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REG - Goldplat plc - Interim results for the 6-months ended 31 Dec 2025

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RNS Number : 0469X  Goldplat plc  18 March 2026

Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration

 

18 March 2026

Goldplat plc

('Goldplat' or the 'Company')

Interim results for the six-month period ended 31 December 2025

Goldplat Plc, (AIM:GDP) the AIM listed Mining Services Group, with
international gold recovery operations located in South Africa and Ghana,
servicing the African and South American Mining Industry, is pleased to
announce its unaudited interim results for the six months ended 31 December
2025 ('H1 2025').

Goldplat continued to achieve strong profitable results for H1 2025.
Highlights include:

· Strong operating profit for H1 2025 of £4,802,000 (H1 2024: £2,635,000);

· Revenue increased by 53% to £45,151,000 (H1 2024: £29,596,000) driven by
strong supply in South Africa and a high average gold price;

· Net profit attributable to owners of the company grew 133% to £3,276,000
(H1 2024: £1,407,000);

· Fully diluted earnings per share for the six-month period more than
doubled to 1.91 pence per share (H1 2024: 0.83 pence per share);

· The group net cash balance remained strong at £4,806,000 (30 June 2025:
£6,088,000); and

· During the period the Company spent £629,505 (H1 2024: £861,480) on
capital expenditure.

· Dividends declared during the 6-month period amounted to £350,000 (H1
2024: £nil)

 

Werner Klingenberg, CEO of Goldplat commented: "I am encouraged by the
continued strong results achieved by the group (supported by good volumes and
high gold price) and Group being in a position to start paying regular
dividends.

We remain focussed on strengthening our control of the outcome on the TSF,
maintaining and increasing market share, improving recoveries and margins in
Ghana, unlocking potential in other precious metals in South Africa and
maximising value from the current high gold price, whilst returning value to
shareholders on a regular basis.

There is still significant work to be completed but all our efforts will
create a more robust business providing a niche solution to the industry it
operates in."

For further information visit www.goldplat.com, follow on X @GoldPlatGDP or
contact:

 Werner Klingenberg                                   Goldplat plc                                     Tel: +27 (0) 82 051 1071

                                                      (CEO)

 Colin Aaronson / Samantha Harrison / Ciara Donnelly  Grant Thornton UK LLP                            Tel: +44 (0) 20 7383 5100

                                                      (Nominated Adviser)
 Harry Ansell / James Bavister / Andrew de Andrade    Zeus (Broker)                                    Tel: +44 (0) 203 829 5000

 Tim Thompson / Mark Edwards / Fergus Mellon          Flagstaff Strategic and Investor Communications  Tel: +44 (0) 207 129 1474

                                                                                                       goldplat@flagstaffcomms.com

 

 

 

 

 

 

 

 

 

Chairman's Statement

Goldplat plc's precious metals processing facilities combined continued to
achieve good trading results for the half year ended 31 December 2025 (H1
2025).

Looking at the trading results of Goldplat plc ("the Company" or "Goldplat")
and its subsidiaries, together referred to as "the Group", operating profit
for the half year was £4,802,000 (H1 2024: £2,635,000 and FY 2025:
£3,733,000). The increase was driven by an increase in revenue of 53% to
£45,151,000 (H1 2024: £29,596,000) because of strong production of gold in
South Africa and higher average gold price. The average gold price in United
States Dollar for H1 2024 to H1 2025 increased by circa 49%.

As a result of the strong operational data, the profit for the period after
tax increased to £3,510,000 (H1 2024: £1,478,000) and an all-in, fully
diluted EPS for the half year of 1.91 pence (H1 2024: 0.83 pence).

The strong operational results were driven by increased supply in South
Africa, which resulted in an increase in the income taxation percentage in
South Africa. Further, due to the change in balance of where profits were
generated in the Group (the previous year a greater percentage was made in
Ghana which has a lower tax rate), the effective tax rate increased from
19.06% to 25.37%. As a result, the income tax for the period therefore
increased to £1,193,000 (H1 2024: £348,000).

