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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Goldplat Plc | LSE:GDP | London | Ordinary Share | GB00B0HCWM45 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 7.50 | 7.30 | 7.70 | 7.50 | 7.50 | 7.50 | 0.00 | 07:40:02 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 41.88M | 2.8M | 0.0167 | 4.49 | 12.58M |
From Apr 2019 to Apr 2024
TIDMGDP
RNS Number : 0541O
Goldplat plc
30 September 2019
Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration
30 September 2019
Goldplat plc
('Goldplat', the 'Group' or 'the Company')
Preliminary Results
Goldplat plc, the AIM listed gold producer, with international gold recovery operations located in South Africa and Ghana and a gold mine in Kenya is pleased to announce its preliminary results for the year ended 30 June 2019 ('FY 2019').
Operations / Corporate
-- For the year to 30 June 2019 Group results from operating activities were a disappointing loss of GBP501,000 (2018: profit of GBP2,509,000).
-- Within this, however, Recovery operations produced a reportable segment profit before tax GBP1,581,000 (2018: GBP3,769,000) whilst Mining and exploration produced a reportable segment loss before tax of GBP1,934,000 (2018: loss GBP897,000).
-- The mining operation has been put on care and maintenance, with limited processing currently undertaken, and so its operating losses have been stemmed.
-- Net cash position for the Group of GBP1,808,000 as at 30 June 2019 (GBP1,539,000 as at 30 June 2018)
Goldplat Recovery (Pty) Ltd ('GPL') - South Africa
-- Revenues decreased to GBP17,342,000 (2018: GBP22,669,000) and operating profits decreased to GBP2,607,000 (2018: GBP3,667,000).
-- The South African subsidiary reported a net profit after tax of GBP1,901,000 (2018: GBP2,765,000).
-- Good progress made in reducing processing costs and in design of the plant to facilitate processing of low-grade contaminated material profitably in future
-- GPL's tailings storage facility ('TSF') is reaching full capacity, and GPL has two options available for future deposition, thus afford the Company an opportunity to monetise its current tailings.
Gold Recovery Ghana Limited ('GRG') - Ghana
-- Revenues decreased to GBP4,427,000 (2018: GBP8,241,000) and operating profits decreased to a loss of GBP536,000 (2018: Profit GBP646,000).
-- Significant work has gone into opening the markets in West Africa, especially Burkina Faso, Mali and the Ivory Coast, and the first batch of material from Mali was received towards the end of the year under review.
-- Successful plant clean-up for a South American producer was performed during the year and are still continuing.
Kilimapesa Gold (Pty) Limited ('Kilimapesa') - Kenya
-- Revenues decreased from GBP4,834,000 to GBP3,068,000 due to lower production and losses before finance costs increased to GBP1,643,000 (2018: Loss: GBP986,000)
-- A decision was made to put the mining operation under care and maintenance effective 1 June 2019.
-- Goldplat is seeking an investment partner for the mine to enable the Group to realise value from the operation without having to invest additional capital.
-- A positive development has been the fact that the Kenya Revenue Authority has started refunding some of the Company's VAT claims after the year-end, which had remained unpaid since the time of incorporation.
For further information visit www.goldplat.com, follow on Twitter @GoldPlatPlc or contact:
Werner Klingenberg Goldplat plf (CEO) Tel: +27 (0) 82 051 1971
Colin Aaronson / Ben AO Roberts Grant Thornton UK LLP (Nominated Adviser) Tel: +44 (0) 20 7383 5100
James Joyce / Jessica Cave WH Ireland Limited (Broker) Tel: +44 (0) 207 220 1666
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Chairman's Statement
The Group's three principal operations comprise precious metal recovery facilities in South Africa and Ghana, and the gold mining, ore processing and exploration operation in Kenya.
For the year to 30 June 2019 Group results from operating activities were a disappointing loss of GBP501,000 (2018: profit of GBP2,509,000). Within this, however, Recovery operations produced a reportable segment profit before tax GBP1,581,000 (2018: GBP3,769,000) whilst Mining and exploration produced a reportable segment loss before tax of GBP1,934,000 (2018: loss GBP897,000).
Cash and cash equivalents at the year-end stood at GBP1,808,000 (2018: GBP1,539,000) whilst Net Current Assets stood at GBP3,348,000 (2018: GBP4,785,000)
In response to the operating results in Kenya, the mining operation has been put on care and maintenance, with only limited ore processing currently undertaken, and so its operating losses have been stemmed. We are seeking external investors to partner us in Kenya and the outcome of this exercise will inform how we proceed.
