REG-AltynGold Plc Statement re. Suspension
28/04/2023 07:00
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Statement re. Suspension
AltynGold Plc
("AltynGold" or the "Company")
Update on publication of Annual Report and financial results for the year
ended 31 December 2022 – temporary share suspension from 2 May 2023
AltynGold provides the following update in relation to its Annual Report and
Financial Statements for its financial year ended 31 December 2022 (the "2022
Annual Report").
As stipulated by the applicable rules of the Financial Conduct Authority (the
"FCA"), the Company is required to publish its audited Annual Report by 30
April 2023. However, PKF Littlejohn LLP, the Company's auditors, have
requested additional time beyond the originally planned timetable to complete
their audit. Whilst the audit process has yet to be concluded, the Directors
have been advised by PKF Littlejohn LLP that the audit is substantially
complete and that there are no material audit issues causing this delay.
Accordingly, the Company has requested that its ordinary shares be suspended
by the FCA from listing (as well as trading on the Main Market of the London
Stock Exchange) with effect from the start of trading on Tuesday 2 May 2023
(the "Suspension").
PKF Littlejohn LLP has informed the Company that the audit will be completed
in the course of the coming week. As such, the Company expects to publish its
2022 Annual Report on or about Friday 5 May 2023, following which the Company
will apply for the Suspension to be lifted. A further announcement in this
respect will be made in due course.
Financial highlights (unaudited)
* Turnover increased in the year to US$62m (2021: US$50m) an increase of 23.4%.
* 34,499oz of gold sold (2021: 27,747oz), an increase of 24.3%.
* Average gold price achieved (including silver) US$1,762oz, (2021: US$1,803oz).
* The Company made a profit before tax of US$13.4m (2021: US$18.3m).
* Adjusted EBITDA (Earnings before interest, tax, depreciation and amortisation)
of US$21.9m (2021: US$26.4m).
UNAUDITED CONSOLIDATED INCOME STATEMENT
for the year ended 31 December 2022
Unaudited Audited
2022
2021
$000 $000
Revenue 62,037 50,290
Cost of sales (32,697) (22,496)
Gross profit 29,340 27,794
Administrative expenses (8,590) (5,138)
Administrative expenses – sponsorship programmes (3,654) -
Impairments (82) (734)
Operating profit 17,014 21,922
Foreign exchange (504) (366)
Finance expense (3,096) (3,289)
Total finance cost (3,600) (3,655)
Profit before tax 13,414 18,267
Taxation receipt/(expense) (181) 56
Profit for the year attributable to the equity holders of the parent 13,233 18,323
Profit per ordinary share
Basic 48.42c 67.04c
Diluted 48.42c 67.04c
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2022
Unaudited 2022 Audited
2021
$000 $000
Profit for the year 13,233 18,323
Items that may be reclassified subsequently to the income statement
Currency translation differences arising on translations of foreign operations (4,822) (1,491)
Currency translation differences on translation of foreign operations relating (1,408) 3,038
to tax
(6,230) 1,547
Total comprehensive profit for the year 7,003 19,870
Total comprehensive profit attributable to:
Equity holders of the parent 7,003 19,870
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 31 December 2022
Unaudited Audited
2022
2021
(Registration number: 05048549) $000 $000
Assets
Non-current assets
Intangible assets 12,698 13,346
Property, plant and equipment 36,975 35,350
Deferred tax assets 6,052 8,189
Trade and other receivables 14,600 3,925
Restricted cash 50 70
70,375 60,880
Current assets
Inventories 11,260 9,121
Trade and other receivables 16,622 21,530
Cash and cash equivalents 116 3,593
27,998 34,244
Total assets 98,373 95,124
Equity and liabilities
Current liabilities
Trade and other payables (6,253) (5,684)
Provisions (263) (232)
Loans and borrowings (13,611) (15,087)
(20,127) (21,003)
Non-current liabilities
Vat payable (332) (242)
Other payables (688) (1000)
Provisions (5,517) (5,453)
Loans and borrowings (9,501) (12,221)
(16,038) (18,916)
Total liabilities (36,165) (39,919)
Equity
Share capital (4,267) (4,267)
Share premium (152,839) (152,839)
Merger reserve 282 282
Foreign currency translation reserve 57,642 51,412
Accumulated losses 36,974 50,207
Equity attributable to owners of the company (62,208) (55,205)
Total equity and liabilities (98,373) (95,124)
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2022
Currency
Share Share Merger translation Other Accumulated Total
capital premium reserve reserve reserves losses equity
$000 $000 $000 $000 $000 $000 $000
At 1 January 2021 4,267 152,839 (282) (52,959) 333 (68,863) 35,335
Profit for the year – – – – – 18,323 18,323
Other comprehensive income – – – 1,547 – – 1,547
Total comprehensive income – – – 1,547 – 18,323 19,870
New share capital subscribed – – – – – – –
Share based payment charge – – – – – – –
Share options exercised – – – – (333) 333 –
At 31 December 2021 Audited 4,267 152,839 (282) (51,412) – (50,207) 55,205
At 1 January 2022 4,267 152,839 (282) (51,412) – (50,207) 55,205
Profit for the year – – – – – 13,233 13,233
Other comprehensive loss – – – (6,230) – – (6,230)
Total comprehensive income – – – (6,230) – 13,233 7,003
Transfer to reserves – – – – – – –
At 31 December 2022 unaudited 4,267 152,839 (282) (57,642) – (36,974) 62,208
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 31 December 2022
Unaudited Audited
2022
2021
$000 $000
Cash flows from operating activities
Net cash flow from operating activities 12,234 6,797
Cash flows from investing activities
Acquisitions of property plant and equipment (8,948) (5,502)
Acquisition of intangible assets (240) (830)
Net cash flows from investing activities (9,188) (6,332)
Cash flows from financing activities
Interest paid (2,388) (2,411)
Loans received 11,025 6,356
Loans repaid (15,028) (7,985)
Net cash flows from financing activities (6,391) (4,040)
Net (decrease)/increase in cash and cash equivalents (3,345) (3,575)
Cash and cash equivalents at 1 January 3,593 7,154
Effect of exchange rate fluctuations on cash held (132) 14
Cash and cash equivalents at 31 December 116 3,593
Further Information:
For further information please contact:
AltynGold Plc
Rajinder Basra
+44 (0) 203 432 3198
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.
To read more about AltynGold Plc please visit our website www.altyngold.uk
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