REG - Goldplat plc - Audited Results for the year ended 30 June 2021
22/12/2021 12:40
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RNS Number : 5242W Goldplat plc 22 December 2021
Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration
22 December 2021
Goldplat plc
('Goldplat', the 'Group' or 'the Company')
Audited Results for the year ended 30 June 2021
Goldplat plc, the AIM listed gold producer, with international gold recovery
operations located in South Africa and Ghana, is pleased to announce its
audited results for the year ended 30 June 2021.
The Company's annual report and accounts, will be available on the Company's
website at http://www.goldplat.com/downloads
(http://www.goldplat.com/downloads) and hard copies will be posted this week
to shareholders that have elected to receive printed copies.
As announced on 3 December 2021, the resolution to receive the accounts that
was included in the notice of AGM taking place on 31 December 2021 is being
adjourned and a further meeting to receive the accounts early in the new year
will be convened in due course.
For further information visit www.goldplat.com, follow on Twitter @GoldPlatPlc
or contact:
Werner Klingenberg Goldplat plc Tel: +27 (0) 82 051 1071
(CEO)
Colin Aaronson/George M Grainger Grant Thornton UK LLP Tel: +44 (0) 20 7383 5100
(Nominated Adviser)
Jessica Cave / Andrew de Andrade WH Ireland Limited Tel: +44 (0) 207 220 1666
(Broker)
Tim Thompson / Mark Edwards / Fergus Mellon Flagstaff Strategic and Investor Communications Tel: +44 (0) 207 129 1474
goldplat@flagstaffcomms.com
The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK
law by virtue of the European Union (Withdrawal) Act 2018. The information is
disclosed in accordance with the Company's obligations under Article 17 of the
UK MAR. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.
Chairman's Statement
Goldplat's two precious metals processing facilities, in South Africa and
Ghana, have had a productive year to 30 June 2021 achieving very creditable
trading results, whilst the planned simplification of the group structure, to
which I referred last year, has now largely been completed.
Looking at trading results, profit for the year was GBP2,179,000 (2020 - Loss
GBP1,965,000). The improvement reflects the point that the Group is now
carrying much reduced material costs of discontinued operations. Looking at
like-for-like profitability from continuing operations, profit for the year
was GBP2,749,000, as against GBP3,305,000 in 2020. Even though activity levels
in 2021 were higher than in 2020, with turnover up 43 per cent. year-on-year,
we encountered higher input costs and tighter margins in South Africa in 2021,
compensated to a large extent by strong results in Ghana. Cash generation
across the Group continued to be robust with net cash flows from operating
activities of GBP2,309,000 (2020 - GBP3,380,000) and net year end cash of
GBP3,459,000 (2020 - GBP3,146,000).
With regard to the planned simplification of the group structure, we have now:
removed the South African operation out of the intermediate Guernsey holding
company, thereby reducing materially the Groups' tax cost; increased our
holding in the South African operation from 74 per cent. to over 90.63 per
cent., thereby increasing the Group's share of its profits; and completed the
disposal of the Kilimapesa gold mine for an equity and royalty consideration,
thereby removing any requirement to provide funding or management resources.
Together, these moves leave us with a profitable, cash generative, precious
metals processing business and a clear path for cash surplus to the Group's
operational requirements and growth plans to be passed up to shareholders.
There have been a number of changes to the composition of the Board over the
last year. We were very pleased to welcome Martin Ooi to the Board in October
2021. Martin has been a substantial and supportive shareholder of the Company
for a number of years and his perspective will make a valuable contribution to
the Group's strategy. In May 2021, Hansie van Vreden left us as Chief
Operating Officer to take up appointment as CEO of a specialist mining
services company. Given the depth of the Group's management structure, the
disposal of the Kilimapesa gold mine, and the appointment of Ayanda Ntsho, a
non-main board finance director, it was concluded that the functions of COO
would be absorbed into the existing management structure. Following the AGM
held in December 2020, Ian Visagie, who had been a director at the Group's
admission to AIM in 2006, ceased to be a director. Earlier this month Nigel
Wyatt advised the company of his intention to step down after 8 years as an
independent non-executive director, and we thank him for his contribution over
those years. Given this, we will now conduct a review to determine the
appropriate composition of the Board.
Goldplat operates in a well regulated industry and this regulation includes
environmental impact, particularly in terms of air, water and site
rehabilitation. We are pleased to note that we qualify for the London Stock
Exchange's Green Economy Mark, one of only 48 companies on AIM to be so
classified. Operating in South Africa and Ghana, we are also very mindful of
our legal and social obligations to operate with the participation of local
communities. We are also aware that there is much still to do in terms of
firstly analysing, quantifying and reporting on our environmental and social
impact and then secondly improving and refining our operations, in a manner
which we believe investors will increasingly expect.
The teams in South Africa, Ghana and South America have been as productive as
ever in pursuit of Goldplat's strategy notwithstanding the constraints of
Covid. I thank all Goldplat's employees, as well as our advisors and my fellow
directors, for their efforts as we look forward with enthusiasm.
Matthew Seymour Robinson
Chairman
21 December 2021
Operations and Finance Report
Overview
Goldplat plc is a gold recovery services company with two market leading
operations in South Africa and Ghana focused on recovering gold and other
precious metals from by-products, contaminated soil and other gold bearing
material from mining and other industries, providing an economic method for
mines to dispose of waste materials while at the same time adhering to their
environmental obligations.
During the prior period, the Company classified its gold mining and
exploration portfolio at Kilimapesa in Kenya as a disposal group held for sale
and its equity interest in the Anumso exploration project in Ghana as a
discontinued operation. During the year under review the sale of Kilimapesa in
Kenya was completed, with the Company retaining a holding of a 9.2 per cent.
interest indirectly in the project and a 1 per cent. net (http://cent.net)
smelter royalty, capped at USD1.5 million. The mining right in the Anumso
exploration project expired during the current period and as indicated, was
not renewed.
