold in the county. These opportunities will be followed up on during FY 
2017. 
 
   An earn-in option agreement was signed in September 2016 with Ashanti 
Gold Corp, a Canadian listed company, whereby Ashanti has the option to 
earn up to 75% of Goldplat's 90% interest in the Anumso project in Ghana 
by spending an aggregate of US$ 3 million. 
 
   CONCLUSION 
 
   I would like to take this opportunity to thank our Goldplat employees, 
advisors, fellow directors and shareholders for their support as we 
successfully restored the Group to profitability during FY 2016. I look 
forward to working with all of you as we embark upon a period of growth 
and diversification during FY 2017. I would also like to take this 
opportunity to thank Brian Moritz, our Non-Executive Chairman, for his 
Chairmanship, guidance, loyalty and unwavering support for the Company 
since its listing and to wish Brian success, health and happiness going 
forward. I would like to welcome Matthew Robinson as our new 
Non-Executive Chairman, (subject to the approval of shareholders), 
assure him of the support of the Board and I look forward to a 
successful relationship and prosperous period for Goldplat under his 
Chairmanship. 
 
   GERARD KISBEY-GREEN 
 
   CHIEF EXECUTIVE OFFICER 
 
   Financial Review 
 
   The Group reports net cash resources of GBP2,056,000 as at 30 June 2016 
(FY 2015: GBP630,000), which reflects the improvement in operating 
activities for both the South African (GPL) and Ghana (GRG) recovery 
operations.  The Kilimapesa mine, where we are in the process of 
increasing plant capacity, continued to trade at a loss, although some 
improvement was seen towards the latter part of the financial year. 
 
   The Group's operating results for the year under review reflects an 
increase in revenue of 21% while the cost of sales increased by 10% year 
on year.  Administrative expenses increased by 9% to GBP1,836,000 (FY 
2015: GBP1,679,000). 
 
   The Group's gross profit increased from GBP968,000 to GBP3,008,000, an 
improvement of 211% year-on-year.  Results from operating activities for 
the year under review improved to a profit of GBP1,172,000 (FY 2015: 
Loss of GBP711,000). 
 
   The increased revenues were driven by the following factors; 
 
   The 4-tonne elution plant, which was successfully commissioned at GPL 
during the first half of the year, enabled both GPL and GRG to process 
the substantial gold inventories held as at 30 June 2015.  In addition, 
a steady flow of gold bearing raw materials was re-established as 
suppliers gained confidence in our service delivery. This improvement in 
procured gold bearing material is particularly pleasing as during the 
previous year a number of our suppliers had held back deliveries of gold 
bearing material in response to the continuous delays at Rand Refinery 
in processing our concentrates. 
 
   Gold sold on own account increased by 30% to 27,538 ounces (FY 2015: 
21,181 ounces) which is reflected in increased Group sales. 
 
   The average dollar price for gold was lower at US$1,167 per ounce (FY 
2015: US$1,229 per ounce). However, the deterioration of our operating 
currencies against the US Dollar offset the lower gold price per ounce 
and the Groups' revenues in local currency improved year on year. 
 
   The operating currencies for the Group are South African Rand ('ZAR'), 
Ghanaian Cedi ('GHS') and Kenyan Shilling ('KES'). The average exchange 
rate used in the conversion of operating currencies in the Statement of 
Profit or Loss and Other Comprehensive Income deteriorated against the 
Pound Sterling during the period under review. Due to the deterioration 
of the Pound Sterling during the week before the Group's year-end at 30 
June, the exchange rate used to convert the operating currencies into 
Sterling in the Statement of Financial Position improved. 
 
   The volatility of the operating currencies against the Pound Sterling 
and the general deterioration of the operating currencies against the US 
Dollar, resulted in an increase in net finance income to GBP770,000 (FY 
2015: GBP36,000). The improvement of the operating currencies against 
the Pound Sterling also resulted in a positive unrealised exchange 
translation of GBP489,000 (FY 2015: GBP860,000 negative). 
 
   GPL continued to perform well and increased its operating profits to 
GBP2,111,000 (FY 2015: GBP1,090,000). 
 
   Substantial cost savings were made by reducing labour cost, but were 
offset by the new senior positions created at GPL. Additional cost 
savings were achieved, especially at GPL, where all operating cost 
components were reviewed in detail. 
 
