REG-AltynGold Plc Half-year Report
30/09/2024 07:00
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Half-year Report
ALTYNGOLD PLC
Unaudited Interim Results – six months to 30 June 2024
Increased production, improved grades and lower costs driving enhanced
profitability
AltynGold Plc (“AltynGold” or the “Company”), the gold mining and
development Company, announces its unaudited results for the six months to 30
June 2024.
The Company is pleased with the strong results that demonstrate the excellent
momentum the Company is achieving in line with the Company’s strategic plan.
Increased production volumes, higher grades, strong recovery rates and lower
costs are evidence of the excellent operational progress the group is
achieving. With a high gold price environment these factors have led to
adjusted EBITDA more than doubling. With the additional processing capacity
set to come on stream in the near future, the Company anticipates maintaining,
and continuing to build on, this upward momentum.
Highlights:
Financial
* Turnover increased to US$39.5m (H1 2023: US$28m).
* Gold price achieved averaged US$2,203oz during the period (H1 2023:
US$1,939oz).
* Gross profit of US$17.7m (H1 2023: US$9.5m), with a net profit before taxation
of US$10.3m (H1 2023: US$4.6m).
* Total cash cost of production was US$1,154oz (H1 2023: US$1,334oz).
* Adjusted EBITDA achieved was US$19.6m (H1: 2023: US$8.5m).
Mine development
* Construction of the additional capacity to the processing plant is
substantially complete and commissioning and testing is due to commence in
October 2024.
* Development of the mine tunnelling amounted to 4,897 linear metres, (H12023:
2,964 linear metres).
* Exploration drilling amounted to 8,555 linear metres, (H12023: 611).
* Ore continued to be mined in the period principally from ore bodies 8 and 11
at horizons between 100masl to 50masl.
* Teren-Sai core drilling commenced in April 2024, in three months 7,330 linear
metres was drilled, from 23 wells.
Production
* Ore mined was 334,101t (H1 2023: 331,183t).
* Average processed gold grade in the period was 2.30g/t (H1 2023: 1.94g/t).
* Gold recovery averaged 84.35% during the 6-month period (H1 2023: 82.77%).
* H1 2024 gold production from Sekisovskoye was 17,413oz, compared with H1 2023
of 14,440oz.
* H1 2024 gold sold was 17,247oz, compared with H1 2023 of 14,284oz.
AltynGold CEO Aidar Assaubayev commented:
“I am delighted to report these strong interim results. They reflect the
excellent operational progress the Company is making against its stated
strategy of increasing production whilst maintaining strict cost control. With
gold production increasing more than 20% and adjusted EBITDA more than
doubling we are seeing the results of our investment and the team’s hard
work. The new production capacity, set to come on stream in the coming months
will help ensure we maintain this momentum and the Board continues to evaluate
additional development opportunities to ensure the Company can continue to
deliver long-term sustainable growth”.
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 mining 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=54128437&newsitemid=20240929093554&lan=en-US&anchor=www.altyngold.uk&index=1&md5=3422347aae8d14d38b426016e7da93ed)
30 June 2024 Review
Key Statistics 30 June 2024 30 June 2023
Ore mined tons 334,101 331,183
Contained gold in ore mined ounces 23,045 20,737
Milling tons 279,251 280,155
Gold grade g/t 2.30 1.94
Silver grade g/t 2.70 1.72
Gold recovery % 84.35% 82.77%
Silver recovery % 73.57% 73.85%
Gold poured ounces 17,413 14,440
Silver poured ounces 17,901 8,402
The positive sentiment for gold is pushing the price up, which is now above
US$2,600, this together from the increasing production from a more efficient
operation has helped increase revenues in the period to US$39m.
The results achieved were impacted in Q1 to some extent by the ongoing plant
upgrades, which as stated in the earlier news release in April is now
substantially complete. Testing and final commissioning will commence in
October. With the resultant increase in production, costs being contained and
the expectation that the gold price will be maintained at current levels, the
budgeted results for 2025 will mark a significant milestone in the Company’s
strategic development plans.
