ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for default Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.

ALTN Altyngold Plc

116.50
-1.00 (-0.85%)
17 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Altyngold Plc LSE:ALTN London Ordinary Share GB00BMH19X50 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -1.00 -0.85% 116.50 113.00 120.00 115.00 115.00 115.00 19,682 16:35:15
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Gold Ores 62.04M 13.23M 0.4841 2.38 31.43M

ALTYNGOLD PLC: Half-year Report

29/09/2023 7:00am

UK Regulatory


Altyngold (LSE:ALTN)
Historical Stock Chart


From May 2023 to May 2024

Click Here for more Altyngold Charts.
TIDMALTN 
 

ALTYNGOLD PLC

 

Unaudited Interim Results -- six months to 30 June 2023

 

AltynGold Plc ("AltynGold" or the "Company"), the gold mining and development company, announces its unaudited results for the six months to 30 June 2023.

 

The Company has increased the level of ore extraction with the expanded fleet of mining equipment. However the redevelopment and expansion of the processing plant and overhaul and maintenance of the existing plant has had a knock on effect on output volumes in the current period, as more fully explained in the Chief Executives Report.

 

Highlights:

 

Mine development

   --  Transport declines No.1 and No. 2 have both been developed to the 
      horizons +67 and 62masl respectively. 
 
   --  Development of the mine tunneling amounted to 2,964 linear metres, 
      (H12022: 2,992 linear metres). 
 
   --  Exploration drilling amounted to 611 linear metres, (2022: 11,040). 
 
   --  Ore was mined in the period principally from ore bodies 6-8 and 5.5 at 
      horizons between 150masl to 100masl. 
 
   --  The extension for the licence at Teren-Sai has been resubmitted with 
      amendments in August 2023 to continue exploration works for a further two 
      years -- expected to be received in Q4 2023. 
 

Production

   --  The ore mined was 331,183t (H1 2022: 277,398t) an increase of 19%. 
 
   --  Average processed gold grade in the period was 1.95g/t (H1 2022: 
      2.06g/t). 
 
   --  Gold recovery averaged 82.77% during the 6 month period (H1 2022: 
      83.44%). 
 
   --  H1 2023 gold production from Sekisovskoye was 14,440oz, compared with 
      H1 2022 of 16,965oz 
 
   --  H1 2023 gold sold was 14,284oz, compared with H1 2022 of 17,542oz 
 

Financial

   --  The turnover decreased to US$28m (H1 2022: US$32m). 
 
   --  The gold price achieved averaged US$1,939oz during the period (H1 2022: 
      US$1,830oz). 
 
   --  The Company made a gross profit of US$9.5m (H1 2022: gross profit of 
      US$17m), with a net profit before taxation of US$4.6m (H1 2022: loss of 
      US$11.6m). 
 
   --  The total cash cost of production was US$1,344oz (H1 2022: US$884oz). 
 
 
   --  Adjusted EBITDA achieved was US$8.5m (H1: 2022: US$17m). 
 

For further information please contact:

 

AltynGold plc

 
Rajinder Basra, CFO      +44 (0) 203 432 3198 
                         Email: info@altyn.uk 
 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014, as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018.

 

Information on the Company

 

AltynGold Plc (LSE:ALTN) is an exploration and development company, which is listed on the Main Market segment of the London Stock Exchange.

 

This report will be available on our website at www.altyngold.uk

 

H1 2023 Review

 
Key Statistics            H1 2023  H1 2022 
Ore mined         tons    331,183  277,398 
Milling           tons    280,155  306,599 
Gold grade        g/t     1.95     2.06 
Silver grade      g/t     1.72     1.69 
Gold recovery     %       82.77%   83.44% 
Silver recovery   %       73.85%   72.34% 
Gold produced     ounces  14,440   16,965 
Silver produced   ounces  8,402    11,306 
 

The production results were below those budgeted, with a shortfall of 12% at 280kt of milled ore (H1 2022 306.5kt) from the planned level of 315kt of ore milled.