The South African Recovery operation performed strongly over the year, albeit with a weak first quarter. The Ghanaian Recovery operations have continued to significantly underperform because of material supply issues. The performance of both Recovery operations is dependent on the quality and quantity of material which we can acquire for processing.
We continue our initiatives to widen the types of material we process, as well as our geographic reach, making full use of the very extensive skill-sets and resources we have in-house. We are optimistic that these initiatives can address the supply issues in Ghana, secure better visibility on earnings in South Africa and provide opportunities to grow both businesses.
In April 2019 Goldplat announced the appointment of Werner Klingenberg as interim CEO following the resignation of Gerard Kisbey-Green and, after wide review, we were pleased recently to confirm the appointment on a permanent basis. Werner has been with Goldplat in various roles since 2015 and has an extensive and dispassionate understanding of the group. The board now comprises three non-executive and three executive directors. The fulfilment of the role of CFO, currently held by Werner, on a permanent basis is under consideration.
Gerard Kisbey-Green, who joined Goldplat's board in 2014, took on the role of CEO in 2015. On behalf of the whole board I thank Gerard for his significant contribution and service to Goldplat over that time.
The Group's performance in relation to its health and safety and environmental obligations has been exemplary. We are very conscious of the impact on the local community from our decision to put the Kenyan operation on care and maintenance, resulting in significant retrenchment of the workforce. We welcome the Kenyan authorities' positive attitude to our efforts to find an investor to partner with us.
I would like to again thank our employees in South Africa, Ghana and Kenya, as well as my fellow board members and Goldplat's advisers, for their efforts over the year. I believe the group has a very positive future and I look forward to their continued contributions.
MATTHEW ROBINSON CHAIRMAN
30 September 2019
Operations and Financial Report
Introduction
Goldplat's performance for FY 2019 did not reflect the anticipated increased production or profitability we expected when we published in the 2018 report.
Sourcing of material for the recovery operations remains the main area of focus. Strategically, especially in South Africa, where the gold industry is declining, it is important for the Company to position itself to economically process lower grade material and to opportunistically take advantage of higher-grade material from old mining remnant clean-ups and by-products to sustain good levels of profitability. Significant test work has been done on our stockpiles, including some batch processing. We are satisfied with the results, but further test work is required before large investments in similar stockpiles will be made.
The production from the Ghana recovery operation was less than satisfactory during the year under review, as the Company suffered with a lack of material to process whilst the market is being developed. Progress has been made in developing the market in West Africa outside of Ghana, and we made a first successful import from this region towards the end of FY 2019. The efforts of the past two years are slowly bearing fruits and we have better visibility on acquiring material going forward. Gold Recovery Ghana is gaining traction in South American sourcing which bodes positively for the future.
Production at Kilimapesa decreased month-by-month during the year under review, and a decision was made to put the mine under care and maintenance as from June 2019. The Company ran out of ground to mine due to a lack of underground flat development which is a direct result of the poor cash position at Kilimapesa.
Currently small batches of artisanal tailings are being processed to cover care and maintenance costs whilst an investment partner for the mine is sought.
Group profitability is expected to improve since Kilimapesa's sustained losses have been stemmed.
Areas of Strategic Focus
The following areas of strategic focus were identified:
-- Sustainability of sourcing material at the recovery operations will remain the highest priority and, in pursuit of this, it was decided to concentrate more on lower grade material for which there is less competition as the main feed source in both South Africa and Ghana; this will be achieved through increased efficiencies, investment in equipment and possibly having processing capacity in the form of specific plant and equipment closer to the sources of material.
-- Reserves of lower grade material, which are available in larger volumes, should yield acceptable margins and can serve as the main feed source for the CIL operations in South Africa. In Ghana we aim to get approval to treat low grade material using third party facilities.
-- Sourcing sufficient commercially viable by-products (mainly fine carbon) remains the key to the Ghana recovery business and we will continue our marketing efforts in West Africa and South America.
-- Diversification into processing Platinum Group Metal ('PGM') materials has been a long-identified strategy and we expect to focus this aspect.
-- The project regarding the re-processing of the existing stock dam in South Africa remains a future revenue source but is dependent on obtaining an alternative tailings storage facility. A decision in this regard is expected to be made by the end of the second quarter of FY 2020.
-- Achieving profitability from Kilimapesa. Goldplat is seeking an investment partner to provide the required funding to develop the mine and property.