The Company has reported a gross profit of US$17.7m for H1 2024, against
US$9.5m for H1 2023, with turnover of US$39m (H1 2023 US$28m). The positive
momentum of the gold price resulted in the average price of gold sold
increasing to US$2,203 from US$1,939 in the prior period.
Sekisovskoye produced 20,589oz of gold in H1 2024 (H1 2023: 17,433oz), with an
increased recovery rate of 84.35% the gold poured was 17,413oz (H2 2023:
14,440oz). The effect of the upgraded installed production equipment is having
a positive impact which is set to continue with a target recovery rate of 85%.
As stated previously there have been inflationary pressures and increases in
mining taxes, but these have been outweighed by increases in gold prices, the
effect of a stronger dollar and costs being contained with more efficient
production procedures. The US Dollar has moved from 455 Kazakh Tenge to 472,
and is currently around 480.
As production grows the cash cost of production is set to reduce (cost of
sales excluding depreciation and provisions) for the period was US$1,010/oz
(H1 2023 US$1,110/oz). The total cash cost was US$1,154/oz as compared to
US$1,344/oz in H1 2032.
In terms of administrative costs these decreased by US$870k, due to the fact
that there were exceptional costs in the prior period relating to charitable
and promotional activity.
The total borrowings have remained unchanged at US$58m. The Company is
maintaining a close relationship with its bankers and bondholders, who fully
support the Company in its growth plans.
EBITDA rose to US$19.6m from US$8.5m
As of 30 June 2024, the Group had cash balances of US$4.7m (2023: US$5.4m).
Mine developments
H1 2024 Operational Overview – Sekisovskoye
The principal development milestones achieved in the period were:
* Capital development of the two declines in the period amounted to 859 linear
metres. This has now allowed preparation works to commence on ore body 11 at
+16masl, and on ore body 3-8 at +34masl.
* In conjunction with the capital development, other long term maintenance and
ventilation works were carried out resulting in 431 linear metres of
development.
* The program of exploration drilling was carried out in the period amounting to
8,555 linear metres.
The targets for 2H2024 have been set at higher levels to push forward
development of the mine as resources can be moved from the plant upgrade.
In relation to the plant upgrade as noted in the news release of April, the
majority of the works have been completed, and the additional capacity is due
to be commissioned and tested next month. As a summary the key works that were
carried out were as follows:
* Construction of a new crushing and grading complex.
* Installation of an additional mill for the first stage of grinding.
* Installation of 3 additional Carbon-in-pulp tanks.
* Upgrading key equipment in the cyanide preparation area including tanks,
working platforms and pumping equipment;
* Reconstruction of the desorption unit with the installation of an additional
desorption column, heat exchangers and a steam boiler; construction of
additional conveyors for feeding ore to the milling plant.
H1 2024 – Teren-Sai
The extension to the licence was granted in April, and work commenced
immediately to develop the targeted site at Area No 2. Within this area the
Company has targeted 3 specific zones named as 1, 3 and 5, which are being
extensively drilled in order to delineate and map the extent of the ore
bodies.
Drilling has been completed on zone 5, drilling at zones 1 and 3 will with be
completed by the end of October. 23 wells have being drilled to June 2024,
entailing 7,330 linear metres of drilling, this drilling has continued since
June with further wells being drilled and as at the end of September in excess
of 16,000 metres of drilling being undertaken.
The next step is to carefully analyse the results and form a resource estimate
using professional external resources. The mining plan will be developed and
submitted to the mining authorities for approval, once approved production of
the mining of the ore will commence.
The initial capex and other resources can be met from resources that the
Company currently has available. Further development of the mine site will
require further capital raising.