Goldplat has a JORC defined resource (see the announcement dated 29 January
2016 for further information) over part of its active Tailings Storage
Facility ('TSF') at its operation in South Africa of 1.43 million tons at
1.78g/t for 81,959 ounces of gold. Since the resource estimate was made a
further 500,000 tons of material have been deposited on the TSF.
Goldplat's extraction processes and multiple process lines enable it to keep
materials separate, which provides a high degree of flexibility when proposing
a solution for a particular type of material. The processes which are employed
include roasting in a rotary kiln, crushing, milling, thickening, flotation,
gravity concentration, leaching, CIL, elution and smelting of bullion.
Goldplat recovery operations recover between 1,800 ounces to 2,400 ounces
monthly through its various circuits and under different contracts. The grade,
recovery, margins and terms of contracts can differ significantly based on the
nature of the material supplied and processed. At a minimum, 50 per cent. of
material produced is exposed to the fluctuation in the gold price, with the
remainder of the production being offset by corresponding changes in raw
material costs.
The strategy of the company, which also drives the key performance indicators
of management, is to return value to the shareholders by creating sustainable
cash flow and profitability through: growing its customer base in South
Africa, West Africa and further afield; increasing its ability to process
lower grade contaminated material through investing into and improving
processing methods; forming strategic partnerships with other industry
participants; diversifying into processing of platinum group metals ("PGM")
contaminated material; and finding a final deposition site for, and optimising
the processing of, the TSF.
Goldplat's highly experienced and successful management team has a proven
track record in creating value from contaminated gold and other precious
metals-bearing material.
Introduction
During the current period, the Company exited its exploration and mining
portfolio and largely completed the process of restructuring and positioning
the Group, to optimize the returns to shareholders from its gold recovery
businesses in South Africa and Ghana.
During the period, the recovery operations continued to deliver good returns
with operations in Ghana increasing its profits from operating activities by
256 per cent. continuing the progress made in developing the market for supply
of material in West Africa and supported by supply out of South America. The
West African market still has growth potential but remains dependent on
getting approval for export of material from neighbouring countries.
The operations in South Africa had another good production period, but its
operating results were impacted by a decreasing gold price throughout the year
(although they were higher than prior year), and an increase in price of raw
material and other costs. It still delivered operating profits for the period
of GBP3.22 million on the back of exceptional results in the previous period
(2020 - GBP5.62 million). The sustainable profitability was as a result of
increasing the customer base and industry relationships during the past
2 periods, investments made into plant improvements, improving operating
efficiencies and achieving cost reductions. Additionally, the South African
operation has been investing into potential growth areas, specifically through
research and analysis of other raw materials for processing and the
reprocessing of the TSF material and Platinum Group Metals ('PGM').
The operations throughout the group have benefitted from a strong gold price
during the period of USD1,846/oz (2021 - USD1.560/oz). However, the increase
in gold price, and specifically the declining exchange rate during the period
in South Africa, did contribute to an increase in the cost of raw material and
reduction of margins.
The table below on the operating performance of the continuing operations of
the group indicates the ability of the recovery operations in South Africa and
Ghana to produce profitably at various gold prices and production levels. The
margins of the recovery business are exposed to the volume, quality and type
of material received, the gold contained in such material, processing methods
required to recover the gold, the final recovery of gold from such material,
the contracts terms and gold price.
Management's key focus in the recovery operations remains to increase
visibility of earnings through growing its customer base and contracted
supplying raw material and on site.
2021 2020 2019 2018 2017
Average Gold Price per oz in
US$ for the year 1,846 1,560 1,263 1,293 1,258
Average GBP/US Dollar exchange rate for the year 1.367 1.2603 1.294 1.28 1.2678
Average Gold Price per kg in GBP for the year 44,110 39,798 31,377 32,475 31,912
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 35,400 24,809 21,769 28,962 28,501
Gross Profit 6,614 7,312 3,114 5,703 5,644
Administrative expenses (2,147) (1,682) (861) (1,389) (1,008)
Operating Profit before
Finance Cost 4,523 5,335 2,253 4,313 4,636
Continued operations
Goldplat Recovery (Pty) Limited - South Africa - ('GPL')
The operations in South Africa had another good production period, but its
operating results were impacted by a decreasing gold price, that started off
high at the beginning of the financial period and, increases in the price of
raw material and other costs. Revenues increased by 10.8 per cent. to GBP17.62
million (2020 - GBP15.9 million), mainly as a result of the increase in the
average gold price year-on-year. The profits from operating activities however
decreased to GBP3.22 million on the back of exceptional results in the
previous period (2020 - GBP5.62 million). The decrease in operating
profitability was as a result of increase in raw material cost in the higher
gold market as well as other operating costs.
By-products (carbon, woodchips, liners and other by-products)
Consolidation continues in the South African gold industry; mines are closing
or are becoming more efficient in their processing, resulting in reduced
volumes and grade of by-products received. GPL continued to deliver services
to clients signed during previous financial periods and extended its service
delivery contract with one of its major suppliers during the period for
another 3 years. The risk of supply remains due to the short-term nature of
contracts. The focus remains on improving the service provided to the mines,
with the aim of increasing the term of the contracts.
Low grade materials
The low-grade material processed through GPL's carbon-in-leach circuits
('CIL') is surface material that has been contaminated by more than 100 years
of gold mining in South Africa. The gold grade in this material
is between 1 to 4 grams a ton (average 2 grams per ton). During the period we
have maintained the stock of low-grade material available for processing, on
contract and on-site to more than 2 years.
With improved mining and processing methods and focus on the environment,
significant tonnages of these types of materials are not being generated, and
what is being generated, is processed through the mines' own plants before
closure. As a result, the quantities of such materials available to GPL will
reduce. Nevertheless, GPL believes there are still numerous sources available,
although these will be of a lower grade and/or generate lower recoveries.
GPL continue to make changes to its circuit to increase its ability to extract
value from these lower grade materials.