   GRG showed the strongest turnaround performance, turning an operational 
loss in FY 2015 of GBP641,000 into an operational profit of GBP437,000 
for the year ended 30 June 2016.  In addition to the Company being 
awarded a substantial clean-up contract at the AngloGold Ashanti (AGA) 
Obuasi Gold Mine, the backlog inventories were cleared and raw material 
procurement volumes improved. 
 
   The Kilimapesa gold mine's performance during the first six months of 
this financial year was below expectations but improved during the 
second six months of the financial year.  Operating losses before 
finance cost at the mine increased to GBP624,000 (FY 2015: loss of 
GBP389,000).  Increased processing capacity will be installed during the 
first half of the 2017 financial year and is expected to return the mine 
to profitability. 
 
   The Group's capital expenditure for the year amounted to GBP1,284,000 
(FY 2015: GBP909,000) of which GBP460,000 was expended on the completion 
of the elution plant at GPL and GBP355,000 on the purchase of equipment 
for Kilimapesa's new production plant. 
 
   At GPL GBP58,000 (FY 2015: GBP214,000) was spent on the new wash plant 
and re-commissioning the CIL circuit and both started producing in 
October 2015. During the period GBP128,000 was invested in strategic 
spares for the CIL Circuits. The balance of the capital spent on plant 
and equipment was used to upgrade capacity in our tailings circuit 
(GBP32,500), to improve conditions in our by-product processing plant 
with a mist spray system (GBP24,000) and to install our own weighbridge 
(GBP34,000).  Other expenditures include GBP80,000 on production 
vehicles. 
 
   At GRG GBP97,000 was invested in a shot blast facility. 
 
   At Kilimapesa GBP110,000 capital was expended in the development of the 
mine. A further GBP451,000 was expended on the gold plant, of which most 
related to the construction of a new plant, which will be commissioned 
in the third quarter of FY 2017. 
 
   During the period GPL entered into a purchase contract and bill of sale 
agreement with Auramet International, LCC ("Aurumet"), whereby Auramet 
purchase and pre-pay material on route to the refinery, using the final 
results from the refiner, less refining charges and an interest cost of 
3 month LIBOR plus a 5% margin.  The balance settled by Aurumet amounted 
to GBP1,107,000 and is included in Trade and Other Payables as Amounts 
received in advance. 
 
   GPL - South Africa 
 
   The South African subsidiary reported a net profit of GBP1,777,000 (FY 
2015: GBP965,000). 
 
   The impact of falling US Dollar denominated gold price was mitigated by 
changes in the value of the South African Rand. This resulted in record 
prices being obtained in South African Rand terms. 
 
   Revenues of GBP15,223,000 (FY 2015: GBP14,001,000) were achieved and 
cost of sales amounted to GBP12,504,000 (FY 2015: GBP12,346,000). The 
value of the gold equivalent ounces produced from the silver sulphide 
toll-treatment project was not recognised as revenue, but only the fees 
received for processing, of which approximately GBP679,000 is now being 
disputed by Rand Refinery.  Notwithstanding this, substantial savings 
were made by constant review of all costs. 
 
   The completion of the elution plant in the first half of the year 
allowed the Company to not only process all the backlog of gold 
inventories, but also to assist GRG in processing their material that 
could not be delivered to Rand Refinery. 
 
   GRG - Ghana 
 
   The Ghana Gold Recovery operation has had a strong performance compared 
to the previous year.  The current zero tax rate ceases in December 
2016, after which the Company will be subject to a favourable tax rate 
of 8%. 
 
   Gold Recovery Ghana reported a profit from operating activities of 
GBP437,000 compared to a loss from operating activities of GBP641,000 in 
FY 2015. The increase in profitability is attributable to the clearing 
of the backlog of gold inventories held at 30 June 2015, combined with a 
steady flow of material from our traditional suppliers and a large 

clean-up contract awarded by AGA Obuasi. 
 
   Kilimapesa - Kenya 
 
   The Kilimapesa gold mine in Kenya reported a net loss of GBP711,000 (FY 
2015: loss of GBP753,000) for the year under review. 
 
   The mine remains processing-constrained.  During FY 2015 a decision was 
made to increase the plant capacity sufficiently with the aim of 
returning the mine to profitability.  During the previous financial year 
two parcels of land were secured on which we will erect a new processing 
plant and a tailings storage facility. 
 