During the 6-month period the group had foreign exchange gain of £174,000,
mainly because of gains experienced in South Africa on the back of a
strengthening ZAR against the USD and GBP. During H1 2024, the Group
experienced a foreign exchange loss of £ 476,000. All of these factors
contributed to the Group generating a net profit of £3,510,000 (H1 2024:
£1,478,000).

Dividends

During the period interim dividends of 0.0878 pence per share on 29 August
2025 and 0.1171 pence per share on 19 December 2025 were paid to shareholders
respectively and after the period end, a further interim dividend of 0.14638
pence per share was paid to shareholders on 6 March 2026.

The total value of dividends paid over the period was £350,000, and over the
las 8 months £600,000.

Working capital

                              Goldplat                Gold                    Gold                    Goldplat Group

Recovery
Recovery Ghana
Recovery Brazil
                              31 Dec '25  30 Jun '25  31 Dec '25  30 Jun '25  31 Dec '25  30 Jun '25  31 Dec '25  30 Jun '25
                              £'000       £'000       £'000       £'000       £'000       £'000       £'000       £'000
 Inventory                    6,671       5,963       8,785       8,857       1,578       57          17,034      14,878
 Trade and other receivables  14,810      9,521       3,801       733         (35)        (5)         18,280      10,554
 Trade and other payables     5,235       10,517      15,718      5,632       1,597       313         22,771      17,497
 Cash and cash equivalents    1,302       1,550       3,183       4,242       217         33          4,806       6,088

Cash and cash equivalents at the end of the period decreased to £4,806,000
(30 June 2025: £6,088,000) due to large trade payables outstanding on 30 June
2025 being settled during the period.

Trade and other receivables as well as trade and other payables increased from
30 June 2025 due to the increase in supply in South Africa. Trade and other
receivables also increased as a result of Ghana delivering bullion just before
the period end. The increase in inventory was driven to a large degree by Gold
Recovery Brazil's acquisition of material before the period end which will be
processed and sold during H2.

 

Goldplat Recovery (Pty) Ltd

Revenue increased by 174% to £28,405,000 (H1 2024: £10,367,000) driven by an
increase of supply, from South America, a specific project in South Africa and
the increase in the gold price. As a result, the operating profit for the
period increased to £3,458,000 (H1 2024: £883,000).

As per our team's focus over the last couple of years, we have seen an
increase in our share of the by-products market and with that an increase in
volumes during Q2. These efforts, combined with solid gold recoveries from our
low-grade circuits, supported by the high gold price, resulted in a good
operating performance during Q2.

Although, in the short-term, the focus will be in extracting value from the
current high gold price, in the longer term the aim is to find better
visibility of supply through diversifying into other precious metals or other
types of gold resources. In the interim, visibility of supply of low-grade
soils for our milling circuits remains strong, with more than 12 months of
material for processing on site and more under contract.

Gold Recovery Ghana

Revenue in Ghana during the period decreased from £18,614,000 (H1 2024) to
£16,746,000 (H1:2025) as a result of H1 2024 still including sales from
material exported based on previous business model. Based on the new business
model, GRG had a good productive quarter, whilst focus remained on maximizing
gold recoveries from material sourced, mainly from clients in Ghana.

Ghana's profit margin has been impacted by a number of batches where margins
were affected by statistical errors in sampling and assaying. The procedure
and processes in this regard have already been updated.

As a result of items mentioned above the profit from operating activities
during the period decreased from £2,153,000 (H1 2024) to £1,259,000 (H1
2025).

As we have mentioned previously, the focus remains on optimizing the recovery
through our local beneficiation plant and as a result GRG plans to invest a
further £700,000 over the next six months to improve our processes to
increase recovery and environmental management.

The local Ghana beneficiation requirement has impacted all aspects of our
business, and we continue to review, update and change our process and
procedures to manage risks and maximize margins.

Gold Recovery Brazil

We have spent close to £156,000 of the planned spend of £200,000 on the new
plant to date. Spiral equipment was ordered and arrived in Brazil in January
2026.

Sourcing in South America was strong during the quarter with several new
sourcing agreements in place and continues to be the focus of the local team.

We continue to receive material from our regular sources in South America with
material being sent to Ghana and South Africa for processing. During Q2, a
decision was made to send more material to South Africa while we reduce stock
levels in Ghana through new processing methods.