During the year under review we installed and completed the following
improvements in the plant:
· We have expanded our pre-treatment facility further through
the installation of a jig for GBP94,000, which increased our ability to
separate and discard preg-robbing carbons contained in material before the
mill, through the use of density medium processes, to enable the company to
increase the yield, and improve margins, by processing lower grade material.
As a result, we continued to purchase materials of this nature, which are more
readily available, which assisted us in maintaining our low-grade materials we
currently have on site.
· A further GBP45,000 was incurred on a rotaspiral to reduce
carbon in slurry after the mill and before leaching.
The Company is also currently building a strategic partnership in industry to
determine if it could provide a service of doing toll processing for smaller
mining operations that do not have sufficient plant capacity, skill and
deposition facilities. Inline with this strategy, we agreed, after the end of
the financial period, with West Wits Mining Limited (ASX: WWI) to process
material from their early mine programme through our plant on a toll treatment
basis. The initial programme will last approximately 6 months with material
processed through our largest CIL circuit, with the option to extend.
Condition and reprocessing of the TSF
We continued to invest money to monitor, extend and increase capacity within
GPL's TSF and incurred GBP118,000 for this purpose. During the period we have
also incurred GBP428,000 to do pre-construction of an adjoining TSF whilst we
are in the process of applying for permitting. GPL will need to invest a
further GBP300,000 during the following financial period in establishing this
tailings facility and we expect to finance this from operational cash flow. We
have made changes to our water use license application to the Department of
Water and Sanitation and resubmitted the application at the end of October
2021. We require the application to be approved to complete the construction
of the adjoining TSF and expect this by the end of February 2022 if not
sooner.
Through research and development in the prior year, we decided that it will be
optimal to reprocess the TSF off-site through a large third-party plant and we
submitted an application for environmental approval in October 2021 for the
construction of a pipeline, which could provide us with the ability to pump
and process material off-site. We estimate that the approval of the
application will take approximately 12 months and during this time we will
continue discussions with other third parties.
The option of reprocessing the TSF material at our premises remains but this
will require us to invest in a new plant and more importantly get an
appropriate final deposition site approved and established.
Gold Recovery Ghana Limited - Ghana ('GRG')
GRG focusses on the processing and recovery of gold from mine by-products and
serves the industry in Ghana, West Africa, South America and other parts of
Africa.
The sourcing efforts in West Africa and further afield continued to benefit
the Group through increased supply of material from our current suppliers. The
increase in feed material resulted in revenues increasing from GBP8,909,000
during the period to GBP17,778,000. As a result, GRG increased its
profitability, posting an operating profit before finance cost of GBP2,574,000
(2020 - GBP724,000). The results for the year continue to reflect the sourcing
risk to which GRG is subject.
Due to the lengthy period it takes to extract value from material (60 to 210
days), from when material leaves the mines to when gold is recovered and
subsequently sold, GRG obtains financing to settle payment to the mines
earlier. The working capital finance cost for the period for GRG was
GBP148,000 (2020 - GBP154,000). A further finance cost of GBP110,000 (2020 -
GBP125,000) was incurred at Group level to support working capital in Ghana.
Major investments made in Ghana in prior years has positioned GRG well to
service its customers.
The following initiatives will continue to manage and reduce the risk of
procurement of sufficient materials for Ghana:
· Expanding the successes achieved in Mali to other mines in
Mali, Ivory Coast and Burkina Faso. Some of these efforts have been delayed
due to the Covid-19 travel restrictions. In Burkina Faso, the case relating to
the export of fine carbon material is still pending and partly delaying any
further export of material. Our engagement with mine management and government
officials on different levels has continued, with the aim of increasing our
footprint to ensure regular supply. Specific progress in this regard has been
made during the quarter in Cote d'Ivoire.
· To support the sourcing and export of material to GRG,
subsidiaries have been incorporated in Peru and Brazil during the period, and
we will be looking to establish a site in Brazil during the next financial
period at an estimated cost of USD300,000, none of which has been committed.
This should assist us in increasing our presence and service delivery in South
America and specifically allow us to source and process lower grade material,
which is not feasible to transport to our other facilities.
· To reduce the risk to the Ghana operation, we continue to
evaluate our options for processing of artisanal tailings material, including
the possibility of finding a partner in country, whilst continuing to seek
permission from the Minerals Commission to restart in some form the processing
and/or tolling of tailings material.
Discontinued operations
Kilimapesa Gold (Pty) Limited - Kenya ('KPG')
The sale of KPG was completed during April 2021 to Mayflower Gold Investments
Limited ('Mayflower').
The initial consideration receivable by Gold Mineral Resources Ltd ("GMR"),
Goldplat's subsidiary, was in the form of a secured debenture of USD1,500,000,
to be satisfied by cash and/or the issue of shares to that value in Papillon
Holdings plc ('Papillon') payable on Papillon's re-admission to trading on the
LSE following completion of the RTO, with 30 per cent. (USD450,000) of the
initial consideration payable in cash.
Subsequent to period end, on 31 August 2021, Papillon Holdings plc, renamed as
Caracal Gold plc ("Caracal"), had its ordinary shares commence trading on the
Main Market for listed securities of the London Stock Exchange plc ('LSE')
under the ticker GCAT with a contemporaneous dual listing on the Frankfurt
Stock Exchange, which followed the completion of the reverse takeover of
Mayflower Gold. GMR received 103,846,153 shares (which represented 7.17 per
cent. of its issued share capital) in Caracal on 31 August 2021, which
represented 70 per cent. of the initial consideration of the sale of KPG to
Mayflower. On 3 November 2021, the Company agreed with Caracal to take up the
remainder of the initial share consideration on the sale of Kilimapesa at the
initial listing price of Caracal and as a result, received a further 32 878
000 shares in lieu of a cash payment of US$450,000, increasing the Group's
shareholding in Caracal to 9.2 per cent. at the time.