   The decommissioned Ghana CIL circuit was sold to Kilimapesa as a first 
step to increase capacity.  In addition, one mill purchased from GPL 
will be shipped to the mine during the first quarter of the 2017 
financial year. Additional leaching capacity will be provided as 
production increases to a total capacity of circa 6,000 tonnes per 
month.  A new crushing section will be installed and commissioned during 
January 2017. 
 
   At the time of this report the expansion has been funded from internally 
generated funds but we continue to explore possible joint ventures and 
other funding options. 
 
   Contingencies 
 
   We are pleased to report that the VAT assessment in the amount of 
GBP147,762 raised by HM Revenue and Customs Service, as reported in the 
previous financial year, has been withdrawn, and regular repayments of 
input VAT are once again being received. 
 
   We have made satisfactory progress in resolving issues raised in the 
preliminary enquiry into the tax affairs of Kilimapesa Gold Pty Limited 
and the directors remain confident of a favourable outcome in this 
matter. 
 
   A process of investigation has been agreed to with Rand Refinery 
regarding the dispute, which relates to the silver recovery toll 
treatment agreement. Rand Refinery has withheld payment of ZAR 13.5 
million (approximately GBP679,000 at 30 June 2016), pending the outcome 
of this investigation. 
 
   IAN VISAGIE 
 
   FINANCE DIRECTOR 
 
   Financial Statements 
 
   CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 
 
   FOR THE YEARED 30 JUNE 2016 
 
 
 
 
                                                                   2016      2015 
                                                                  GBP'000   GBP'000 
Continuing operations 
 
Revenue                                                            20,185    16,628 
Cost of sales                                                    (17,177)  (15,660) 
Gross profit                                                        3,008       968 
 
Administrative expenses                                           (1,836)   (1,679) 
Results from operating activities                                   1,172     (711) 
 
Finance income                                                        809       843 
Finance costs                                                        (39)     (807) 
Net finance income                                                    770        36 
 
Results from operating activities after finance income              1,942     (675) 
 
Write off development cost of discontinued South African 
 mining operation                                                       -     (121) 
Profit/loss before tax                                              1,942     (796) 
Taxation                                                            (534)      (96) 
Profit/loss for the year                                            1,408     (892) 
 
 
 
 
Profit/loss attributable to: 
Owners of the Company                                           946  (1,143) 
Non-controlling interests                                       462      251 
Profit/loss for the year                                      1,408    (892) 
 
Other comprehensive income 
 
  Items that may be reclassified subsequently to profit 
  or loss: 
  Exchange translation                                          489    (860) 
Other comprehensive income/expense for the year                 489    (860) 
 
Total comprehensive income/expense for the year               1,897  (1,752) 
 
Total comprehensive income attributable to: 
Owners of the Company                                         1,435  (2,003) 
Non-controlling interests                                       462      251 
Total comprehensive income/expense for the year               1,897  (1,752) 
 
Earnings per share - continuing operations 
Basic earnings per share (pence)                               0.84   (0.53) 
Diluted earnings per share (pence)                             0.76      n/a 
 
   CONSOLIDATED STATEMENT OF FINANCIAL POSITION 
 
   AS AT 30 JUNE 2016 
 
 
 
 
                                                    2016      2015 
                                                   GBP'000   GBP'000 
Assets 
Property, plant and equipment                        5,404     4,449 
Intangible assets                                    9,726     9,169 
Proceeds from sale of shares in subsidiary           1,271     1,357 
Non-current cash deposits                              160       233 
Non-current assets                                  16,561    15,208 
 
Inventories                                          7,747     7,727 
Trade and other receivables                          6,255     3,305 
Cash and cash equivalents                            2,148       630 
Current assets                                      16,150    11,662 
 
Total assets                                        32,711    26,870 
 
Equity 
Share capital                                        1,675     1,685 
Share premium                                       11,441    11,498 
Exchange reserve                                   (6,218)   (6,707) 
Retained earnings                                   10,953     9,868 
Equity attributable to owners of the Company        17,851    16,344 
Non-controlling interests                            2,246     1,893 
Total equity                                        20,097    18,237 
 
Liabilities 
Obligations under finance leases                       157       199 
Interest bearing borrowings                              -        56 
Provisions                                             383       121 
Deferred tax liabilities                               510       459 
Non-current liabilities                              1,050       835 
 
