REG-AltynGold Plc Half-year Report
29/09/2023 07:00
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Half-year Report
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 (mailto: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
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.altyngold.uk&esheet=53564763&newsitemid=20230928077434&lan=en-US&anchor=www.altyngold.uk&index=1&md5=aa490ee94d371345d82e494da9dd22fd)
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$’000
Profit for the period 2,983 10,867
Currency translation differences arising on translations of foreign operations 1,214 (2,506)
items
which will or may be reclassified to profit or loss
Total comprehensive profit for the period 4,197 8,361
attributable to equity shareholders
ALTYNGOLD PLC
Consolidated statement of financial position – as at 30 June 2023
Six months Six months
ended 30 June
ended 30 June
2023
2022
Notes
(unaudited)
(audited)
US$’000 US$’000
Non-current assets
Intangible assets – Teren Sai 5 12,944 12,576
Others 729 -
Property, plant and equipment 6 50,450 34,130
Other receivables 7 19,238 10,348
Deferred tax asset 4,496 6,936
Restricted cash 41 35
87,898 64,025
Current assets
Inventories 13,916 10,775
Trade and other receivables 7 27,400 21,536
Cash and cash equivalents 5,435 1,148
46,751 33,459
Total assets 134,649 97,484
Current liabilities
Trade and other payables (6,736) (6,030)
Provisions (317) (250)
Borrowings 10 (16,808) (19,374)
(23,861) (25,654)
Net current assets 22,890 7,805
Non-current liabilities
Other financial liabilities & payables (247) (450)
Provisions (6,095) (5,488)
Borrowings 10 (38,041) (5,366)
(44,383) (11,304)
Total liabilities (68,244) (36,958)
Net assets 66,405 60,526
Equity
Called-up share capital (4,267) (4,267)
Share premium (152,839) (152,839)
Merger reserve 282 282
Currency translation reserve 56,428 56,958
Accumulated loss 33,991 39,340
Total equity (66,405) (60,526)
The financial information was approved and authorised for issue by the Board
of Directors on xx September 2023 and was signed on its behalf by:
Aidar Assaubayev – Chief Executive Officer
ALTYNGOLD PLC
Consolidated statement of changes of equity – six months to 30 June 2023
Share capital Share Merger Currency Accumulated Total
premium
reserve
translation
losses
reserve
Unaudited US$'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)
1,148
Cash and cash equivalents at end of the period
5,435
* 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 27,332,934 27,332,934
period
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.
Adjusted EBITDA Six months Six months
ended 30 June
ended 30 June
2023
2022
(unaudited)
(unaudited)
US$000's
US $000's
Profit before taxation 4,554 11,556
Adjusted for
Finance expense 2,092 1,734
Depreciation of tangible fixed assets 2,324 2,339
Foreign currency translation (471) 954
Adjusted EBITDA 8,499 16,583
Operating cash cost
Cost of sales 18,180 15,137
Adjusted for
Depreciation of tangible fixed assets (2,324) (2,339)
15,856 12,798
Gold sold in the period - oz 14,284 17,542
Operating cash cost - US$/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$/oz 1,344 884
5. Intangible assets Teren-Sai Exploration and Total
geological data
evaluation costs
US$'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
Mining Freehold land Plant, Assets under Total
properties
and
Equipment
construction
buildings
fixtures and
fittings
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
Directors
Kanat Assaubayev
Chairman
Aidar Assaubayev
Chief executive officer
Sanzhar Assaubayev
Executive director
Ashar Qureshi
Non-executive director
Andrew Terry
Non-executive director
Maryam Buribayeva
Non-executive director
Victor Shkolnik
Non-executive director
Secretary
Rajinder Basra
Registered office and number
Company number: 05048549
28 Eccleston Square
London
SW1V 1NZ
Telephone: +44 208 932 2455
Company website
www.altyngold.uk
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.altyngold.uk&esheet=53564763&newsitemid=20230928077434&lan=en-US&anchor=www.altyngold.uk&index=2&md5=1fb4a3f17b1b2b7df4fa263cf434d70d)
Kazakhstan office
10 Novostroyevskaya
Sekisovskoye Village
Kazakhstan
Telephone: +7 (0) 72331 27927
Fax: +7 (0) 72331 27933
Auditor
PKF Littlejohn LLP,
15 Westferry Circus,
London E14 4HD
Registrars
Neville Registrars
Neville House
Steelpark Road
Halesowen
West Midlands B62 8HD
Telephone: +44 (0) 121 585 1131
Bankers
NatWest Bank plc
London City Commercial Business Centre
7th Floor, 280 Bishopsgate
London
EC2M 4RB
LTG Bank AG
Herrengasse 12
FL-9490, Vaduz
Principal of Liechtenstein
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