GMR is entitled to receive a further 1 per cent. net (http://cent.net) smelter
royalty on all production from Kilimapesa up to a maximum of $1,500,000, on
any future production from Kilimapesa.
During the period the Company has incurred or written-off money outstanding
from Kilimapesa to the value of GBP186,000 which has been included under loss
from discontinued operations.
Anumso Gold Project - Ghana ('AG')
The gold mining license under the Anumso Gold ('AG') project expired during
March 2021 and has not been renewed as was the intention of the Company and
the joint venture partner, Desert Gold Ventures Inc. The investment in AG was
disclosed as a discontinued operations during the prior year. During the
period we
have been informed that mineral right fees since 2013 is outstanding, which is
being disputed. None of the joint venture partners has intends to capitalise
AG project to settle the claim and current AG liabilities exceed its assets by
the minerals right fees outstanding. The Company share of outstanding minerals
right fees is GBP369,000 and this has been included under loss from
discontinued operations.
Additional financial review
The major functional currencies for the Group subsidiaries are South African
Rand (ZAR) and Ghana Cedi (GHS) whilst the presentation currency of the group
is Pounds Sterling (GBP).
The average exchange rates for the year are used to convert the Statement of
Profit or Loss and Other Comprehensive Income for each subsidiary to Sterling.
As set out in the table below, there it can be seen that the average ZAR and
GHS weakened against the Pound Sterling, 3.49 per cent. and 10.73 per cent.
respectively.
The exchange rate as at end of the period are used to convert the balance in
the statement of Financial Position. As per below table, it can be seen that
the ZAR strengthened by 7.39 per cent. and the GHS weakened 13.67 per cent.
against the Pound Sterling.
2021 2020 Variance
GBP
GBP
%
South African Rand (ZAR) Average 20.73 20.03 -3.49%
Ghanaian Cedi (GHS) Average 7.84 7.08 -10.73%
South African Rand (ZAR) As at 30 June 2021 19.80 21.38 7.39%
Ghanaian Cedi (GHS) As at 30 June 2021 8.15 7.17 -13.67%
Apart from the gold price the Group's performance is impacted by the
fluctuation of its functional currencies against the USD in which a majority
of its sales are recognised. The average exchange rates for the year used in
the conversion of operating currencies against the USD during the period under
review are set out in the table below.
2021 2020 Variance
USD USD %
South African Rand (ZAR) 15.42 15.91 -3.08%
Ghanaian Cedi (GHS) 5.82 5.61 3.74%
The 27 per cent. increase in the personnel expenses to GBP4,396,000 (2020 -
GBP3,446,000) during the period, was mainly as a result of the increase of
production personnel in South Africa from 249 to 292. These increases were as
a result of additional plant constructed and to be operated and also to manage
Covid-19 protocols.
The net finance loss/income for the period can be broken into:
2021 2020
Interest component '000 '000
Interest receivable - 174
Interest payable on lease liabilities (21) (10)
Interest payable on borrowings (110) (124)
Interest on creditors (219) (270)
Interest on bank overdraft (16) (6)
Intercompany foreign exchange (expense)/profit (513) 971
Other foreign exchange expense (30) (404)
Net finance (loss)/Income (909) 331
The net finance loss of GBP909,000 (2020 - Income GBP331,000) includes a
foreign exchange loss of GBP543,000 (2020 - gain GBP567,000). The large
fluctuation in foreign exchange loss and gain from period to period, relate
mainly to the intercompany loan between Group subsidiaries and GPL, which is
dominated in USD. With the ZAR strengthening against the USD during the
current period by 17 per cent., a foreign
exchange loss of GBP882,000 (2020 - gain GBP913,000) was recognized in GPL.
The pound Sterling only weakened by 12 per cent. against the USD during the
current period resulting in an foreign exchange profit in GMR on conversion of
the intercompany loans & receivables of GBP357,000 (2020 - loss of
GBP133,000).
The net impact of intercompany balance movement in Group was foreign exchange
loss of GBP513,000, against a gain during the previous period of GBP971,000.
The intention of the Group is to reduce intercompany loan balance during the
period to reduce the impact of the significant fluctuation between reporting
currencies and the currencies loans are denominated in.
During the period the interest payable on borrowings reduced from GBP124,000
to GBP110,000 as a result of repayment of most of the debt during the fourth
quarter of the financial year. We have also managed to reduce the interest on
creditors through utilisation of our own cash balances during the period, from
GBP270,000 to GBP219,000. The increase in interest on lease liabilities,
GBP21,000 (2020 - GBP10,000) is as a result in additional machinery procured
on this basis in GPL during the period and detail in this regard is disclosed
in annual report.
Taxation
As a result of the decrease in the taxable profits and the increase in capital
expenditure incurred during the period in GPL, together with the reduction in
dividends declared from GPL during the period, the taxation expenses in the
Group decreased by 62 per cent. GPL is taxed under a mining tax formula in
South Africa, which results in a lower percentage of tax when profits are
lower and capital expenditure higher. During the period, GPL was taxed at a
percentage of 23.48 per cent. (2020 - 28.98 per cent. ) and recorded a tax
expense of GBP435,000 (2020 - GBP712,000) with no tax losses to offset.
GRG is registered as a Free Zone company in Ghana and is currently taxed at
the rate of 15 per cent. of taxable profits.
Withholding taxation paid during the period on dividends declared from South
Africa, was GBP80,307 (2020 - GBP226,000). The Withholding Taxation Rate
changed from 20 per cent. to 5 per cent. during the period as a result of the
shareholding of GPL changing from GMR registered in Guernsey to Goldplat Plc
(the Company). The withholding tax is not recoverable by the Group.
Other comprehensive income
During the period the Company experienced a gain in foreign exchange
translation reserve of GBP966,000 (2020 - Loss of GBP1,394,000). Similar to
the prior year, the movement in the reserve was mainly impacted by the
fluctuation in the ZAR and Pound Sterling exchange rate between reporting
date. Year-on-year the ZAR strengthened by 7.5 per cent. against the pound
sterling (after depreciating 19 per cent. during the previous period),
resulting in a foreign exchange gain on translation of GPL of GBP984,000 (2020
- Loss of GBP1,882,000).