Outlook

Our operations continue to build on its current strength with specific focus
on:

•     to maintain our market share in South Africa and increase our
client base in neighboring countries;

•     to reduce the cost of production, specifically on our CIL circuits
in South Africa.

•     to agree commercial terms on the reprocessing of the TSF with
DRDGOLD;

•     finalise the regulatory requirements to allow us to pump material
through a pipeline to the DRDGOLD facility;

•     to identify interim measures to extract value from the TSF;

•     improve our recovery of gold through improving our local
beneficiation processes in Ghana;

•     to develop land acquired in Brazil, and expand our service
delivery, specifically on lower grade material in Brazil and elsewhere in
South America; and

•     leveraging our strength and capabilities through the processing of
other precious metals and commodities.

The Company will remain focused on sharing future cashflows with shareholders,
specifically distributing surplus cash to shareholders where not required for
growth in line with key initiatives or managing specific risks.

Gerard Kisbey Green

Chairman

18 March 2026

 

Statements of Financial Position

 Figures in £'000                                            Notes  Unaudited Group    Audited   Unaudited Group

                                                                    31 December 2025   Group     31 December 2024

                                                                                       30 June

                                                                                       2025
 Assets
 Non-current assets
 Property, plant and equipment                               4      7,052              6,384     6,073
 Right-of-use assets                                                820                773       853
 Intangible assets                                           5      4,664              4,664     4,664
 Investments in subsidiaries, joint ventures and associates  6      1                  1         1
 Unlisted Investments                                               1                  1         1
 Receivable on Kilimapesa sale                               7      -                  -         608
 Other loans and receivables                                 8      179                119       148
 Total non-current assets                                           12,717             11,942    12,348
 Current assets
 Inventories                                                 9      17,034             14,878    15,056
 Trade and other receivables                                 10     18,280             10,554    7,391
 Receivable on Kilimapesa sale                               7      -                  -         106
 Other loans and receivables                                 8      24                 22        21
 Cash and cash equivalents                                   11     4,806              6,088     2,772
 Total current assets                                               40,144             31,542    25,346
 Total assets                                                       52,861             43,484    37,694
 Equity and liabilities
 Equity
 Share capital                                               12     1,708              1,708     1,678
 Share premium                                               12     11,623             11,623    11,562
 Capital Redemption Reserve                                  12     53                 53        53
 Retained income                                                    20,574             17,648    17,937
 Foreign exchange reserve                                           (7,664)            (8,204)   (10,568)
 Total equity attributable to owners of the parent                  26,294             22,828    20,662
 Non-controlling interests                                          1,147              948       1,016
 Total equity                                                       27,441             23,776    21,678
 Liabilities
 Non-current liabilities
 Provisions                                                  13     783                717       723
 Deferred tax liabilities                                           809                441       604
 Lease liabilities                                                  193                240       373
 Total non-current liabilities                                      1,785              1,398     1,700
 Current liabilities
 Trade and other payables                                    14     22,771             17,497    13,726
 Current tax liabilities                                            557                560       302
 Lease liabilities                                                  305                251       285
 Bank overdraft                                              11     2                  2         3
 Total current liabilities                                          23,635             18,310    14,316
 Total liabilities                                                  25,420             19,708    16,016
 Total equity and liabilities                                       52,861             43,484    37,694

The notes below are an integral part of this condensed consolidated interim
financial report.

 

Statements of Profit or Loss and Other Comprehensive Income

 Figures in £'000                                                              Notes  Unaudited      Audited        Unaudited

                                                                                      Group          Group          Group

                                                                                      6 month        12 month       6 month

                                                                                      period ended   period ended   period ended

                                                                                      31 December    30 June        31 December

                                                                                      2025           2025           2024
 Revenue                                                                              45,151         56,667         29,596
 Cost of sales                                                                        (38,575)       (48,526)       (25,240)
 Gross profit                                                                         6,576          8,141          4,356
 Other income                                                                         80             80             83
 Administrative expenses                                                              (1,854)        (4,488)        (1,804)
 Profit from operating activities                                                     4,802          3,733          2,635
 Finance income                                                                       81             128            64
 Finance costs                                                                        (354)          (489)          (397)
 Foreign exchange                                                                     174            (1,401)        (476)
 Profit before tax                                                                    4,703          1,971          1,826
 Income tax expense                                                            15     (1,193)        (815)          (348)
 Profit for the period                                                                3,510          1,156          1,478
 Profit for the period attributable to:
 Owners of Parent                                                                     3,276          1,015          1,407
 Non-controlling interest                                                             234            141            71
                                                                                      3,510          1,156          1,478
 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                                540            2,232          (132)
 Total Exchange differences on translation                                            540            2,232          (132)
 Exchange differences relating to the