 

Plans were put in place for the expansion of the production facility which is currently in process to be completed by the end of the year. The initial plans envisaged that there would be minimal disruption to the current level of production. However on a practical level this turned out not to be the case resulting in stoppages and interruptions to normal workflows in the processing plant. Due to the effect on workflows it was decided that it would be the appropriate time to also overhaul one of the existing mills, to coincide with the expansion works. This resulted in reduced volumes of processed ore, in order to manage the ongoing situation, the planned level of processing was decreased going forward for 2023 to 50/55kt a month.

 

As the new mining equipment was delivering increased levels of mined ore, increasing in the period to 331kt from 277kt last year. It was decided to limit the volume to be extracted to 700kt for the year as significant stockpiles of ore were building up. The increased capacity of the processing plant of 1mt a year will be in place from Q1 2024, with work to be substantially completed by the end of 2023.

 

The Company has reported a gross profit of US$9.5m for H1 2023, against US$17m for H1 2022, with turnover of US$28m (H1 2022 US$32m). The reduction in turnover is as a result of the issues noted above.

 

The principal reason for the drop in margin resulted from the following two principal factors:

   --  Increased costs of mining ore due to inflationary price increases 
      rising in the period from the prior year. The Company has currently 
      absorbed this but is reviewing options to manage the costs as it is a 
      significant component going forward. 
 
   --  Increase in extraction taxes that also rose by 40%, the taxes are 
      calculated on the quantity of ore mined at current gold prices. The 
      average gold price achieved increased as prices rose in the period to 
      US$1,939/oz (H1 2021 US$1,830/oz). 
 

Sekisovskoye produced 14,440oz of gold in H1 2022 (H1 2022: 16,965oz), a shortfall of 15% from the prior year. Gold sold during the period amounted to 14,284oz (H2 2021: 17,542oz).

 

Due to the increase in the operating costs the cash cost of production (cost of sales excluding depreciation and provisions) for the period was US$1,110/oz (H1 2022 US$730/oz). The total cash cost was US$1,344/oz as compared to US$884/oz in H1 2022. This is expected to decrease as the planned level of production rises.

 

In terms of administrative costs these increased by US$600k, as a result of inflationary price rises, and increased promotional activity.

 

The Group's gearing has increased as substantial amounts have been invested in equipment and upgrades to the processing plant. With the planned repayments being made during the year, the amount due within one year has dropped to US$16.8m from US$19.4m, total borrowings are US$55m (2022: US$25m).

 

As of 30 June 2023, the Group had cash balances of US$5.4m (2022: US$1.1m).

 

Mine developments

 

H1 2023 Operational Overview -- Sekisovskoye

 

The principal development milestones achieved in the period were:

 

Tunnelling and decline development of 2,963 linear metres was carried out in the period, exploration drilling amounted to 611 metres.

 

The ore bodies that have been developed for mining extraction are ore body No. 5.5 which produced 112,000t of ore, ore bodies No. 6-6 producing 139,000t . In addition ore body 11produced 54,000t, and other sites 128,000t

 

Ore bodies 11 and 5.5 are continuing to be developed at +84masl and +67masl. Initial indications are that the ore bodies will generate grades of between 2 and 2.10g/t, with the lowers grades achieved in the period due to the dilution of ore as extensive mining was carried out.

 

H1 2023 -- Teren-Sai

 

In the current period there has been reduced development activity at the Teren-Sai project as the Company has been waiting on the approval of the licence extension and development plan.

 

Due to administrative delays, resulting from strict timelines in processing forms at each stage of review or resubmission process the final approval is now expected in Q4 2023 as the licence application in final form was resubmitted in August 2023. The licence will run for a two year period from the date of grant.

 

In summary there are 5 identified areas with the most promising areas of mineralisation being areas No. 2, 4 and 5, further detailed delineation of the ore bodies will be performed:

   --  Area 2 -- 25 main ore intersections in 7 wells. 
 
   --  Area 4 -- 15 main ore intersections in 6 wells. 
 
   --  Area 6 -- 14 main ire intersections in 14 wells. 
 