Property, plant & equipment
The increase in property plant and equipment of GBP1,132,000 during the period
was due primarily to:
- The GBP428,000 incurred on the pre-construction of the adjoining
tailings facility, together with the GBP78,000 incurred on the monitoring and
extension of current tailings facility in GPL;
- The GBP94,000 incurred on the jig to increase our ability to
process high carbon, lower grade material;
- The GBP153,000 increase in the environmental asset is as a result
of the increase in the environmental provision during the period reflecting
the increase in future cost of rehabilitation of operations in South Africa.
No capital expenditure was incurred during the period in GRG.
Intangible Assets
The intangible assets relate to the goodwill in the investment held in GMR.
The balance has been assessed for impairment by establishing the recoverable
amount through a value-in-use calculation, the detail of which has been
disclosed in annual report.
Right-of-use asset
The right-of-use assets increased during the period by GBP218,000, mainly due
to the acquisition of heavy-duty vehicles operating at the GPL plant.
The remainder of the changes relate to amortisation for the year and foreign
exchange movements as indicated in annual report.
Loan receivable
The GMR loan receivable from the South African minority shareholders on the
acquisition of shares are denominated in ZAR. The reduction during the loan
period of GBP25,000 relates to the repayment of GBP74,000 from dividends
declared by GPL to GMR. The remainder of the movement related to the
strengthening of the ZAR against the Pound Sterling by 7.4 per cent.
Subsequent to the end of the period, the outstanding balance was set off in
full as part of the share repurchase agreement between GPL and its minorities
to repurchase a portion of the minorities share.
Investment in Joint Venture
The gold mining license under the Anumso Gold ('AG') project expired during
March 2021 and has not been renewed as was the intention of the Company and
the joint venture partner, Desert Gold Ventures Inc. The investment in AG was
disclosed as a discontinued operations during the prior year. During the
period we have been informed that mineral right fees since 2013 is
outstanding, which is being disputed. None of the joint venture partners
intends to capitalise AG project to settle the claim and current AG
liabilities exceed its assets by the minerals right fees outstanding. The
Company share of outstanding minerals right fees is GBP369,000 and have been
included under loss from discontinued operations.
Inventories
The increase of GBP2,001,000 in the inventory balance, relates mainly to an
increase of GBP1,770,000 in inventory at GPL.
The increase in GPL inventory balance related to:
· A GBP1,284,000 increase in raw material purchased for the
Carbon-In-Leach ('CIL') circuits, which constituted a 65 per cent. increase
from the prior period, however the dry tonnage of resources on site only
increased by 21 per cent. With the improvements at the pre-treatment facility
and the separation of carbonaceous material before the mill, the amount of
material processed increased by between 20 per cent. to 25 per cent. on a
monthly basis. The increase in raw material is driven by an increase in
transport costs, high-grade material purchases and the increase in cost of raw
material due to the increase in gold price over the last 18 months.
· A GBP447,000 increase in precious metals on hand, mainly due
to a GBP310,000 increase in gravity concentrates generated in our milling
circuits. This is due to higher percentage of gold recovered through our
gravity processing units at the time and this gravity material not sold before
the end of the year.
The remainder of the increase relates to an increase in precious metals on
hand and in process at GRG driven by increase in supply during the year.
Trade and other receivables
The increase of GBP8,527,000 in the trade and other receivable balance, has
been primarily as a result of: GPL
· GBP1,774,000 increase in concentrates at smelters which was
driven by increase in percentage of gravity concentrates generated in GPL
circuits and processing of build-up supply of low-grade material on our
premises during the last quarter.
GRG
· GBP5,673,000 increase in concentrates at smelters which was
driven by high grade batches of material received from suppliers during the
3rd and 4th quarter of the year.
Provisions
In terms of section 54 of the regulations of the Minerals Resource and
Petroleum Act of 2002, in South Africa, a Quantum of Financial Provisioning is
required for activities performed under mining lease. The Quantum was
reassessed the during the current period and increased by GBP204,000. The
remainder of the movement of GBP238,000 during the period related to the
strengthening of the ZAR against the Pound Sterling by 7.4 per cent.
Deferred tax liabilities
The decrease in the deferred tax liability was as a result of the unrealised
foreign exchange loss raised on the GMR intercompany loan with GPL, as a
result of the strengthening of the ZAR against the USD during the period. The
unrealised loss will only attract tax when it is realised, however the
deferred tax liability has been adjusted during the current period. Further to
this, the deferred tax liability increases as a result of GBP1,391,000 capital
expenditure incurred on the property, plant and equipment and right-for-use
assets acquired in GPL during the period, which was amortized fully for tax
purposes, although limited depreciation was levied during the prior period on
these assets.
Interest bearing borrowings
During the period the Group reduced the interest-bearing borrowings from
Scipion by GBP970,000, from GBP1,004,000 to GBP33,000. The remaining balance
was settled in full subsequent to year-end and the facility has been
cancelled. During the period the borrowings attracted interest of GBP110,000
(2020 - GBP124,000).
Trade and other payables
The increase in trade payables of GBP7,980,000 during the period is linked to
the increase in debtors, specifically material delivered at smelters and
inventory, specifically material shipped and not yet delivered at smelters, on
which funding has been received to enable us to settle suppliers.
As indicated under trade and other payables, the increase linked to high value
gravity concentrates produced in the last quarter and high value batches
received from suppliers. The funding received is recorded under invoice
financing creditor and increased by GBP5,522,000 to GBP6,910,000 during the
period.
Contingencies
The Ghana Revenue Authority (GRA) has conducted an audit on the company for
the years 2014 to 2018 and is provisionally claiming a remaining
GHS5,670,303.99 (GBP723,253) as a result of their review. We have objected
this preliminary assessment and have resolved a number of issues but have not
been able to get closure on the matter neither have we received a final
assessment. We have been engaging with the GRA through our auditor and other
legal/tax advisers. At the time of this report we are satisfied that we have
accounted for and accrued all taxation liabilities for which the company is
liable.