-- Strategically, the prospectivity of Kilimapesa in a rising gold market also offers an attractive exploration opportunity for an interested party.
-- Goldplat's strategy when it came to the AIM market in 2006 was to use surplus cash flow from the recovery operations to fund its development as a junior gold miner. With Kilimapesa placed under care and maintenance and an external investment being sought, it prompts the on-going review of Goldplat's strategy. Goldplat will continue to look beyond its current recovery operations for opportunities to apply its skillsets and resources to promote its longer-term growth.
Gold Production and Sales
Sales revenues from the recovery operations decreased by 25% to GBP21,769,000 (2018: GBP28,962,000), the decrease being mainly attributable to the lower procurement of material than expected from the Ghana operations.
Mining revenues decreased by 36% to GBP3,068,000 (2018: GBP4,834,000) which is directly attributable to the poor cash position at Kilimapesa and the resultant lack of underground development to open mineable resources. Kilimapesa has been placed on care and maintenance since June 2019, whilst an investment partner is sought.
Albeit we saw highs of US$1,430/oz gold prices during the FY, the average of US$1,263/oz (2018: US$1,293/oz) was slightly lower than the previous period.
Goldplat's Recovery Operations
Goldplat recovers precious metals, primarily gold and silver but also 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 operations, 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 old mining 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 various gold producers in South Africa and Ghana as well as numerous producers from elsewhere in the world, including a growing number of PGM producers and a number of refineries requiring the processing of concentrate materials prior to final refining as bullion.
Goldplat Recovery (Pty) Ltd - South Africa
GPL has been serving mainly the South African mining industry for many years and its processing facilities include several separate facilities which can treat various mining products. Its strength lies in the fact that a specific processing path can be designed for a batch of material, utilising the Company's milling capacity (three separate main mills and four batch mills), wash plants, incinerator plants, a spiral and flotation plant.
Revenues decreased to GBP17,342,000 (2018: GBP22,669,000) and operating profits decreased to GBP2,607,000 (2018: GBPGBP3,667,000). The South African subsidiary reported a net profit after tax of GBP1,901,000 (2018: GBP2,765,000).
A large once-off contract benefitted both the 2017 and 2018 financial years and this year's result reflects a more normalised situation.
Notwithstanding a poor first quarter both the by-product section and the CIL sections performed well in the second half of FY 2019. The by-products section was supported by a drive to reduce older inventories of lower grade material and stock-levels are low by historic standards which greatly improves inventory management and reduces the associated risk of holding inventory.
The CIL sections benefited from good quality material sourced and also afforded GPL the opportunity to process a large batch of its strategic, lower grade, stockpile during the last month of the year. The results were marginal, as expected at this stage, and it is believed that recoveries can be improved by screening.
By reducing processing costs and increasing the recovery percentages, GPL reduces the sourcing risk for the CIL circuits, by allowing the sourcing team to procure lower grade material in larger volumes. This can act as a buffer stock when plant capacity cannot be fully utilised on higher grade material. With the opportunity to consider lower grade material in mind, the Company has strengthened its sourcing team.
With this strategic objective to treat more low-grade material, it was decided to install a wet screening section and change the feed arrangement to one of the mills by January 2020. This improvement to the plant will assist in removing some carbonaceous matter before the material reaches the milling phase and will not only increase the recovery percentage but should also increase volumes processed. Cost reduction initiatives will reduce the processing cost and increase the margins on this low-grade material.
Consolidation continues in the South African gold industry; mines are closing and are becoming more efficient in their processing, resulting in reduced volumes and grade of by-products received. We maintain good relationships with the few remaining mining houses and have contracts with major producers; with the exception of one, contracts are not long-term and so there is a risk should we lose the support of a big supplier.
GPL's tailings storage facility ('TSF') is reaching full capacity. The Company has two options available to expand the TSF. The request to the Department of Minerals Resources to deposit tailings into the old workings at West Pit 3 has become entangled in bureaucracy and there is no clarity on timescale to resolve this. The Company may therefore opt to deposit tailings adjacent to its current TSF.
The upside with a new tailings facility will be that it will allow the existing TSF to fully de-water and thus afford the Company an opportunity to monetise its current tailings. At this stage trucking the contents of the TSF (containing 81,959 ounces of JORC Compliant Resource) away and processing the material at a third-party tailings' processor, still to be sought, is considered the best option for shareholders, but the TSF will take a number of years to dry before the Company will be able to truck the material.