The work program will involve the development of 133 wells, and geophysical research amounting to 1,995 linear metres , as well as directional core drilling amounting to 39,900 linear metres.

Aidar Assaubayev

 

Chief Executive Officer

 

29 September 2023

 

Directors Responsibility Statement and Report on Principal Risks and Uncertainties

 

Responsibility statement

 

The Board confirms to the best of their knowledge, that the condensed set of financial statements have been prepared in accordance with the UK-adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority.

 

The interim management report includes a fair review of the information required by:

 

DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and

 

DTR 4.2.8R of the Disclosures and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during the period; and any changes in the related party transactions described in the last annual report that could do so.

 

The Company's management has analysed the risks and uncertainties and has in place control systems that monitor daily the performance of the business via key performance indicators. Certain factors are beyond the control of the Company such as the fluctuations in the price of gold and possible political upheaval. However, the Company is aware of these factors and tries to mitigate these as far as possible. In relation to the gold price the Company is pushing to achieve a lower cost base in order to minimise possible downward pressure of gold prices on profitability. In addition, it maintains close relationships with the Kazakhstan authorities in order to minimise bureaucratic delays and problems.

 

Risks and uncertainties identified by the Company are set out on page 9 and 10 of the 2022 Annual Report and Accounts and are reviewed on an ongoing basis. There have been no significant changes in the first half of 2023 to the principal risks and uncertainties as set out in the Annual Report and Accounts and these are as follows:

   --  Fiscal changes in Kazakhstan 
 
   --  No access to capital 
 
   --  Commodity price risk 
 
   --  Currency risk 
 
   --  Reliance on operating in one country 
 
   --  Reliant on one operating mine 
 
   --  Technical difficulties associated with developing the underground mines 
      at Sekisovskoye and Teren-Sai 
 
   --  Failure to achieve production estimates 
 
   --  Inflationary and currency risk 
 
   --  Health, safety and environment 
 

The Directors do not expect any changes in the principal risks for the remaining six months of the financial year.

Aidar Assaubayev

 

Chief Executive Officer

 

29 September 2023

 
ALTYNGOLD PLC 
 Consolidated statement of profit or loss -- six months to 30 June 2023 
 
                                            Six months       Six months 
                                             ended 30 June    ended 30 June 
                                             2023             2022 
                                            Unaudited        Unaudited 
 
                                            US$'000          US$'000 
 
 Revenue                                     27,698           32,095 
Cost of sales                               (18,180)         (15,137) 
Gross profit                                9,518            16,958 
 
 Administrative expenses                     (3,343)          (2,714) 
 
 
 Operating profit                            6,175            14,244 
Foreign exchange                            471              (954) 
Finance expense                             (2,092)          (1,734) 
Profit before taxation                      4,554            11,556 
Taxation                                    (1,571)          (689) 
Profit attributable to equity 
 shareholders 
                                             2,983            10,867 
 
Profit per ordinary share             Note  10.91c           39.76c 
 
 Basic and diluted (US cent)           3 
 
 
ALTYNGOLD PLC Consolidated statement of profit or loss and other 
comprehensive income -- six months to 30 June 2023 
 
 
                                   Six months       Six months 
                                   ended 30 June    ended 30 June 
                                   2023             2022 
                                  unaudited        unaudited 
 
                                  US$'000          US$'000 
Profit for the period             2,983            10,867 
Currency translation differences 
 arising on translations of 
 foreign operations items which 
 will or may be reclassified to 
 profit or loss                   1,214            (2,506) 
 
Total comprehensive profit for 
 the period attributable to 
 equity shareholders              4,197            8,361 
 
 
ALTYNGOLD PLC 
 Consolidated statement of financial position -- as at 30 June 2023 
 
                                            Six months       Six months 
                                             ended 30 June    ended 30 June 
                                             2023             2022 
 
                                     Notes   (unaudited)      (audited) 
                                            US$'000          US$'000 
 
 Non-current assets 
Intangible assets -- Teren Sai       5      12,944           12,576 
 Others                                     729              - 
Property, plant and equipment        6      50,450           34,130 
Other receivables                    7      19,238           10,348 
Deferred tax asset                          4,496            6,936 
Restricted cash                             41               35 
                                            87,898           64,025 
 