Aidar Assaubayev
Chief Executive Officer
27 September 2024
Directors Responsibility Statement and Report on Principal Risks and
Uncertainties
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 in the 2023
Annual Report and Accounts and are reviewed on an ongoing basis. There have
been no significant changes in the first half of 2024 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
27 September 2024
ALTYNGOLD PLC
Consolidated statement of profit or loss and other comprehensive income –
six months to 30 June 2024
Six months Six months
ended 30 June ended 30 June
2024 2023
Unaudited Unaudited
US$’000 US$’000
Revenue 39,543 27,698
Cost of sales (21,863) (18,180)
Gross profit 17,680 9,518
Administrative expenses (2,473) (3,343)
Operating profit 15,207 6,175
Foreign exchange (loss)/gain (1,967) 471
Finance expense (2,978) (2,092)
Profit before taxation 10,262 4,554
Taxation (2,007) (1,571)
Profit attributable to s equity shareholders 8,255 2,983
Profit per ordinary share Note 30.20c 10.91c
Basic and diluted (US cent) 3
Six months Six months
ended 30 June ended 30 June
2024 2023
unaudited
unaudited
US$’000 US$’000
Profit for the period 8,255 2,983
Currency translation differences arising on translations of F foreign (3,701) 1,214
operations items which will or may be reclassified to
profit or loss
Total comprehensive profit for the period 4,554 4,197
attributable to equity shareholders
ALTYNGOLD PLC
Consolidated statement of financial position – as at 30 June 2024
Six months Six months
ended 30 June ended 30 June
2024 2023
Notes
(unaudited) (audited)
US$’000 US$’000
Non-current assets
Intangible assets –
Teren Sai 5 13,547 12,944
Others 666 729
Property, plant and equipment 6 74,785 50,450
Other receivables 7 14,040 19,238
Deferred tax asset -- 4,496
Restricted cash 31 41
103,069 87,898
Current assets
Inventories 22,212 13,916
Trade and other receivables 7 20,295 27,400
Cash and cash equivalents 4,686 5,435
47,193 46,751
Total assets 150,262 134,649
Current liabilities
Trade and other payables (9,626) (6,736)
Provisions (376) (317)
Tax provision (677) -
Borrowings 10 (32,143) (16,808)
(42,822) (23,861)
Net current assets 4,371 22,890
Non-current liabilities
Other financial liabilities & payables - (247)
Provisions (6,359) (6,095)
Borrowings 10 (25,845) (38,041)
(32,204) (44,383)
Total liabilities (75,026) (68,244)
Net assets 75,236 66,405
Equity
Called-up share capital (4,267) (4,267)
Share premium (152,839) (152,839)
Merger reserve 282 282
Currency translation reserve 64,208 56,428
Accumulated loss 17,380 33,991
Total equity (75,236) 66,405
The financial information was approved and authorised for issue by the Board
of Directors on 27 September 2024 and was signed on its behalf by:
Aidar Assaubayev – Chief Executive Officer
ALTYNGOLD PLC
Consolidated statement of changes of equity – six months to 30 June 2024
Unaudited US$'000 US$'000 US'000 US$'000 US$'000 US$'000
At 1 January 2024 4,267 152,839 (282) (60,507) (25,635) 70,682
Profit for the period - - - - 8,255 8,255
Exchange differences on translating foreign operations - - - (3,701) - (3,701)
Total comprehensive income for the period - - - (3,701) 8,255 4,554
At 30 June 2024 4,267 152,839 (282) (64,208) (17,380) 75,236
Unaudited US$'000 US$'000 US'000 US$'000 US$'000 US$'000
At 1 January 2023 4,267 152,839 (282) (57,642) (36,974) 62,208
Profit for the period - - - - 2,983 2,983
Exchange differences on translating foreign operations - - - 1,214 - 1,214
Total comprehensive income for the period - - - 1,214 2,983 4,197
At 30 June 2023 4,267 152,839 (282) (56,428) (33,991) 66,405
ALTYNGOLD PLC
Consolidated statement of cash flows – six months to 30 June 2024
Six months ended Six months ended
30 June 2024 30 June 2023
(unaudited) (unaudited)
Note US$’000 US$’000
Net cash inflow /(outflow) from operating activities 8 6,192 (3,523)
Investing activities
Purchase of property, plant and equipment *(2,720) (19,190)
Acquisition of intangible assets (1,412) (739)
Net cash used in investing activities (4,132) (19,929)
Financing activities
Loans received 10,235 37,857
Loans repaid (10,834) (6,191)
Interest received 56 -
Interest paid (2,293) (2,896)
Net cash flow (Decrease)/increase from financing activities (2,836) 28,770
(Decrease)/increase in cash and cash equivalents (776) 5,318
Cash and cash equivalents at the beginning of the period 5,502 116
Effect of exchange rate fluctuations on cash held (40) 1
Cash and cash equivalents at end of the period 4,686 5,435
* The purchase of plant and equipment represents the net amount paid in the
period after adjusting for prepaid advances and amounts due to creditors in
relation to acquisitions of equipment.