Gold Recovery Ghana Limited - Ghana
GRG's gold recovery operation is located in the free port of Tema in Ghana and is afforded a favourable corporate tax rate of 15%.
Processing facilities include the elution plant erected in 2018, a spiral section, incinerators and a shotblast facility. Gold doré smelted is exported directly to a refiner and concentrates are either exported to GPL or to one of the Group's refinery partners. GRG has served the Ghana gold industry for more than a decade and has recently started importing by-products from other West African countries. Imports from South America and East Africa continue.
Revenues decreased to GBP4,427,000 (2018: GBP8,241,000) and operating profits decreased to a loss of GBP536,000 (2018: Profit GBP646,000).
The result for the year reflects the sourcing risk the recovery operations has. As a result, the plant ran under capacity for most of the year.
Significant work has gone into opening the markets in West Africa, especially Burkina Faso, Mali and the Ivory Coast, and the first batch of material from Mali was received towards the end of the year under review. Current indications are that imports from Burkina Faso will be possible once the judiciary has reversed a decision by the Burkina Faso customs to stop the export of a batch of carbon by a mining house to another processor. The Company is gaining traction in imports from South America and although margins and volumes are still low, it helps to keep the plant utilised.
We also visited Saudi Arabia and will provide an update in due course.
A subsidiary company will be registered in Peru to represent Goldplat with the objective to facilitate the sourcing and exports of material to GRG. As the market is exposed into other jurisdictions similar subsidiaries will be formed.
The opening of markets in regions other than Ghana are key to obtaining sustained profitability in Ghana.
To diminish the risk to the Ghana operation, we are continuing to work closely with the Ghana Government to obtain permission to restart tolling operations of low-grade material.
A plant clean-up for a South American producer was started during the year. The grade of material around the site did however not warrant the restart of the plant mill and therefore the clean-up focused on the smelt house and other high-grade areas inside the plant.
Goldplat's Mining and Exploration
Kilimapesa Gold (Pty) Limited - Kenya
KPG is a gold mine located in South Western Kenya. The mine is located in the historically productive Migori Archaen Greenstone Belt and has a total resource of 6,810,000 tons at 2,43 g/t of gold for a total of 531,631 ounces of gold at 1 g/t. The total resource excludes the Red Ray resource on our prospecting license of 1,905,291 tons at 2,28 g/t of gold for a total of 139,185 ounces of gold at 1 g/t which has been granted to a third party and remains under dispute. We continue to engage with the Ministry of Mines with regards to the issuing of this exploration licence to a third party.
Revenues decreased from GBP4,834,000 to GBP3,068,000 due to lower production and losses before finance costs increased to GBP1,643,000 (2018: Loss: GBP986,000)
Gold produced gradually decreased after Q1 as a result of the mine not being developed ahead to open mineable ground. The mine has been experiencing cashflow problems for some time due to the impact of sustained losses. A decision was made to put the mining operation under care and maintenance effective 1 June 2019 with small batches of surface material being processed to offset the cost of care and maintenance.
Goldplat is seeking an investment partner for the mine to enable the Group to realise value from the operation without having to invest additional capital. Early stage talks with a number of interested parties continues.
Substantial work was done on the establishment of Kilimapesa's tailings storage facility with the installation of a penstock and return water compartment.
A positive development has been the fact that the Kenya Revenue Authority has started refunding some of the Company's VAT claims after the year-end, which had remained unpaid since the time of incorporation. This action sends a positive message to potential investors into Kenya as an investment destination and for Kilimapesa it is of tremendous importance as the funds will be applied to reduce the Company's debt.
Anumso Gold Project - Ghana
During FY 2016, Goldplat entered into an earn-in option agreement with Ashanti Gold Corp ("Ashanti').
On 5 November 2018, Ashanti provided notice to Goldplat that it intended to exercise its 51% option on Anumso Gold Project. On 27 December 2018, Ashanti informed Goldplat that it will not elect to take up the subsequent option for an additional 24% of Anumso Project.
After analysis of the amount and nature of the earn-in expenditure, Goldplat has concurred that the US$1,500,000 spend by Ashanti met the requirement for the exercise of the 51% option.
The two companies are currently finalizing the shareholders agreement and once done additional shares in Anumso will be issued to Ashanti. As the agreement has not been finalized and the additional shares have not been issued, the issue of additional shares and the consideration for the shares of an exploration asset to the value of US$1,500,000 have not been recognized in the annual report.