Bank overdraft                                          92         - 
Obligations under finance leases                       129       120 
Interest bearing borrowings                             55       104 
Taxation                                               153        18 
Trade and other payables                            11,135     7,556 
Current liabilities                                 11,564     7,798 
 
Total liabilities                                   12,614     8,633 
 
Total equity and liabilities                        32,711    26,870 
 
 
 
 
 
   CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 
 
   AS AT 30 JUNE 2016 
 
 
 
 
Attributable to owners of the Company 
 
                                                                            Share 
                                                                          capital    Share premium    Exchange reserve    Retained earnings     Total    Non-controlling interests    Total equity 
                                                                          GBP'000       GBP'000           GBP'000              GBP'000         GBP '000           GBP'000               GBP'000 
Balance at 1 July 2015                                                      1,685           11,498             (6,707)                9,868      16,344                      1,893          18,237 
Total comprehensive income for the year 
Profit for the year                                                             -                -                   -                  946         946                        462           1,408 
Total other comprehensive income                                                -                -                 489                    -         489                          -             489 
Total comprehensive income for the year                                         -                -                 489                  946       1,435                        462           1,897 
 
Transactions with owners of the Company recognised 
 directly in equity 
 
Contributions by and distributions to owners of the 
 Company 
Share based payment transactions                                                -                -                   -                   72          72                          -              72 
Cancellation of treasury shares                                              (10)             (57)                   -                   67           -                          -               - 
Total contributions by and distributions to owners 
 of the Company                                                              (10)             (57)                   -                  139          72                          -              72 
 
Changes in ownership interests in subsidiaries 
Non-controlling interests in subsidiary dividend                                -                -                   -                    -           -                      (109)           (109) 
Total transactions with owners of the Company                                   -                -                   -                    -           -                      (109)           (109) 
 
Balance at 30 June 2016                                                     1,675           11,441             (6,218)               10,953      17,851                      2,246          20,097 
 
 
 
 
 
   CONSOLIDATED STATEMENT OF CASH FLOWS 
 
   FOR THE YEARED 30 JUNE 2016 
 
 
 
 
                                              2016       2015 
                                           GBP'000    GBP'000 
Cash flows from operating 
activities 
Result from operating activities             1,172      (711) 
Adjustments for: 

Depreciation                                   514        390 
Amortisation                                   192        189 
Write off development cost                       -      (121) 
Loss on sale of property, plant and 
 equipment                                      62        148 
Equity-settled share-based payment 
 transactions                                   72          - 
Foreign exchange differences                 (421)      (172) 
                                             1,591      (277) 
 
Changes in: 
- inventories                                 (20)    (2,639) 
- trade and other receivables              (2,950)      1,481 
- trade and other payables                   3,579      1,574 
- provisions                                   244        (8) 
Cash generated from operating 
 activities                                  2,444        131 
 
Finance income                                 809        843 
Finance cost                                  (39)      (679) 
Taxes paid                                   (342)       (76) 
Net cash from operating 
 activities                                  2,872        219 
 
Cash flows from investing 
activities 
Proceeds from sale of property, plant 
 and equipment                                  94           24 
Enhancement of exploration and 
 development asset                           (110)         (92) 
Acquisition of property, plant and 
 equipment                                 (1,284)        (909) 
Non-current cash deposit                        73         (31) 
Net cash used in investing 
 activities                                (1,227)      (1,008) 
 
Cash flows from financing 
activities 
(Payment of)/proceeds from interest 
 bearing borrowings                          (105)          160 
Payment of finance lease liabilities         (114)        (196) 
Net cash flows from financing 
 activities                                  (219)         (36) 
 
Net increase/(decrease) in cash 
 and cash equivalents                        1,426        (825) 
 
Cash and cash equivalents at 1 July            630        1,455 
 
Cash and cash equivalents at 30 June         2,056          630 
 
 
   NOTES TO THE RESULTS ANNOUNCEMENT 
 
 
   1. Basis of preparation 
 
 
   The consolidated financial statements for the Company for the year ended 
30 June 2016 have been prepared in accordance with International 
Financial Reporting Standards ("IFRSs") as issued by the International 
Accounting Standards Board ("IASB") and as adopted by the European Union, 
and the Companies Act 2006 as applicable to entities reporting in 
accordance with IFRS. The consolidated financial statements have been 
prepared on the historical cost basis and are presented in Sterling, 
with all values rounded to the nearest thousand pounds (GBP'000) except 
as indicated otherwise. 
 