 Current assets 
Inventories                                 13,916           10,775 
Trade and other receivables          7      27,400           21,536 
Cash and cash equivalents                   5,435            1,148 
                                            46,751           33,459 
Total assets                                134,649          97,484 
 
 Current liabilities 
Trade and other payables                    (6,736)          (6,030) 
Provisions                                  (317)            (250) 
Borrowings                           10     (16,808)         (19,374) 
                                            (23,861)         (25,654) 
Net current assets                          22,890           7,805 
 
 Non-current liabilities 
Other financial liabilities & 
 payables                                   (247)            (450) 
Provisions                                  (6,095)          (5,488) 
Borrowings                           10     (38,041)         (5,366) 
                                            (44,383)         (11,304) 
Total liabilities                           (68,244)         (36,958) 
Net assets                                  66,405           60,526 
 
 Equity 
Called-up share capital                     (4,267)          (4,267) 
Share premium                               (152,839)        (152,839) 
Merger reserve                              282              282 
Currency translation reserve                56,428           56,958 
Accumulated loss                            33,991           39,340 
Total equity                                (66,405)         (60,526) 
 

The financial information was approved and authorised for issue by the Board of Directors on xx September 2023 and was signed on its behalf by:

 

Aidar Assaubayev -- Chief Executive Officer

 
ALTYNGOLD PLC 
 Consolidated statement of changes of equity -- six months to 30 June 2023 
 
                                               Currency 
                    Share    Share    Merger   translation   Accumulated 
                    capital  premium  reserve  reserve        losses      Total 
Unaudited           US$'000  US$'000  US'000   US$'000       US$'000      US$'000 
At 1 January 2023   4,267    152,839  (282)    (57,642)      (36,974)     62,208 
Profit for the 
 period             -        -        -        -             2,983        2,983 
Exchange 
 differences on 
 translating 
 foreign 
 operations         -        -        -        1,214         -            1,214 
Total 
 comprehensive 
 income for the 
 period             -        -        -        1,214         2,983        4,197 
At 30 June 2023     4,267    152,839  (282)    (56,428)      (33,991)     66,405 
 
 
Unaudited           US$'000  US$'000  US'000   US$'000       US$'000      US$'000 
At 1 January 2022   4,267    152,839  (282)    (51,412)      (50,207)     55,205 
Profit for the 
 period             -        -        -        -             10,867       10,867 
Exchange 
 differences on 
 translating 
 foreign 
 operations         -        -        -        (5,546)       -            (5,546) 
Total 
 comprehensive 
 income for the 
 period             -        -        -        (5,546)       10,867       5,321 
At 30 June 2022     4,267    152,839  (282)    (56,958)      (39,340)     60,526 
 
 
ALTYNGOLD PLC 
 Consolidated statement of cash flows -- six months to 30 June 2023 
 
 
                                     Six months ended    Six months ended 
                                     30 June 2023        30 June 2022 
 
                                     (unaudited)         (unaudited) 
                              Note  US$'000             US$'000 
Net cash (outflow)/inflow 
 from operating activities    8     (3,523)             13,622 
 
 Investing activities 
Purchase of property, plant 
and equipment                       *(19,190)           *(11,806) 
Acquisition of intangible 
 assets                             (739)               (188) 
Net cash used in investing 
activities                           (19,929)            (11,994) 
 
 Financing activities 
Loans received net of 
 expenses                           37,857              - 
Loans repaid                        (6,191)             (2,668) 
Interest paid                       (2,896)             (1,282) 
Net cash flow 
Increase/(decrease) from 
financing activities                 28,770              (3,950) 
Increase/(decrease) in cash 
and cash equivalents                 5,318               (2,322) 
Cash and cash equivalents at 
the beginning of the period          116                 3,598 
Effect of exchange rate 
fluctuations on cash held            1                   (128) 
Cash and cash equivalents at 
 end of the period                   5,435              1,148 
 

* Cash paid to purchase property, plant and equipment represents additions of US$16m (2022: US$4.9m) (see tangible asset note) plus the cash amounts paid as a result of the net increase in prepayments less payables of US$3.2m movement from the prior year (2022: US$6.9m).