Outlook
As per the outlook of the previous financial period, the focus during the
period has been, and will continue to be, on:
· finding structures best to return value to shareholders
from continued profitability;
· investing into research and development to identify
different processing methods and equipment to maximize value from sources
available;
· expanding our environmental services delivery to industry;
and
· identifying opportunities for growth in the recovery
operations by investment into other locations and into additional equipment in
our current operation, 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. Further to the above, we will
continue to leverage on relationship in industry to increase long-term
visibility through increase of resources and available sources we can process.
The recovery operations have nearly always been cashflow generative and
subsequent to the period end we have utilized some of this cashflow to
increase the Company's shareholding in GPL and the size of the Group. The
Company will remain focused on sharing future cashflows with shareholders,
specifically distributing cash surplus to the Group's operational requirements
and growth plans to shareholders.
During the 2021 financial period the South African operations will need to
complete its investment into a new tailings facility at cost of GBP300,000 and
we expect to finance this from operational cash flow.
The focus for Ghana remains on sourcing material from West Africa, South
America and the other regions, whilst re-positioning GRG to process lower
grade material sourced from within Ghana. In line with this, the Group will
establish a site in Brazil to enable it to source and process lower grade
material in South America.
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 as part of its diversification strategy will invest GBP250,000 of capital
into processing PGM's during the period. We will look towards reaching an
agreement during the period with a third party in the area to reprocess TSF
(which has a JORC Compliant Resource of 81,959 ounces) and receiving
environmental approval for a pipeline which will be required to transport
material to a facility for processing.
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 slow longer term 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 and
leveraging on our strategic partnerships in industry to increase security of
supply. We will continue to see 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
Goldplat's business has always involved change and opportunity, I would like
to compliment Goldplat's employees, its advisors, my fellow directors and the
Company's shareholders not just for their efforts and support, but for how
they have embraced the changes and remained focused on the opportunity it
brings. The board is looking forward to building on this year's successes,
creating opportunity from the ever-changing environment and returning value to
shareholders.
Werner Klingenberg
Director
21 December 2021
Statement of Financial Position Group Group
Figures in £ `000 2021 2020
Assets
Non-current assets
Property, plant and equipment 4,568 3,900
Right-of-use assets 574 356
Intangible assets 4,664 4,664
Investments in subsidiaries, joint ventures and associates 1 1
Receivable on Kilimapesa sale 606 -
Other loans and receivables 636 661
Loan to group company - -
Total non-current assets 11,049 9,582
Current assets
Inventories 8,433 6,432
Trade and other receivables 13,003 4,476
Receivable on Kilimapesa sale 58 -
Cash and cash equivalents 3,459 3,140
Total current assets 24,953 14,048
Non-current assets or disposal groups classified as held for sale - 3,380
Total current assets 24,953 17,428
Total assets 36,002 27,010
Equity and liabilities
Equity
Share capital 1,698 1,675
Share premium 11,491 11,441
Retained income/(accumulated loss) 6,846 5,167
Foreign exchange reserve (5,258) (6,224)
Total equity attributable to owners of the parent 14,777 12,059
Non-controlling interests 3,637 3,057
Total equity 18,414 15,116
Liabilities
Non-current liabilities
Provisions 787 549
Deferred tax liabilities 792 919
Lease liabilities 110 145
Loan from group company - -
Total non-current liabilities 1,689 1,613
Current liabilities
Trade and other payables 15,445 7,465
Current tax liabilities 128 157
Current portion of long term borrowings 33 1,004
Lease liabilities 293 206
Loan from group company - -
Total current liabilities 15,899 8,832
Liabilities included in disposal groups classified as held for sale - 1,449
Total current liabilities 15,899 10,281
Total liabilities 17,588 11,894
Total equity and liabilities 36,002 27,010
The financial statements of Goldplat plc, company number 05340664, were
approved by the Board of Directors and authorised for issue on 21 December
2021. They were signed on its behalf by: Werner Klingenberg, Director.
Werner Klingeberg
21 December 2021
Statement of Profit or Loss and Other Comprehensive Income
Group Group
Figures in £
`000
2021 2020
Revenue
35,400 24,809
Cost of sales
(29,201) (17,497)
Gross profit
6,199 7,312
Other income
56 -
Administrative expenses
(1,694) (1,682)
Impairment loss
- (295)
Profit/(loss) from operating activities
4,561 5,335
Finance income
- 1,067
Finance costs
(909) (736)
Profit/(loss) before tax
3,652 5,666
Income tax expense - continuing operations
(903) (2,361)
Profit/(loss) from continuing operations
2,749 3,305
Loss from discontinued operations
(570) (5,270)
Profit/(loss) for the year
2,179 (1,965)
Profit/(loss) for the year attributable to:
Owners of Parent
1,679 (3,137)
Non-controlling interest
500 1,172
2,179 (1,965)
Other comprehensive income net of tax
Components of other comprehensive income that will be reclassified to profit
or loss