   The financial information contained in this announcement does not 
constitute the Company's statutory accounts for the year ended 30 June 
2016. The statutory accounts for the year ended 30 June 2016 have yet to 
be reported on by the independent auditors. The  independent auditor's 
report for the year ended 30 June 2015 was unqualified, did not draw 
attention to any matters by way of emphasis and did not contain a 
statement under 498(2) or 498(3) of the Companies Act 2006. The 
statutory accounts for the year ended 30 June 2015 have been filed with 
the Registrar of Companies and the statutory accounts for the year ended 
30 June 2016 will be filed with the Registrar of Companies following the 
Company's Annual General Meeting on 27 October 2016. 
 
 
   1. Earnings per share 
 
   Basic earnings per share 
 
   The calculation of basic earnings per share at 30 June 2016 was based on 
the profit attributable to ordinary shareholders of GBP1,408,000 (2015: 
loss GBP892,000), and a weighted average number of ordinary shares 
outstanding of 168,364,288 (2015: 168,441,000), calculated as follows: 
 
   Profit attributable to ordinary shareholders 
 
 
 
 
                                 2016                    2015 
                         Continuing operations   Continuing operations 
                               GBP '000                 GBP'000 
Profit/(loss) 
 attributable to 
 ordinary 
 shareholders                            1,408                   (892) 
 
 
   Weighted average number of ordinary shares 
 
 
 
 
                                             2016                2015 
Issued ordinary shares at 1 July          168,441,000     168,441,000 
Effect of treasury shares cancelled          (76,712)               - 
Weighted average number of ordinary 
 shares at 30 June                        168,364,288   168,441,000 
 
   Diluted earnings per share 
 
   The calculation of diluted earnings per share at 30 June 2016 was based 
on the profit attributable to ordinary shareholders of GBP1,408,000 
(2015: loss GBP892,000), and a weighted average number of ordinary 
shares outstanding after adjustment for the effect of all dilutive 
potential ordinary shares of 185,010,536 (2015: anti-dilutive), 
calculated as follows: 
 
   Profit attributable to ordinary shareholders (diluted) 
 
 
 
 
                                                2016                      2015 
                               Continuing operations     Continuing operations 
                                            GBP '000                   GBP'000 
Profit attributable to                         1,408                       n/a 
ordinary shareholders 
(diluted) 
 
 
   Weighted average number of ordinary shares (diluted) 
 
 
 
 
                                                                     2016    2015 
Weighted average number of ordinary shares (basic)            168,364,288     n/a 
Effect of share options on issue                               16,646,248     n/a 
Weighted average number of ordinary shares (diluted)          185,010,536     n/a 
 at 30 June 
 
 
   1. Directors' emoluments 
 
 
   2016 
 
 
 
 
 
                       Executive  Non-executive      Total 
                        GBP'000      GBP'000       GBP'000 
Wages and salaries           397              -        397 
Fees                           -             65         65 
Other benefits                77              -         77 
                             474             65        539 
 
 
   2015 
 
 
 
 
                                     Non- 
                       Executive   executive      Total 
                        GBP'000     GBP'000     GBP'000 
Wages and salaries           291           -        291 
Fees                           -          65         65 
Other benefits                13           -         13 
                             304          65        369 
 
 
   Emoluments disclosed above include the following amounts paid to the 
highest director: 
 
 
 
 
                                            2016      2015 
                                        GBP '000   GBP'000 
Emoluments for qualifying services           227       128 
 
   Key management 
 
   Apart from the Directors, the emoluments paid to key management 
personnel amounted to GBP576,000 (2015: GBP522,000). 
 
 
   1. Related parties 
 
 
   Other than the waiver of intercompany interest, transactions with 
related parties take place on terms no more favourable than transactions 
with unrelated parties. 
 