ALTYNGOLD PLC

 

Notes to the consolidated financial information -- six months 30 June 2023

 

1. Basis of preparation

 

General

 

AltynGold Plc (the "Company") is a Company incorporated in England and Wales under the Companies Act 2006. The address of its registered office, and place of business of the Company and its subsidiaries is set out within the Company information at the end of this interim report

 

The Company is registered and domiciled in England and Wales, whose shares are publicly traded on the London Stock Exchange. The interim financial results for the period ended 30 June 2023 are unaudited. The financial information contained within this report does not constitute statutory accounts as defined by Section 434(3) of the Companies Act 2006.

 

This interim financial information of the Company and its subsidiaries ("the Group") for the six months ended 30 June 2023 have been prepared, in accordance with the UK-adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority, and on a basis consistent with the accounting policies set out in the Group's consolidated annual financial statements for the year ended 31 December 2022. It has not been audited, does not include all of the information required for full annual financial statements, and should be read in conjunction with the Group's consolidated annual financial statements for the year ended 31 December 2022, which has been prepared in accordance with both "international accounting standards in conformity with the requirements of the Companies Act 2006" and "international financial reporting standards as adopted by the United Kingdom".

 

These interim financial statements do not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2022 were approved by the board of directors on 5 May 2023 and delivered to the Registrar of Companies. The report of the auditors on those accounts was not qualified, further details are available on page 39 of the 2022 annual report.

 

The financial statements have not been reviewed.

 

The financial information is presented in US Dollars and has been prepared under the historical cost convention and IFRS and UK adopted international accounting standards.

 

The same accounting policies, presentation and method of computation together with critical accounting estimates, assumptions and judgements are followed in this consolidated financial information as were applied in the Group's latest annual financial statements except that in the current financial year, the Group has adopted a number of revised Standards and Interpretations. However, none of these have had a material impact on the Group. In addition, the IASB has issued a number of IFRS and IFRIC amendments or interpretations since the last annual report was published. It is not expected that any of these will have a material impact on the Group.

 

Going concern

 

Turnover and profitability decreased during the period due to the set-up of the expanded production facilities that diverted the Group from its planned processing targets. The processing is now moving back to its planned production levels.

 

At the period end the Group had cash resources of US$5.4m (31 December 2022: US$1.1m). The Board have reviewed the Group's cash flow forecasts for the period to December 2024. The forecasts are based on the current approved budgets taking into account any adjustments from current trading. The principal capital costs have now been made and the Directors are of the opinion that the current cash balances and cash generated from future mining of the operation will be sufficient for the Group to meet its cash flow requirements.

 

The Board have considered at the period end possible stress case scenarios that they consider may likely impact the Group's operations, financial position and forecasts, such as factors impacting the production and possible falls in gold prices. From the analysis undertaken the Board have concluded that the Group will be able to continue to trade based on its existing resources. The stress tests included a drop in the gold price of 10% from the current gold price and budgeted production by 10%, in both scenarios and combination of both together it was concluded that the Group had sufficient cash reserves to continue to operate. The Board therefore considers it appropriate to adopt the going concern basis of accounting in preparing these financial statements.

 

2. Segmental information

 

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments and making strategic decision, has been identified as the Board of Directors.

 

The Board of Directors consider there to be two operating segments, the exploration and development of mineral resources at Sekisovskoye and at Teren-Sai, both based in one geographical segment, being Kazakhstan. All sales were made in Kazakhstan from the mine at Sekisovskoye. However, in relation to Teren-Sai as there is discrete financial information available and the assets account for greater than 10% of the combined total assets of all segments it is a separate operating segment.

 

Teren-Sai is an exploration asset, details of the carrying value of the asset are shown in note 5.