Additional financial review
The operating currencies for the Group are South African Rand (ZAR), Ghanaian Cedi (GHS) and Kenyan Shilling (KES). The average exchange rates for the year used in the conversion of operating currencies in the Statement of Profit or Loss and Other Comprehensive Income strengthened against the Pound Sterling during the period under review, apart from the Ghanaian Cedi (GHS) which weakened by circa 10%.
The net finance cost of GBP586,000 (FY 2018: GBP722,000) includes GBP371,000 (FY 2018: GBP543,000) interest on borrowings and finance liabilities. The decrease in interest on borrowings and finance liabilities was due in part to repayment of the loan that financed of the construction of the elution plant at GRG during the previous period and in part to the reduction in sales resulting in less pre-financing of sales to smelters and refiners.
Included in the foreign exchange loss of GBP234,000 (FY 2018: GBP199,000) is an unrealised loss of GBP346,000 in GRG that was due to the increase in the amount of Ghanaian Cedi (GHS) to be repaid on its intercompany USD Dollar loan.
The additional foreign exchange loss is mainly as a result of the movement of the operating currencies against the US Dollar. The performance of the operating currencies against the USD Dollar fluctuated significantly during the period but year on year and on average all operating currencies weakened against the USD Dollar.
Taxation
The taxation expense includes GBP268,000 of dividend taxation paid on declaration of dividends from GPR. The dividend taxation rate in South Africa is 20%.
Contingencies
Trade and other receivables for the Group include a balance of GBP1,303,000 (FY 2018: GBP1,074,000) of Value-Added Taxation receivable from the Kenya Revenue Authority. Of the current balance GBP639,000 is older than three years. A positive development has been the fact that the Kenya Revenue Authority has started refunding some of the Company's VAT claims after year-end to the value of circa GBP169,000. Management is of the opinion that there is no legal reason not to recover the balance.
Outlook
Whilst sourcing of sufficient material to process economically remains key to growth and profitability for Goldplat in a declining gold industry in South Africa and to a lesser extent in Ghana, management is focused on identifying opportunities for growth in the recovery operations by investing into other locations and additional equipment in the jurisdiction it currently operates in, as well as enhancing operational efficiencies. This should enable the processing of lower grade material at current operations and at different locations closer to the source.
Focus will remain on sourcing more material for the Ghana operations from West Africa, South America and the other regions, whilst re-positioning GRG to process lower grade material sourced from within Ghana.
The South African operations will continue to serve the South African gold industry and will focus on sustaining profitability from old mining clean-ups and diversifying into PGM's where possible. The preferred option is to process our stock dams (which has a JORC Compliant Resource of 81,959 ounces) through a third party's plant on a toll basis. To achieve this, we have to design and build a new tailings storage facility whilst the stock dam dries out over the next three to five years.
Primary production at Kilimapesa is dependent on finding an investment partner into the mine and the successful operation of the mine.
Goldplat recognises the cyclical nature of the recovery operations as well as the risks inherent in relying on short term contracts for the supply of materials for processing, particularly in South Africa where the gold industry is in longer term slow decline. These risks can be mitigated by improving our operational capacities and efficiencies to enable us to treat a wider range of lower grade materials (of which there are larger quantities with less competition), as well as by seeking materials in wider geographic areas. We shall also keep looking beyond our current recovery operations for further opportunities to apply our skillsets and resources.
Conclusion
With the continued changes and uncertainty in the markets in which we operate, I believe Goldplat is well placed to take advantage of opportunities that will present themselves. I would like to thank our Goldplat employees, its advisors, my fellow directors and the Company's shareholders for their efforts and support during the year on many fronts. The Board looks forward to successes on identified strategic initiatives and consequent growth in production and profitability.