Exchange differences on translation relating to the parent
Gains/(losses) on exchange differences on translation
719
(1,394)
Exchange reserve reclassified on loss of control of Kilimapesa
247 -
Total Exchange differences on translation
966 (1,394)
Exchange differences relating to the non-controlling interest
Gains/(losses) on exchange differences on translation
256 (488)
Total other comprehensive income that will be reclassified
to profit or loss
1,222 (1,882)
Total other comprehensive income net of tax
1,222
(1,882)
Total comprehensive income
3,401 (3,847)
Comprehensive income attributable to:
Comprehensive income, attributable to owners of parent
2,645 (4,531)
Comprehensive income, attributable to non-controlling interests
756 684
3,401 (3,847)
Earnings per share from continuing and discontinuing operations attributable
to
owners of the parent during the year
Basic earnings per share
Basic earnings per share from continuing
operations
1.32 1.27
Basic loss per share from discontinuing
operations
(0.34) (3.15)
Total basic earnings/(loss) per
share
0.98 (1.87)
Diluted earnings per share
Diluted earnings per share from continuing
operations
1.32 1.25
Diluted loss per share from continuing
operations
(0.33) (3.12)
Total diluted earnings/(loss) per
share
0.99 (1.88)
Statement of Changes in Equity - Group Share Share premium Foreign currency translation reserve Retained income/ (accumulated loss) Attributable to owners of the parent Non- Total
Capital
Figures in £'000 controlling
interests
Balance at 1 July 2019 1,675 11,441 (4,830) 8,282 16,568 2,717 19,285
Changes in equity
Loss for the year - - - (3,137) (3,137) 1,172 (1,965)
Other comprehensive income - - (1,394) (1,394) (488) (1,882)
Total comprehensive income for the year - - (1,394) (3,137) (4,531) 684 (3,847)
Non-controlling interests in subsidiary dividend - - - - - (344) (344)
Share based payments - - - 22 22 - 22
Balance at 30 June 2020 1,675 11,441 (6,224) 5,167 12,059 3,057 15,116
Balance at 1 July 2020 1,675 11,441 (6,224) 5,167 12,059 3,057 15,116
Changes in equity
Profit for the year - - - 1,679 1,679 500 2,179
Other comprehensive income - - 719 - 719 256 975
Exchange reserve released through profit and loss on sale of Kilimapesa - - 247 - 247 - 247
Total comprehensive income for the year - - 966 - 2,645 756 3,401
Non-controlling interests in subsidiary dividend - - - - - (176) (176)
Shares issued from options exercised 23 50 - - 73 - 73
Balance at 30 June 2021 1,698 11,491 (5,258) 6,846 14,777 3,637 18,414
Statement of Cash Flows Group Group
Figures in £'000 2021 2020
Net cash flows from/(used in) operations 4,277 4,774
Finance cost (909) (736)
Finance income - 1,067
Income taxes paid (1,059) (1,725)
Net cash flows from/(used in) operating activities 2,309 3,380
Cash flows (used in)/from investing activities
Proceeds from sales of property, plant and equipment 18 9
Purchase of property, plant and equipment (979) (356)
Decrease in cash from disposal of non-current assets held for sale (6) -
Receipt from long term receivable 74 156
Decrease/(Increase) of loans to subsidiary - -
Cash flows (used in)/from investing activities (893) (191)
Cash flows (used in)/from financing activities
Proceeds from drawdown of interest-bearing borrowings - 973
Net (repayment) from debt financing (included under trade and other payables) - (1,490)
Net proceeds from issuing of shares 73 -
Repayment of interest-bearing borrowings (872) (394)
Interest paid on interest-bearing borrowings (99) (127)
Principal paid on lease liabilities (186) (151)
Interest paid on lease liabilities (21) (40)
Payment of dividend by subsidiary to non-controlling interest (344)
Payment of dividend to non-controlling interest (176) -
Cash flows (used in)/from financing activities (1,281) (1,573)
Net increase in cash and cash equivalents 135 1,616
Cash and cash equivalents at beginning of the year 3,146 1,807
Foreign exchange movement on opening balance 178 (277)
Cash and cash equivalents at end of the year 3,459 3,146
Cashflows from discontinued operations - 5
Notes to the Accounts
1. Basis of preparation and summary of significant accounting policies
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 the Companies Act 2006
as applicable to entities reporting in accordance with IFRS.
Basis of measurement
The consolidated financial statements have been prepared on the historical
cost basis, except for derivative financial instruments that have been
measured at fair value.
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 Group's subsidiaries' functional currency is considered to be the South
African Rand (ZAR), Ghana Cedi (GHS) and the Kenyan Shilling (KES) and the
Company's functional currency is Pounds Sterling (GBP) as these currencies
mainly influences sales prices and expenses.
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 to the value of £4,664,000 (2020:
£4,664,000)
- Inventory - precious metals on hand and in process to the value of
£4,303,000 (2020: £3,799,000)
- Rehabilitation provision £787,000 (2020: £549,000)
- Useful economic lives
2. Share capital Group Group
2.1 Authorised and issued share capital
Figures in £'000 2021 2020
Issued
Ordinary shares 1,698 1,675
1,698 1,675
Share premium 11,491 11,441
13,189 13,116
2.2 Additional disclosures
During the current year, additional shares were issued to current shareholders
resulting in an increase in share capital and premium. The transactions are
detailed below:
Share Share
Capital Premium
Director
Date Movement Movement
Hansie van
Vreden
3 July 2020 10,000 21,250
Gerard Kisbey
Green
3 July 2020 13,333 28,333
2.3 Reserves
Nature and purpose of reserves
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.
Non-controlling interest
Relates to the portion of equity owned by minority shareholders.