 

3. Profit per ordinary share

 

Basic profit per share is calculated by dividing the profit attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. The weighted average number of ordinary shares and retained profit for the financial period for calculating the basic loss per share for the period are as follows:

 
                                                  Six months   Six months 
                                                   ended 30     ended 30 
                                                   June 2023    June 2022 
                                                  (unaudited)  (unaudited) 
 
The basic weighted average number of ordinary 
 shares in issue during the period                27,332,934   27,332,934 
The profit for the period attributable to equity 
 shareholders (US$'000s)                          2,983        10,867 
 

4. Alternative performance measures

 

The Directors have presented the alternative performance measures adjusted EBITDA , operating cash cost and total cash cost as they monitor these performance measures at a consolidated level and the Directors believe it is relevant in measuring the Group's performance.

 

A reconciliation of the alternative performance measures is shown below.

 

Adjusted EBITDA, operating cash cost and total cash cost are not defined performance measures in IFRS. The Group's definition of adjusted EBITDA may not be comparable with similar titled performance measures as disclosed by other entities.

 
                                         Six months       Six months 
                                          ended 30 June    ended 30 June 
                                          2023             2022 
                                          (unaudited)      (unaudited) 
Adjusted EBITDA                           US$000's         US $000's 
Profit before taxation                   4,554            11,556 
Adjusted for 
Finance expense                          2,092            1,734 
Depreciation of tangible fixed assets    2,324            2,339 
Foreign currency translation             (471)            954 
Adjusted EBITDA                          8,499            16,583 
 
Operating cash cost 
 
Cost of sales                            18,180           15,137 
Adjusted for 
Depreciation of tangible fixed assets    (2,324)          (2,339) 
                                         15,856           12,798 
Gold sold in the period - oz             14,284           17,542 
Operating cash cost - US$/oz             1,110            729 
 
Total cash cost 
 
Cost as above                            15,856           12,798 
Adjusted for 
Administrative expenses                  3,343            2,714 
                                         19,199           15,512 
 
Gold sold in the period - oz             14,284           17,542 
Total cash cost- US$/oz                  1,344            884 
 
 
                         Teren-Sai         Exploration and    Total 
5. Intangible assets      geological data  evaluation costs    US$'000 
 
Cost 
1 January 2022           8,801             9,825              18,626 
Additions                -                 240                240 
Amortisation 
 capitalised             -                 541                541 
Currency translation 
 adjustment              (589)             (654)              (1,243) 
December 2022            8,212             9,952              18,164 
Amortisation 
 capitalised             -                 276                276 
Additions                -                 8                  8 
Currency translation 
 adjustment              154               185                339 
30 June 2023             8,366             10,421             18,787 
 
Accumulated 
amortisation 
1 January 2022           5,122             158                5,280 
Charge for the period    541               -                  541 
Currency translation 
 adjustment              (343)             (12)               (355) 
31 December 2022         5,320             146                5,466 
Charge for the period    276               -                  276 
Currency translation 
 adjustment              98                3                  101 
30 June 2023             5,694             149                5,843 
 
Net books values 
30 June 2023             2,672             10,272             12,944 
30 June 2022             3,146             9,430              12,576 
 

The intangible assets relate to the historic geological information pertaining to the Teren-Sai ore fields. The ore fields are located in close proximity to the current open pit and underground mining operations of Sekisovskoye.

 

Revisions to the original licence application were made during the period, with the final revision sent in August 2023, the new licence is anticipated to be received during Q4 2023. The licence applied for is for two years and will commence on the date the licence is signed.

 

6. Property, plant and equipment

 
                                            Plant, 
                                            Equipment                Total 
                                 Freehold   fixtures 
                     Mining      land and   and        Assets under 
                     properties  buildings  fittings   construction 
                     US$000      US$000     US$000     US$000         US$000 
Cost 
1 January 2022       16,009      25,034     22,779     2,822         66,644 
Additions            3,936       42         843        4,295         9,116 
Disposals            -           -          (509)      -             (509) 
Transfers            -           4,387      252        (4,639)       - 
Transfer - 
 inventories         -           -          -          (16)          (16) 
Currency 
 translation 
 adjustment          (1,584)     (1,673)    (1,603)    (183)         (5,043) 
31 December 2022     18,361      27,790     21,762     2,279         70,192 
Additions            1,966       -          12,506     1,460         15,932 
Disposals            -           -          (94)       -             (94) 
Reclassification     (272)       5          (6)        -             (273) 
Transfer to 
 inventories         -           -          -          (478)         (478) 
Currency 
 translation 
 adjustment          533         521        408        43            1,505 
30 June 2023         20,588      28,316     34,576     3,304         86,784 
 