non-controlling interest
 (Losses)/Gains on exchange differences on translation                                16             (56)           (74)
 Total other comprehensive income that will be reclassified to profit or loss         556            2,176          (206)
 Total other comprehensive (expense)/income net of tax                                556            2,176          (206)
 Total comprehensive income                                                           4,066          3,332          1,272
 Comprehensive income attributable to:
 Comprehensive income, attributable to owners of parent                               3,276          3,247          1,275
 Comprehensive income, attributable to non‑controlling interests                      234            85             (3)
                                                                                      3,510          3,332          1,272
 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                                                      16     1.95           0.60           0.84
 Diluted earnings per share
 Diluted earnings per share                                                    16     1.91           0.60           0.83

The notes below are an integral part of this condensed consolidated interim
financial report.

 

Statements of Changes in Equity - Group

                                                                      Capital     Foreign             Attributable  Non-
                                                    Share    Share    Redemption  exchange  Retained  to owners of  controlling
 Figures in £'000                                   Capital  premium  reserve     reserve   income    the parent    interests    Total
 Balance at 1 July 2024                             1,678    11,562   53          (10,436)  16,530    19,387        1,080        20,467
 Changes in equity
 Profit for the year                                -        -        -           -         1,015     1,015         141          1,156
 Other comprehensive income                         -        -        -           2,232     -         2,232         (56)         2,176
 Increase (decrease) due to adjustments             -        -        -           -         (9)       (9)           -            (9)
 Total comprehensive income for the year            -        -        -           2,232     1,006     3,238         85           3,323
 Non-controlling interests in subsidiary dividend   -        -        -           -         -         -             (217)        (217)
 Funds received on the issue of equity              30       61       -           -         -         91            -            91
 Cost of share options issued                       -        -        -           -         112       112           -            112
 Audited Balance at 30 June 2025                    1,708    11,623   53          (8,204)   17,648    22,828        948          23,776

 

                                                                      Capital     Foreign             Attributable  Non-
                                                    Share    Share    Redemption  exchange  Retained  to owners of  controlling
 Figures in £'000                                   Capital  premium  reserve     reserve   income    the parent    interests    Total
 Balance at 1 July 2025                             1,708    11,623   53          (8,204)   17,648    22,828        948          23,776
 Changes in equity
 Profit for the year                                -        -        -           -         3,276     3,276         234          3,510
 Other comprehensive income                         -        -        -           540       -         540           16           556
 Total comprehensive income for the year            -        -        -           540       3,276     3,816         250          4,066
 Dividends paid to shareholders                     -        -        -           -         (350)     (350)         -            (350)
 Non-controlling interests in subsidiary dividend   -        -        -           -         -         -             (51)         (51)
 Unaudited Balance at 31 December 2025              1,708    11,623   53          (7,664)   20,574    26,294        1,147        27,441

The notes below are an integral part of this condensed consolidated interim
financial report.

 

Statements of Cash Flows

 Figures in £'000                                             Notes  Unaudited      Audited        Unaudited