3. Employee benefits expense
Non-
Directors
emoluments
Executive executive Total
2021
Wages and
salaries
407
407
Fees
103 103
Other
benefits
9
9
Total
416 103 519
2020
Wages and
salaries
404
404
Fees
83 83
Other
benefits
10
10
Total
414 83 497
Emoluments disclosed above include the following amounts paid to the highest
director:
2021 2020
Emoluments for qualifying
services
168 164
4. Earnings per share
4.1 Basic earnings per share
Group Group
Figures in
£'000
2021 2020
The earnings and weighted average number of ordinary shares
used in the calculation of basic earnings per share are as follows:
Earnings used in the calculation of basic earnings per share for
continuing
operations
2,249 2,133
Weighted average number of ordinary shares used in the calculation of
basic earnings per
share
169,774 167,441
The earnings used in the calculation of diluted earnings per share
are as follows:
The earnings used in the calculation of basic earnings per share for
continuing
operations
2,249 2,133
Earnings used in the calculation of basic earnings per share for
continuing
operations
(570) (570)
The weighted average number of ordinary shares for the purpose of
diluted earnings per share reconciles to the weighted average number
of ordinary shares used in the calculation of basic earnings
per share as follows:
Weighted average number of ordinary shares used in the calculation
of basic earnings per
share
169,774 167,441
Adjusted for
- Dilutive effect of share
options
787 3,120
Weighted average number of ordinary shares used in
the calculation of diluted earnings per
share
170,561 170,561
5. Related parties Holding
Other related parties
Entity name
Gold Mineral Resources Limited 100% Direct
Goldplat Recovery (Pty) Ltd 74% Direct
Goldplat Ghana Limited 100% Direct
Anumso Gold Limited 100% Direct
Nyieme Gold SARL 100% Direct
Midas Gold SARL 100% Direct
Gold Recovery Brasil Recuperacao 100% Indirect
Gold Recovery Peru SAC 100% Indirect
GRG Tolling Ltd 100% Indirect
Major inter-company transactions
Nature of transaction 2021 2020
Goldplat Recovery to Gold Recovery Ghana Goods, equipment and
services supplied 332 103
Goldplat Recovery to Gold Mineral Resources Goods, equipment and
services supplied 136 45
Goldplat Recovery to Gold Mineral Resources Interest received (125) (166)
Goldplat Recovery to NMT Capital Management fees 4 25
Goldplat Recovery to NMT Group Managements fees 9 12
Goldplat Plc to Gold Mineral Resources Management fees 413 322
Goldplat Plc Directors 98 83
Related Party Transactions with Mr Sango Ntsaluba
Subsequent to the year-end, the directors decided to increase the Group's
interest in GPL, its principal operating subsidiary, from 74 per cent. to
90.63 per cent. through the buy-back by GPL of GPL shares from its minority
shareholders. GPL has issued 4.90 per cent. shares in GPL (after the share
repurchase) to Aurelian, a company controlled by Mr Sango Ntsaluba, in order
to maintain a BEE partner in GPL and to reduce the cost to the Group of the
share repurchase transaction.
After the completion of above transactions and cancellation of the repurchased
shares, the Group held 90.63 per cent. of GPL (an increase of 16.63 per cent.
), Amabubesi held 4.47 per cent. and Aurelian 4.90 per cent. . Subsequent to
above, Amabubesi's remaining shares were repurchased and shares to the same
amount and value issued to Aurelian. Aurelian is therefore the only minority
partner in South Africa and holds 9.37 per cent. of GPL.
By virtue of their size and because Mr Ntsaluba is both a director of Goldplat
and a major shareholder of Amabubesi and Dartingo, both the share repurchases
by GPL of 22.33 per cent. of shares held by Amabubesi and Dartingo and the
subsequent issue by GPL of shares to Aurelian constituted related party
transactions under Rule 13 of the AIM Rules for Companies. The independent
directors, being the Goldplat board members with the exception of Mr Ntsaluba,
consider, having consulted with the Company's Nominated Adviser, Grant
Thornton UK LLP, that the terms of the transactions were fair and reasonable
insofar as Goldplat's shareholders are concerned.
6. Subsequent events
Share repurchase of minority shareholding in GPL
The directors decided after the period end, 20 July 2021, to increase the
Group's interest in GPL, its principal operating subsidiary, from 74 per cent.
to 90.63 per cent. through the buy-back by GPL of GPL shares from its minority
shareholders ("the Transaction").
GPL had two minority shareholders, Amabubesi Property Holdings Proprietary
Limited ("Amabubesi") and Dartingo Trading 161 Proprietary Limited
("Dartingo"), who respectively held an 11 per cent. and a 15 per cent.
interest in GPL. Following a notification received from the two minority
shareholders indicating their intention to dispose of their shareholdings, GPL
did agree to repurchase all of the Dartingo shareholding and 7.33 per cent. of
the shares held by Amabubesi for ZAR 89.3 million (approximately £4.5
million).
Amabubesi and Dartingo are companies connected with Goldplat's Non-Executive
Director, Mr Sango Ntsaluba. Subsequent to the Transaction, GPL issued to
Aurelian Capital Proprietary Limited ("Aurelian"), a company associated with
Mr Ntsaluba, shares amounting to 4.90 per cent. of GPL, at the same valuation
as the share repurchase, for ZAR 16 million (approximately £807,000) as
described further below. As a result of the Transaction, Goldplat will own
90.63 per cent. of GPL and Mr Ntsaluba will own, directly and indirectly, 9.37
per cent. of GPL.
The consideration for the repurchased shares of ZAR 89.3 million
(approximately £4.5 million) was settled in two instalments. The net cost to
GPL of the Transaction was ZAR 73.4 million (approximately £3.7 million), and
Goldplat's share of the net cost of the Transaction to GPL was be 90.63 per
cent. , effectively resulting in its additional 16.63 per cent. interest in
GPL costing Goldplat ZAR 66.52 million (approximately £3.35 million).
The Transaction valued GPL at ZAR 400 million (approximately £20.2 million).
Funding Arrangements
The Transaction were financed in part through a South African Rand denominated
bank facility of ZAR 60 million (approximately £3.02 million) provided by
Nedbank, of which 50 per cent. was drawn within the 30 days and the remainder
in 90 days. The remainder of the consideration was settled through a set-off
against the existing Amabubesi vendor loan of ZAR 12.6 million (approximately
£635,000) outstanding to the Group with the balance paid in cash.
The principal on the bank facility is repayable monthly over 36 months. The
interest payable on the facility will be the South African Prime Rate plus
1.75 per cent. .
As a condition of the facility from Nedbank, the Group's facility with
Scipion, of £33,000, were settled in full and its securities over GPL will be
cancelled. Further to above, GPL did grant security over its debtors as well
as a negative pledge over its moveable and any immovable property and a
general notarial bond over all movable assets of GPL will be registered. The
Group entered into a limited suretyship for ZAR 60 million (approximately
£3.02 million), in favour of Nedbank.
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