Accumulated 
depreciation 
1 January 20222      3,350       13,319     14,625     -             31,294 
Charge for the 
 period              800         2,128      1,663      -             4,591 
Disposals            -                      (479)      -             (497) 
Currency 
 translation 
 adjustment          (227)       (986)      (958)      -             (2,171) 
31 December 2022     3,923       14,461     14,833     -             33,217 
Charge for period    410         933        981        -             2,324 
Reclassification     272         16         (15)       -             273 
Disposal             -           -          (94)       -             (94) 
Currency 
 translation 
 adjustment          79          265        270        -             614 
30 June 2023         4,684       15,675     15,975     -             36,334 
 
Carrying amount 
30 June 2023         15,904      12,641     18,601     3,304         50,450 
30 June 2022         12,891      9,858      8,024      3,357         34,130 
 

ALTYNGOLD PLC

 

Notes to the consolidated financial information 30 June 2023 (continued)

 

7. Trade and other receivables

 

Non-current

 
                                      30 June        30 June 
                                       2023           2022 
                                       (unaudited)    (unaudited) 
                                       US$000's       US$000's 
VAT recoverable                       1,701          1,277 
Prepayments- advances to suppliers    17,537         9,071 
                                      19,238         10,348 
 

The amount recoverable in relation to Value Added Tax is expected to be recovered by offset against VAT payable in future periods.

 

The advances to suppliers relate to payments made to acquire mining equipment.

 

Current

 
                                     30 June        30 June 
                                      2023           2022 
                                      (unaudited)    (unaudited) 
                                      US$000's       US$000's 
Trade receivables                    1,288          902 
VAT recoverable                      9,156          5,428 
Prepayments                          16,621         15,251 
Other receivables                    503            96 
Provision receivables/prepayments    (168)          (141) 
                                     27,400         21,536 
 

The prepayments principally relate to advances to suppliers for parts and consumables.

 

8. Notes to the cash flow statement

 
                                           Six months       Six months 
                                            ended 30 June    ended 30 June 
                                            2023             2022 
                                            (unaudited)      (unaudited) 
                                            US$000's         US$000's 
Profit before taxation                     4,554            11,556 
Adjusted for 
Finance expense                            2,092            1,734 
Depreciation of tangible fixed assets      2,324            2,339 
Increase in inventories                    (1,964)          (1,809) 
Increase in trade and other receivables    (10,617)         (1,310) 
Increase in trade and other payables       559              158 
Foreign currency translation               (471)            954 
Cash (outflow)/inflow from operations      (3,523)          13,622 
Income taxes                               -                - 
                                           (3,523)          13,622 
 

9. Related party transactions

 

Remuneration of key management personnel

 

The remuneration of the Directors, who are the key management personnel of the Group, is set out below in aggregate for each of the categories specified in IAS 24 - "Related Party Disclosures". The total amount remaining unpaid with respect to remuneration of key management personnel amounted to US$235,000 (30 June 2022 US$114,000).

 
                                Six months  Six months 
                                 ended 30    ended 30 
                                 June 2023   June 2022 
                                US$000      US$000 
Short term employee benefits    127         138 
Social security costs           12          9 
                                139         147 
 

During the period, the following transactions were connected with Company's in which the Assaubayev family have a controlling interest:

   --  An amount is owing to Asia Mining Group of US$80,000, (30 June 2022: 
      US$77,816) and is included within trade payables. 
 
   --  Loan amounts due by the Group to Amrita Investments Limited a company 
      controlled by the Assaubayev family total US$1,000 (30 June 2022 
      US$12,000). 
 