                                                                     Group          Group          Group

                                                                     6 month        12 month       6 month

                                                                     period ended   period ended   period ended

                                                                     31 December    30 June        31 December

                                                                     2025           2025           2024
 Net cash flows from operations                                      948            7,215          745
 Finance cost paid                                                   (25)           (93)           (106)
 Finance income received                                             16             19             9
 Income taxes paid                                                   (828)          (1,127)        (450)
 Net cash flows from operating activities                            111            6,014          198
 Cash flows used in investing activities
 Loan issued to group entities                                       (45)           -              -
 Purchase of property, plant and equipment                           (725)          (1,533)        (861)
 Dividends received                                                  2              -              -
 Cash flows used in investing activities                             (768)          (1,533)        (861)
 Cash flows used in financing activities
 Repayment of capital portion of interest-bearing borrowings         -              (280)          (296)
 Additional lease liabilities obtained                               107            -              -
 Principal paid on lease liabilities                                 (163)          (482)          (273)
 Payment of dividend to non-controlling interest                     (51)           (217)          (61)
 Dividend paid                                                       (350)          -              -
 Funds received on the issue of equity                               -              91             -
 Cash flows used in financing activities                             (457)          (888)          (630)
 Net (decrease)/increase in cash and cash equivalents                (1,114)        3,593          (1,293)
 Cash and cash equivalents at beginning of the period                6,086          3,886          3,886
 Foreign exchange movement on opening balance                        (168)          (1,393)        176
 Cash and cash equivalents at end of the period               11     4,804          6,086          2,769

The notes below are an integral part of this condensed consolidated interim
financial report.

 

Notes to the Consolidated Financial Statements

1. General information

This condensed consolidated interim financial information does not comprise
statutory accounts within the meaning of section 434 of the Companies Act
2006. Statutory accounts for the year ended 30 June 2025 were approved by the
Board of Directors and have been delivered to the Registrar of Companies. The
auditors report on those accounts: their report was unqualified, did not draw
attention to any matters by way of emphasis and did not contain a statement
under section 498(2) or (3) of the Companies Act 2006.

2. Basis of preparation

Statement of compliance

The interim consolidated financial statements have been prepared in accordance
with IAS 34 Interim Financial Reporting and the AIM Rules for Companies and in
accordance with the accounting policies of the consolidated financial
statements for the year ended 30 June 2025. They do not include all
disclosures that would otherwise be required in a complete set of financial
statements and should be read in conjunction with the last annual report. The
consolidated financial statements have been prepared in accordance with UK -
adopted International Accounting Standards ("IAS") and the Companies Act 2006
as applicable to entities reporting in accordance with IAS; as applicable to
entities reporting in accordance with IFRS.

Going concern

The directors have assessed that the group is able to continue in business for
the foreseeable future with neither the intention nor the necessity of
liquidation, ceasing trading or seeking protection from creditors pursuant to
laws or regulations and thus have adopted the going concern basis in preparing
these financial statements.

The assessment of the going concern assumption involves judgement, at a
particular point in time, about the future outcome of events or conditions
which are inherently uncertain. The judgement made by the directors included
the availability of and the ability to secure material for processing at its
plants in South Africa and Ghana, the impact of loss of key management,
outlook of commodity prices and exchange rates in the short to medium term and
changes to regulatory and licensing conditions.

3. Significant accounting policies

The accounting policies applied in this condensed consolidated interim
financial report are the same as those applied in the Group's consolidated
financial statements as at and for the year ended 30 June 2025.

4. Property, plant and equipment

During the six months ended 31 December 2025, the Group acquired assets with a
cost, excluding capitalised borrowing costs, of £629,505 (six months ended 31
December 2024: £861,480; twelve months ended 30 June 2025: £1,533,000).

5. Intangible assets

Intangible assets at the end of the period relate only to goodwill which
relate to the investment held in Gold Minerals Resources Limited. The balance
is supported by the combined ongoing gold recovery operations in South Africa
and Ghana. During the six months ended 31 December 2025 the goodwill balance
has not been impaired (six months ended 31 December 2024: £nil; twelve months
ended 30 June 2025: £nil).

6. Investments in subsidiaries, joint ventures and associates

The amounts included on the statements of financial position comprise the
following:

 Figures in £'000              Unaudited     Audited Group  Unaudited

                               Group         30 June        Group

                               31 December   2025           31 December

                               2025                         2024
 Investment in joint ventures  1             1              1

7. Receivable on Kilimapesa sale

Receivable on Kilimapesa sale incorporates the following balances:

The receivable relates to the 1% net smelter royalty on production of
Kilimapesa up to a maximum of USD1,500,000.