ALTYNGOLD PLC
Notes to the consolidated financial information – six months 30 June 2024
1. Basis of preparation
General
AltynGold Plc (the “Company”) is a Company incorporated in England and
Wales under the Companies Act 2006, and is tax resident in the United Kingdom.
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 shares are publicly traded on the London Stock Exchange. The
interim financial results for the period ended 30 June 2024 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 2024 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 2023.
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 2023, 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 2023 were approved by the board of directors on 5
May 2024 and delivered to the Registrar of Companies. The report of the
auditors on those accounts was not qualified.
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.
ALTYNGOLD PLC
Notes to the consolidated financial information 30 June 2024 (continued)
Going concern
Turnover, profitability and EBITDA all increased significantly during the
period.
At the period end the Group had cash resources of US$4.7m (31 December 2023:
US$5.4m). The Board have reviewed the Group’s cash flow forecasts for the
period to December 2025. The forecasts are based on the current approved
budgets taking into account any adjustments from current trading. The
Directors are of the opinion that the current cash balances and cash generated
from future trading 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 impact the Group’s operations, financial position and
forecasts, such as increasing unbudgeted production price increases 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 prices increasing 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. 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 considered as a separate operating segment.
Teren-Sai is currently an exploration asset and expenditure in relation to the
asset are capitalised, 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 2024 June 2023
(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) 8,255 2,983
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 $000's
Profit before taxation 10,262 4,554
Adjusted for
Finance expense 2,978 2,092
Depreciation and amortisation of tangible fixed assets 4,435 2,324
Foreign currency translation 1,967 (471)
Adjusted EBITDA 19,642 8,499
Operating cash cost
Cost of sales 21,853 18,180
Adjusted for
Depreciation of tangible fixed assets (4,394) (2,324)
17,459 15,856
Gold sold in the period - oz 17,247 14,284
Operating cash cost - US$/oz 1,013 1,110
Total cash cost
Cost as above 17,459 15,856
Adjusted for
Administrative expenses 2,474 3,343
19,933 19,199
Gold sold in the period - oz 17,247 14,284
Total cash cost- US$/oz 1,156 1,344
5. Intangible assets
Teren-Sai Exploration and Other Total
evaluation costs
intangible
data US$'000
Cost
1 January 2023 8,212 9,952 - 18,164
Additions - 7 759 766
Amortisation capitalised - 546 - 546
Currency translation adjustment 146 129 61 386
December 2023 8,358 10,684 820 19,862
Amortisation capitalised - 278 - 278
Additions - 1,412 - 1,412
Currency translation adjustment (299) (727) (29) (1,055)
30 June 2024 8,059 11,647 791 20,497
Accumulated amortisation
1 January 2023 5,320 146 - 5,466
Charge for the period 546 - 25 621
Currency translation adjustment 97 - 17 114
31 December 2023 5,963 146 92 6,201
Charge for the period 278 - 41 319
Currency translation adjustment (228) (8) (236)
30 June 2024 6,013 146 125 6,284
Net books values
30 June 2024 2,046 11,501 666 14,213
30 June 2023 2,672 10,272 729 13,673
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 underground mining operations of Sekisovskoye.