   --  An amount is due to a family member of US$1,000, (30 June 2022: 
      US$1,000). 
 
   --  The group made sales to Altyn Group Qazaqstan of US$Nil (30 June 2022 
      US$122,000) the amount of US$437,000 is included within receivables at 
      the period end. 
 

10 . Borrowings

 
                                          Six months       Six months 
                                           ended 30 June    ended 30 June 
                                           2023             2022 
                                           (unaudited)      (unaudited) 
                                           US$000's         US$000's 
 
Current loans and borrowings 
Bonds                                     -                9,891 
Bank loans                                16,820           5,354 
Related party loans                       2                12 
                                          16,822           15,257 
Due one-two years 
Bonds                                     9,441            - 
Bank loans                                9,888            3,049 
                                          19,329           3,049 
Due two-five years 
Bank loans                                18,700           6,434 
                                          18,700           6,434 
Total non-current loans and borrowings    38,029           9,483 
 

Bond Listed on Astana International Exchange

 

The total number of bonds at the period end amounted to US$10m at a coupon rate of 10.5%, the bonds are repayable in April 2025. At the period end the carrying value approximates to their fair value.

 

Bank loans

 

The bank loans are repayable in instalments and bear interest at 6%-7% on the US$ denominated loans and at 15.5% on the Kazakh denominated loans.

 

The bank loans are secured over the assets of the Group.

 

11. Reserves

 

A description and purpose of reserves is given below:

 
Reserve                         Description and purpose 
Share capital                   Amount of the contributions made by 
                                shareholders in return for the issue of 
                                shares. 
Share premium                   Amount subscribed for share capital in excess 
                                of nominal value. 
Merger Reserve                  Reserve created on application of merger 
                                accounting under a previous GAAP. 
Currency translation reserve    Gains/losses arising on re-translating the net 
                                assets of overseas operations into US 
                                Dollars. 
Accumulated losses              Cumulative net gains and losses recognised in 
                                the consolidated statement of financial 
                                position. 
 
 
ALTYNGOLD PLC 
 Company information 
 
                                                      Chairman Chief executive 
 Directors                  Kanat Assaubayev          officer Executive 
                            Aidar Assaubayev          director Non-executive 
                            Sanzhar Assaubayev        director Non-executive 
                            Ashar Qureshi             director Non-executive 
                            Andrew Terry              director Non-executive 
                            Maryam Buribayeva         director 
                            Victor Shkolnik 
 
 
 Secretary                  Rajinder Basra 
 
Registered office and      Company number: 
number                     05048549 28 Eccleston 
                           Square London SW1V 1NZ 
                           Telephone: +44 208 932 
                           2455 
 
 
 Company website            www.altyngold.uk 
 
                           10 Novostroyevskaya 
 Kazakhstan office         Sekisovskoye Village 
                           Kazakhstan Telephone: 
                           +7 (0) 72331 27927 Fax: 
                           +7 (0) 72331 27933 
 
 
 Auditor                    PKF Littlejohn LLP, 
                            15 Westferry Circus, 
                            London E14 4HD 
 
                           Neville Registrars 
 Registrars                Neville House Steelpark 
                           Road Halesowen West 
                           Midlands B62 8HD 
                           Telephone: +44 (0) 121 
                           585 1131 
 
                           NatWest Bank plc London 
 Bankers                   City Commercial 
                           Business Centre 7th 
                           Floor, 280 Bishopsgate 
                           London EC2M 4RB LTG 
                           Bank AG Herrengasse 12 
                           FL-9490, Vaduz 
                           Principal of 
                           Liechtenstein 
 
 
 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230928077434/en/

 
    CONTACT: 

AltynGold Plc

 
    SOURCE: AltynGold Plc 
Copyright Business Wire 2023 
 

(END) Dow Jones Newswires

September 29, 2023 02:00 ET (06:00 GMT)

1 Year Altyngold Chart

1 Year Altyngold Chart

1 Month Altyngold Chart

1 Month Altyngold Chart

Your Recent History

Delayed Upgrade Clock