WERNER KLINGENBERG CHIEF EXECUTIVE OFFICER 30 September 2019
Financial Statements
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEARED 30 JUNE 2019
Hot Features
Premium
2019 2018
Notes GBP'000 GBP'000
----------------------------------------- ------ --------- ---------
Continuing operations
Revenue 24,837 33,796
Cost of sales (23,325) (28,725)
------------------------------------------------- --------- ---------
Gross profit 1,512 5,071
Administrative expenses (2,013) (2,562)
------------------------------------------------- --------- ---------
(Loss)/Profit from operating activities (501) 2,509
Finance income 19 20
Finance costs (605) (742)
------------------------------------------------- --------- ---------
Net finance cost (586) (722)
------------------------------------------------- --------- ---------
(Loss)/Profit from operating activities
after finance income (1,087) 1,787
------------------------------------------------- --------- ---------
Taxation (653) (1,281)
------------------------------------------------- --------- ---------
(Loss)/Profit for the year (1,740) 506
------------------------------------------------- --------- ---------
(Loss)/Profit attributable to:
Owners of the Company (2,234) (213)
Non-controlling interests 494 719
------------------------------------------------- --------- ---------
(Loss)/Profit for the year (1,740) 506
------------------------------------------------- --------- ---------
Other comprehensive income
Foreign exchange cost on translation
of subsidiaries
Exchange translation (27) (880)
------------------------------------------------- --------- ---------
Other comprehensive expense for the
year (27) (880) ------------------------------------------------- --------- --------- Total comprehensive expense for the year (1,767) (374) ------------------------------------------------- --------- --------- Total comprehensive (expense)/income attributable to: Owners of the Company (2,261) (1,093) ------------------------------------------------- --------- --------- Non-controlling interests 494 719 ------------------------------------------------- --------- --------- Total comprehensive expense for the year (1,767) (374) ------------------------------------------------- --------- --------- Earnings per share Basic loss per share (pence) (1.33) (0.13) ------------------------------------------------- --------- ---------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 30
2019 2018
GBP'000 GBP'000
--------------------------------- -------- --------
Assets
--------------------------------- -------- --------
Property, plant and equipment 7,512 8,023
Intangible assets 8,201 8,462
Proceeds from sale of shares in
subsidiary 950 1,137
---------------------------------- -------- --------
Non-current assets 16,663 17,622
---------------------------------- -------- --------
Inventories 5,842 7,791
Trade and other receivables 7,918 7,603
Cash at bank and on hand 2,368 1,915
---------------------------------- -------- --------
Current assets 16,128 17,309
---------------------------------- -------- --------
Total assets 32,791 34,931
---------------------------------- -------- --------
Equity
Share capital 1,675 1,675
Share premium 11,441 11,441
Exchange reserve (6,100) (6,073)
Retained earnings 8,858 11,092
---------------------------------- -------- --------
Equity attributable to owners of
the Company 15,874 18,135
Non-controlling interests 2,991 2,964
---------------------------------- -------- --------
Total equity 18,865 21,099
---------------------------------- -------- --------
Liabilities
Obligations under finance leases 151 268
Provisions 633 417
Deferred tax liabilities 362 623
---------------------------------- -------- --------
Non-current liabilities 1,146 1,308
---------------------------------- -------- --------
Bank overdraft 560 376
Obligations under finance leases 213 192
Interest bearing borrowings 528 728
Taxation 53 300
Trade and other payables 11,426 10,928
---------------------------------- -------- --------
Current liabilities 12,780 12,524
---------------------------------- -------- --------
Total liabilities 13,926 13,832
---------------------------------- -------- --------
Total equity and liabilities 32,791 34,931
---------------------------------- -------- --------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY AS AT JUNE 30 2019
Attributable to owners of the
Company
Share Share Exchange Retained Non-controlling Total
capital premium reserve earnings Total interests Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------ -------- ----------------- --------------------------------- --------------- -----------------
Balance at 1 July
2018 1,675 11,441 (6,073) 11,092 18,135 2,964 21,099
Total
comprehensive
(expense)/income
for the year
(Loss)/profit for
the year - - - (2,234) (2,234) 494 (1,740)
Total other
comprehensive
expense - - (27) - (27) - (27)
------------------ -------- ----------------- ---------- ---------- --------- --------------- -----------------
Total
comprehensive
(expense)/income
for the year - - (27) (2,234) (2,261) 494 (1,767)
------------------ -------- ----------------- ---------- ---------- --------- --------------- -----------------
Changes in
ownership
interests
in subsidiaries
Non-controlling
interests
in
subsidiary
dividend - - - - - (467) (467)
------------------ -------- ----------------- ---------- ---------- --------- --------------- -----------------
Total transactions
with owners
of the Company - - - - - (467) (467)
------------------ -------- ----------------- ---------- ---------- --------- --------------- -----------------
Balance at 30 June
2019 1,675 11,441 (6,100) 8,858 15,874 2,991 18,865
------------------ -------- ----------------- ---------- ---------- --------- --------------- -----------------
Attributable to owners of the
Company
Share Share Exchange Retained Non-controlling Total