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 2023 18,361 27,790 21,762 2,279 70,192
Additions 4,971 349 18,020 15,818 39,158
Disposals - (6) (609) - (615)
Transfers - 5,586 - (5,586) -
Transfer - inventories - - - 682 682
Currency translation adjustment 487 516 341 19 1,363
31 December 2023 23,819 34,235 39,514 13,212 110,780
Additions 3,225 - 4,281 4,682 12,188
Disposals - - (271) - (271)
Transfer to inventories - - - (1,121) (1,121)
Currency translation adjustment (1,204) (1,277) (1,417) (474) (4,372)
30 June 2024 25,840 32,958 42,107 16,299 117,204
Accumulated depreciation
1 January 2023 3,923 14,461 14,833 - 33,217
Charge for the period 1,452 2,474 2,989 - 6,915
Disposals - (6) (596) - (602)
Currency translation adjustment 125 280 252 - 657
31 December 2023 5,500 17,209 17,478 - 40,187
Charge for period 903 1,703 1,788 - 4,394
Disposal - - (284) - (284)
Currency translation adjustment (482) (698) (698) - (1,878)
30 June 2024 5,921 18,214 18,284 - 42,419
Carrying amount
30 June 2024 19,919 14,743 23,824 16,299 74,785
30 June 2023 15,904 12,641 18,601 3,304 50,450
ALTYNGOLD PLC
Notes to the consolidated financial information 30 June 2024 (continued)
7. Trade and other receivables
Non-current
30 June 30 June
2024 2023
(unaudited) (unaudited)
US$000's US$000's
VAT recoverable 8,295 1,701
Prepayments- advances to suppliers 5,745 17,537
14,040 19,238
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
2024 2023
(unaudited) (unaudited)
US$000's US$000's
Trade receivables 3,229 1,288
VAT recoverable 7,441 9,156
Prepayments 9,902 16,621
Other receivables 32 503
Provision - receivables (309) (168)
20,295 27,400
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
2024 2023
(unaudited) (unaudited)
US$000's US$000's
Profit before taxation 10,262 4,554
Adjusted for
Finance income & expense 2,922 2,092
Depreciation and amortisation charges 4,435 2,324
Disposal of assets (13) -
Increase in inventories (4,253) (1,964)
Increase in trade and other receivables (6,988) (10,617)
(Decrease)/increase in trade and other payables (2,140) 559
Foreign currency translation 1,967 (471)
Cash inflow/(outflow) from operations 6,192 (3,523)
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$97,000
(30 June 2023 US$235,000).
Six months Six months
ended 30 ended 30
June 2024 June 2023
US$000 US$000
Short term employee benefits 152 127
Social security costs 11 12
163 139
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$77,000, (30 June 2023:
US$80,000) 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$11,600 (30 June 2023 US$1,000).
* An amount is due to a family member of US$520, (30 June 2023: US$1,000).
* The group made sales to Altyn Group Qazaqstan of US$1.1m (30 June 2023 US$:
Nil) a debtor of US$1.8m is included within receivables (30 June 2023:
$432,000).
10 . Borrowings
Six months Six months
ended 30 June ended 30 June
2024 2023
(unaudited) (unaudited)
US$000's US$000's
Current loans and borrowings
Bonds 9,740 -
Bank loans 22,391 16,810
Related party loans 12 12
32,143 16,822
Due one-two years
Bonds - 9,441
Bank loans 12,266 9,888
12,266 19,329
Due two-five years
Bank loans 13,579 18,700
13,579 18,700
Total non-current loans and borrowings 25,845 38,029
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=54128437&newsitemid=20240929093554&lan=en-US&anchor=www.altyngold.uk&index=2&md5=c4d28781a736133e70da645c38047c7b)
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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https://www.businesswire.com/news/home/20240929093554/en/
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