   Other related party transactions 
 
   Transactions with Group companies 
 
   The Group's subsidiary Gold Mineral Resources Limited had the following 
related party transactions and balances: 
 
 
 
 
                                                  2016      2015 
                                                 GBP'000   GBP'000 
Goldplat plc 
- Loans and borrowings                           (4,614)   (4,470) 
- Trade and other payables                             -     (336) 
- Goods, equipment and services received           (144)         - 
 
 
 
 
 
 
 
Kilimapesa Gold (Pty) Limited 
- Loans and borrowings           3,327  2,153 
 
 
 
 
Nyieme Gold SARL 
- Loans and borrowings    1,198  1,022 
 
 
 
 
Anumso Gold Limited 
- Loans and borrowings    79  67 
 
 
 
 
Midas Gold SARL 
- Loans and borrowings    417  356 
 
 
 
 
Goldplat Recovery (Pty) Limited 
- Loans and borrowings             (44)  (34) 
 
 
   The Group's subsidiary Goldplat Recovery (Pty) Limited had the following 
related party transactions and balances: 
 
 
 
 
                                                  2016      2015 
                                                 GBP'000   GBP'000 
Kilimapesa Gold (Pty) Limited 
- Trade and other receivables                        658       464 
- Goods, equipment and services supplied             532       330 
 
 
 
 
Gold Recovery Ghana Limited 
- Trade and other receivables                     575      231 
- Goods, equipment and services supplied          346      196 
- Purchase of precious metals                 (4,459)  (1,805) 
- Trade and other payables                      (295)      (1) 
 
Gold Mineral Resources Limited 
- Goods, equipment and services supplied            9        - 
 
Anumso Gold Limited 
 
 --    Trade and other receivables                  8        3 
- Goods, equipment and services supplied            3        4 
 
 
   The Group's subsidiary, Gold Recovery Ghana Limited had the following 
related party transactions and balances in addition to those already 
noted: 
 
 
 
 
                                                  2016      2015 
                                                 GBP'000   GBP'000 
Nyieme Gold SARL 
- Trade and other receivables                         35        28 
- Goods, equipment and services supplied              17        34 
 
Kilimapesa Gold (Pty) Limited 
- Trade and other receivables                          -         1 
- Sale of asset                                      225         - 
 
Anumso Gold Limited 
- Trade and other receivables                         15         3 
- Goods, equipment and services supplied              11         - 
 
 
   The Group's subsidiary Midas Gold had the following related party 

transactions and balances in addition to those already noted: 
 
 
 
 
                                       2016      2015 
                                      GBP'000   GBP'000 
Nyieme Gold SARL 
- Trade and other receivables               -         8 
- Trade and other payables                  -       (8) 
 
   Other transactions 
 
   The Group's subsidiary Gold Mineral Resources had the following related 
party transactions and balances in addition to those already noted: 
 
 
 
 
 
 
                                 2016        2016 
                              GBP'000         GBP'000 
Directors 
 - Trade and other payables      (69)            (90) 
 
 
   1. Capital and reserves 
 
 
   Share capital and share premium 
 
 
 
 
                                    Number of ordinary shares 
                                       2016           2015 
On issue at 1 July                   168,441,000    168,441,000 
Cancellation of treasury shares      (1,000,000)              - 
On issue at 30 June - fully paid     167,441,000    168,441,000 
Authorised - par value GBP0.01     1,000,000,000  1,000,000,000 
 
  Issued share capital includes nil (2015 : 1,000,000) 
  ordinary shares of GBP0.01 each held in treasury. 
  The treasury shares were cancelled on 15 March 2016. 
                                      Ordinary share capital 
                                            2016           2015 
                                         GBP'000        GBP'000 
Balance at 1 July                          1,685          1,685 
Shares cancelled in year                    (10)              - 
Balance at 30 June                         1,675          1,685 
 
   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. 
 
   Dividends 
 
   A dividend of nil per ordinary share is proposed in respect of the year 
ended 30 June 2016 (2015: nil). 
 
   Exchange reserve 
 
   The exchange reserve comprises all foreign currency differences arising 
from the translation of the financial statements of foreign operations. 
 
 
   1. Other Information 
 
 
   The Annual General Meeting of the Company will be held at 3.00pm on 
Thursday 27 October 2016 at the Chesterfield Hotel, 35 Charles Street, 
London W1J 5EB. The audited report and accounts for the year ended 30 
June 2016 will be posted to shareholders, with a notice of the Annual 
General Meeting, on 30 September 2016 and will be available on the 
Company's website at www.goldplat.com. 
 
   **ENDS** 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Goldplat plc via Globenewswire 
 
 
 
 

(END) Dow Jones Newswires

September 26, 2016 02:00 ET (06:00 GMT)

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