capital premium reserve earnings Total interests Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------ -------- ----------------- --------------------------------- --------------- -----------------
Balance at 1 July
2017 1,675 11,441 (5,193) 11,305 19,228 2,673 21,901
Total
comprehensive
income
for the year
(Loss)/Profit for
the year - - - (213) (213) 719 506
Total other
comprehensive
income - - (880) - (880) - (880)
------------------ -------- ----------------- ----------- -------- ---------- --------------- -----------------
Total
comprehensive
(expense)/income
for the year - - (880) (213) (1,093) 719 (374)
------------------ -------- ----------------- ----------- -------- ---------- --------------- -----------------
Changes in
ownership
interests
in subsidiaries
Non-controlling
interests
in
subsidiary
dividend - - - - - (428) (428)
------------------ -------- ----------------- ----------- -------- ---------- --------------- -----------------
Total transactions
with owners
of the Company - - - - - (428) (428)
------------------ -------- ----------------- ----------- -------- ---------- --------------- -----------------
Balance at 30 June
2018 1,675 11,441 (6,073) 11,092 18,135 2,964 21,099
------------------ -------- ----------------- ----------- -------- ---------- --------------- -----------------
CONCOLIDATED STATEMENT OF CASH FLOWS FOR THE YEARED 30 JUNE 2019
2019 2018
GBP'000 GBP'000
-------------------------------------------- --- -------- --------
Cash flows from operating activities
(Loss)/Profit for the year (501) 2,509
Adjustments for:
Depreciation 956 856
Amortisation 222 218
Loss on sale of property, plant and
equipment - 7
Foreign exchange differences (134) (415)
------------------------------------------------- -------- --------
543 3,175
Changes in:
- inventories 1,949 1,171
- trade and other receivables (315) 4,400
- trade and other payables 498 (5,503)
------------------------------------------------- -------- --------
Cash generated from operating activities 2,675 3,243
Finance income 19 20
Finance cost (586) (647)
Taxes paid (725) (1,153)
------------------------------------------------- -------- --------
Net cash from operating activities 1,383 1,463 ------------------------------------------------- -------- -------- Cash flows from investing activities Proceeds from sale of property, plant and equipment - 7 Enhancement of exploration and development asset - (17) Acquisition of property, plant and equipment (331) (1,738) Receipt of proceeds from sale of shares in subsidiary 199 181 Non-current cash deposit - 201 ------------------------------------------------- -------- -------- Net cash used in investing activities (132) (1,366) --------------------------------------------- -------- -------- Cash flows from financing activities Proceeds from drawdown of interest-bearing borrowings - 358 Payment of interest-bearing borrowings (200) (802) Payment of dividend by subsidiary to non-controlling interest (467) (428) Payment of finance lease liabilities (242) (183) --------------------------------------------- -------- -------- Net cash flows used in financing activities (909) (1,055) --------------------------------------------- -------- -------- Net increase/(decrease) in cash and cash equivalents 342 (958) Cash and cash equivalents at 1 July 1,539 2,650 Foreign Exchange Movement on opening balance (73) (153) --------------------------------------------- -------- -------- Cash and cash equivalents at 30 June 1,808 1,539 --------------------------------------------- -------- --------
NOTES TO THE RESULTS ANNOUNCEMENT
1. Basis on preparation
(a) Statement of compliance
The consolidated financial statements 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.
(b) Basis of measurement
The consolidated financial statements have been prepared on the historical cost basis.
(c) Functional and presentation currency
These consolidated financial statements are presented in Pounds Sterling ("GBP"), which is considered by the Directors to be the most appropriate presentation currency to assist the users of the financial statements. All financial information presented in GBP has been rounded to the nearest thousand, except when otherwise indicated.
The Company's functional currency is considered to be the US Dollar ("USD") as this currency mainly influences sales prices and expenses.
(d) Use of estimates and judgements
The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised if the revision affects only that period, or in the period of revision and future periods of the revision if it affects both current and future periods.
Critical estimates and assumptions that have the most significant effect on the amounts recognised in the consolidated financial statements and/or have a significant risk of resulting in a material adjustment within the next financial year are as follows:
-- Carrying value of goodwill -- Capitalisation of pre-production expenditure -- Precious metals on hand and in process
Accounting entries are made in accordance with the accounting policies detailed below.
2. Earnings per share
Basic earnings per share
The calculation of basic earnings per share at 30 June 2019 was based on the loss attributable to owners of the Company of GBP2,234,000 (2018: loss GBP213,000), and a weighted average number of ordinary shares outstanding of 167,441,000 (2018: 167,441,000), calculated as follows:
Loss attributable to ordinary shareholders
2019 2018
GBP'000 GBP'000
Loss attributable to
owners of the Company (2,234) (213)
Weighted average number of ordinary shares
2019 2018
GBP'000 GBP'000
Issued ordinary shares at 1 July 167,441,000 167,441,000
Weighted average number of ordinary shares at 30 June 167,441,000 167,441,000
Diluted earnings per share
Diluted earnings per share at 30 June 2019 and 30 June 2018 have not been calculated as the effect would be antidilutive.