 Figures in £'000    Unaudited     Audited Group  Unaudited

                     Group         30 June        Group

                     31 December   2025           31 December

                     2025                         2024
 Non-current assets  -             -              608
 Current assets      -             -              106
                     -             -              714

Other financial assets are recognised initially at the fair value, including
transaction costs. The asset will subsequently be measured at fair value and
are grouped into levels 1 to 3 based on the degree to which the fair value is
observable. The financial assets from the Kilimapesa sale has unobservable
inputs and is therefore included in level 3.

Included in the sales price of Kilimapesa is USD1,500,000 in future royalties
based on the amount of gold sold by the purchaser.

The amount of gold ounces sold will be dependent on various factors including
capital allocation, production and sales scheduling and capital availability
on Kilimapesa mine. We used forecasts available in the market as at end of the
year but actual results might vary.

8. Other loans and receivables

Other loans and receivables comprise the following balances

 Figures in £'000                      Unaudited     Audited Group  Unaudited

                                       Group         30 June        Group

                                       31 December   2025           31 December

                                       2025                         2024
 Aurelian Capital Proprietary Limited  143           127            154
 Green Coal Technologies receivable    60            14             15
                                       203           141            169

The R6 million Aurelian vendor loan receivable has no fixed payment terms and
is interest free. The 60 shares to which the loan relates are held by an agent
in an escrow account. Title to the shares will only be released once the
residual shares consideration has been discharged in full. The consideration
for the shares is to be received in the form of distributions to be made and
withheld by the company in lieu of the loan.

9. Inventories

Inventories comprise:

 Figures in £'000                        Unaudited     Audited Group  Unaudited

                                         Group         30 June        Group

                                         31 December   2025           31 December

                                         2025                         2024
 Raw materials                           1,689         1,590          1,965
 Consumable stores                       2,262         1,921          1,353
 Precious metals on hand and in process  13,083        11,367         11,738
                                         17,034        14,878         15,056

Inventories are initially recognised at cost, and subsequently at the lower of
cost and net realisable value. Cost comprises all costs of purchase, costs of
conversion and other costs incurred in bringing the inventories to their
present location and condition. Weighted average cost is used to determine the
cost of ordinarily interchangeable items.

10. Trade and other receivables

Trade and other receivables comprise:

 Figures in £'000                         Unaudited     Audited Group  Unaudited

                                          Group         30 June        Group

                                          31 December   2025           31 December

                                          2025                         2024
 Trade receivables                        15,180        8,123          4,624
 Provision for impairment of receivables  (27)          (25)           (28)
 Trade receivables - net                  15,153        8,098          4,596
 Sundry debtors                           1             1              1
 Prepaid expenses                         97            31             43
 Other receivables                        2,392         2,182          2,541
 Value added tax                          637           242            210
                                          18,280        10,554         7,391

11. Cash and cash equivalents

11.1 Cash and cash equivalents included in current assets:

 Figures in £'000     Unaudited     Audited Group  Unaudited

                      Group         30 June        Group

                      31 December   2025           31 December

                      2025                         2024
 Cash
 Balances with banks  4,806         6,088          2,772

11.2 Overdrawn cash and cash equivalents included in current liabilities

 Figures in £'000   Unaudited     Audited Group  Unaudited

                    Group         30 June        Group

                    31 December   2025           31 December

                    2025                         2024
 Bank overdrafts    (2)           (2)            (3)

12. Share capital

Authorised and issued share capital

 Figures in £'000   Unaudited     Audited Group  Unaudited

                    Group         30 June        Group

                    31 December   2025           31 December

                    2025                         2024
 Issued
 Ordinary shares    1,708         1,708          1,678
                    1,708         1,708          1,678
 Share premium      11,623        11,623         11,562
                    13,331        13,331         13,240

13. Provisions

Provisions comprise:

 Figures in £'000          Unaudited     Audited Group  Unaudited

                           Group         30 June        Group

                           31 December   2025           31 December

                           2025                         2024
 Environmental obligation  783           717            723

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 the mining lease. Quantum of Financial
Provisioning requires a detailed itemization of actual costs relating to the
premature closure, decommissioning and final closure and post closure
management. The Company makes use of an independent consultant to calculate
the detail itemized actual current costs for rehabilitation and to evaluate
any critical estimates and assumptions. The Quantum of Financial Provisioning
has been approved by the Department of Minerals Resources in South Africa. The
Company has insured the obligation and has ceded the proceeds from the policy
to the Department of Minerals Resources.

14. Trade and other payables

Trade and other payables comprise:

 Figures in £'000                Unaudited     Audited Group  Unaudited

                                 Group         30 June        Group

                                 31 December   2025           31 December

                                 2025                         2024
 Trade creditors                 4,611         6,527          3,179
 Anumso license accrual          369           369            369
 Accrued liabilities             13,374        6,001          8,334
 Invoice financing creditor      4,417         4,600          1,844
 Total trade and other payables  22,771        17,497         13,726

15. Income tax expense

Income tax expense is recognised based on management's best estimate of the
weighted average annual income tax rate expected for the full financial year
applied to the pre-tax income of the interim period. The tax charges for the
period arises in South Africa, Ghana and on declaration of dividends from
South Africa. The effective income tax rate in GPL was 25% (six months ended
31 December 2024: 7.73%), GRG was 25% (six months ended 31 December 2024: 15%)
and the withholding tax rate on dividends declared was 5% (six months ended 31
December 2024: 5%).

16. Earnings per share

Basic earnings per share

 Figures in £'000                                                               Unaudited     Audited Group  Unaudited

                                                                                Group         30 June        Group

                                                                                31 December   2025           31 December

                                                                                2025                         2024
 The earnings and weighted average number of ordinary shares used in the
 calculation of basic earnings per share are as follows:
 Profit for the year attributable to owners of the company                      3,276         1,015          1,407
 Earnings used in the calculation of basic earnings per share for continuing    3,276         1,015          1,407
 operations
 Weighted average number of ordinary shares used in the calculation of basic    168,435       168,435        167,783
 earnings per share ('000s)
 Weighted average number of ordinary shares used in the calculation of diluted  171,756       169,106        169,340
 earnings per share ('000s)

17. Segment information

17.1 Segment revenues

 Figures in £'000                    Total segment

                                     revenue
 Period ended 31 December 2025
 South African Recovery Operations   28,405
 West African Recovery Operations    16,746
 South American Recovery Operations  494
 Administration and Other            (494)
 Group revenue                       45,151
 Period ended 30 June 2025
 South African Recovery Operations   22,349
 West African Recovery Operations    34,318
 South American Recovery Operations  1,330
 Administration and Other            (1,330)
 Group revenue                       56,667
 Period ended 31 December 2024
 South African Recovery Operations   10,367
 West African Recovery Operations    18,614
 South American Recovery Operations  616
 Administration and Other            -
                                     29,596

17.2 Other incomes and expenses

 Figures in £'000                               Depreciation  Finance  Finance income  Segment         Taxation

                                                              cost                     profit/(loss)

                                                                                       before tax
 Year ended 31 December 2025
 South African Recovery Operations              (320)         (161)    80              3,378           (896)
 West African Recovery Operations               (145)         (21)     -               1,237           (209)
 South American Recovery Operations             (5)           -        (24)            213             (31)
 Administration                                 -             (15)     (5)             547             (57)
 Intercompany trade and consolidation journals  -             14       -               (673)           -
 Total other incomes and expenses               (470)         (183)    51              4,702           (1,193)
 Period ended 30 June 2025
 South African Recovery Operations              (685)         (292)    212             1,679           (173)
 West African Recovery Operations               (187)         (1,437)  (142)           2,261           (504)
 South American Recovery Operations             (3)           (1)      5               (39)            (64)
 Administration                                 -             (84)     94              749             (403)
 Intercompany trade and consolidation journals  -             (39)     (78)            (2,678)         329
 Total other incomes and expenses               (875)         (1,853)  91              1,972           (815)
 Period ended 31 December 2024
 South African Recovery Operations              (305)         (126)    113             832             (76)
 West African Recovery Operations               (70)          (620)    (78)            1,456           (249)
 South American Recovery Operations             -             -        (1)             163             (37)
 Administration                                 -             (54)     (35)            409             (315)
 Intercompany trade and consolidation journals  -             79       (49)            (1,034)         329
 Total other incomes and expenses               (375)         (721)    (50)            1,826           (348)
 Adjustment for movement in provisions          66            -        -               -               -

 

 

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