3. Directors' emoluments 2019
2019
Executive Non-executive Total
GBP'000 GBP'000 GBP'000
------------------- ------------- ------- -------
Wages and salaries 570 - 570
Fees - 80 80
570 80 650
------------------- ------------- ------- -------
2018
Executive Non-executive Total
GBP'000 GBP'000 GBP'000
------------------- --------- ------------- --------
Wages and salaries 551 - 551
Fees - 80 80
Other benefits 100 - 100
------------------- --------- ------------- --------
651 80 731
------------------- --------- ------------- --------
Emoluments disclosed above include the following amounts paid
to the highest director:
2019 2018
GBP'000 GBP'000
------------------------------------------------------ ----------- ----------
Emoluments for qualifying services 180 216
------------------------------------------------------ ----------- ----------
Key management
Apart from the Directors, the emoluments paid to key management personnel amounted to GBP877,000 (2018: GBP857,000).
4. Related parties
Other than the waiver of intercompany interest and not having fix repayment dates, 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:
2019 2018
GBP'000 GBP'000
----------------------------------------- -------- --------
Goldplat plc
- Loans and borrowings (4,082) (4,402)
- Goods, equipment and services received (322) (358)
Kilimapesa Gold (Pty) Limited
- Loans and borrowings 7,863 5,087
Nyieme Gold SARL
- Loans and borrowings 1,281 1,252
Anumso Gold Limited
- Loans and borrowings 83 80
Midas Gold SARL
- Loans and borrowings 450 444
Goldplat Recovery (Pty) Limited
- Loans and borrowings (4,100) (280)
- Goods, equipment and services supplied (51) (41)
Gold Recovery Ghana Limited
- Loans and borrowings 1,503 -
The Group's subsidiary Goldplat Recovery (Pty) Limited had the following related party transactions and balances:
2019 2018
GBP'000 GBP'000
----------------------------------------- ----------------------------------------- --------
Kilimapesa Gold (Pty) Limited
- Trade and other receivables 2 1,821
- Goods, equipment and services supplied 497 1,113
Gold Recovery Ghana Limited
- Trade and other receivables 67 1,364
- Goods, equipment and services supplied 175 1,146
- Purchase of precious metals - (1,782)
Anumso Gold Limited
- Trade and other receivables 13 12
The carrying value of these assets approximates to their fair value and require no impairment.
The Group's subsidiary, Gold Recovery Ghana Limited had the following related party transactions and balances in addition to those already noted:
2019 2018
GBP'000 GBP'000
----------------------------------------- -------- --------
Nyieme Gold SARL
- Trade and other receivables 48 -
- Goods, equipment and services supplied - 3
Anumso Gold Limited
- Trade and other receivables 40 35
- Goods, equipment and services supplied 7 8
The Group's subsidiary Midas Gold had the following related party transactions and balances in addition to those already noted:
2019 2018
GBP'000 GBP'000
---------------------------- -------- --------
Nyieme Gold SARL
- Trade and other payables 4 4
Other transactions
The Company and Group's subsidiary Gold Mineral Resources had the following related party transactions and balances in addition to those already noted:
2019 2018
GBP'000 GBP'000
---------------------------- -------- --------
Directors
- Trade and other payables (212) (222)
5. Capital and reserves
Share capital and share premium
Number of Ordinary Shares
2019 2018
On issue at 1 July 167,441,000 167,441,000
On issue at 30 June - fully paid 167,441,000 167,441,000
Authorised - par value GBP0.01 1,000,000,000 1,000,000,000
Ordinary Share Capital
2019 2018
GBP'000 GBP'000
Balance at 1 July 1,675 1,675
Balance at 30 June 1,675 1,675
Ordinary shares
All shares rank equally with regard to the Company's residual assets.
The holders of ordinary shares are entitled to receive dividends as declared from time to time, and are entitled to one vote per share at meetings of the Company.
Share Premium
Represents excess paid above nominal value on historical shares issued.
Exchange reserve
The exchange reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations.
**ENDS**
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
FR UKUURKNAKUUR
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September 30, 2019 02:03 ET (06:03 GMT)
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