REG - Goldplat plc - Audited Results for the year ended 30 June 2025
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RNS Number : 4758L Goldplat plc 15 December 2025
Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration
15 December 2025
Goldplat plc
('Goldplat', the 'Group' or 'the Company')
Audited Results for the year ended 30 June 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 audited results for the year ended 30 June 2025.
Goldplat continued to achieve profitable trading results and maintain a good
cash balance during the year ended 30 June 2025, considering the changes in
the operating environment in Ghana.
· Revenue decreased by 22% to £56.7m (2024: £72.7m)
· Operating profit decreased by 61.8% to £3.7m (2024: £9.8m)
· Adjusted profit before tax* decreased by 55.2% to £2.7m (2024:
£6.0m)
· Profit for the year decreased by 73.2% to £1.2m (2024: £4.3m)
· Robust cash generation with net cash flows from operating
activities of £6.0m (2024: £3.9m)
· Cash and cash equivalents increased to £6.1m (2024: £3.9m)
· EPS decreased by 76.1% to 0.60p (2024:2.51p)
* The adjusted profit before tax excludes the Kilimapesa impairment of £714k.
Werner Klingenberg, CEO of Goldplat commented: "Considering the operational
challenges during the year, specifically business model changes required in
Ghana, I am pleased with the trading results achieved by the Group this year
and the Board are confident in the foundational work which continues to be
done.
Looking forward to the next financial year, I believe Goldplat can build on
current operational performances, through increase of supply and progressing
processing of the TSF and we look forward to reporting on our progress
throughout 2026."
The Company's annual report and accounts will be available on the Company's
website at http://www.goldplat.com/downloads
(https://protect-za.mimecast.com/s/-fo7CxGjMnf1053s8AJgf?domain=goldplat.com)
and hard copies will be posted by 19 December 2025 to shareholders that
have elected to receive printed copies.
As announced on 3 December 2025, Resolution 1 to be put to shareholders at the
Annual General Meeting of the Company being held on 29 December 2025, to
receive the report of the Directors of the Company and the audited financial
statements of the Company for the year ended 30 June 2025, will be adjourned
in order to give shareholders the requisite notice. The date of the adjourned
meeting will be confirmed in due course.
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 Grant Thornton UK LLP Tel: +44 (0) 20 7383 5100
(Nominated Adviser)
James Bavister / Andrew de Andrade Zeus Tel: +44 (0) 203 829 5000
(Broker)
Tim Thompson / Alison Allfrey Flagstaff Strategic and Investor Communications Tel: +44 (0) 207 129 1474
/ Fergus Mellon 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 PLC's precious metals processing facilities continued to achieve
profitable trading results during the year ended 30 June 2025.
Our portfolio of core assets consists of two gold recovery operations, in
South Africa and Ghana, servicing the African and South American markets, with
plans to extend recovery operations to Brazil. These operations recover gold
and platinum group metals ('PGM') from by-products of current and historical
mining processing, thereby providing mines with an environmentally friendly
and cost-efficient way of removing waste material.
Goldplat PLC ("the Company" or "Goldplat") and its subsidiaries, together
referred to as "the Group", delivered another profitable year with a profit of
GBP1,156,000 (2024 - GBP4,322,000) supported by a higher average gold price
during the year of USD2,812/oz (2024 - USD2,076/oz). The reduction in profit
from the previous year was mainly driven by changes in our Ghana operations,
where the previous year's results were supported by strong supply, during the
current period the Ghanian operation went through a change in business model
to address the preference of the authorities in Ghana being on local
beneficiation of concentrate requiring additional plant to process the gold
bearing material on site as well as changes to the existing plant. The profit
was further impacted by the impairment of the receivable on the sale of
Kilimapesa to the value of GBP714,000.
This resulted in a return on invested capital (Profit after Taxation divided
by Total Equity) of 4.9% (2024 - 21.1%). Cash generation across the Group
continued to be robust with net cash flows from operating activities of
GBP6,014,000 (2024 - GBP3,872,000) and net year end cash of GBP6,086,000 (2023
- GBP3,886,000).
The results achieved continue to indicate the resilience of our operations and
team as well as the diversity in our markets and products with the changes in
business model in Ghana and continued reduction in supply in South Africa
being offset by strong supply out of South America.
We remain focused on long term visibility of earnings in the recovery
businesses by increasing visibility of resources through the strengthening of
partnership relationships and improved processing methods. At the same time,
we are positioning ourselves as a service group focused on key elements of
primary producers' Environmental, Social and Governance (ESG) initiatives. Our
key focus will remain on extracting value from gold bearing by-products whilst
we investigate broadening the commodity spaces in which we operate and add
value.
After the financial period the Company started to return cash in the form of
dividends to shareholders and as indicated previously, the Company will
continue to return cash in excess of operating and development requirements to
shareholders. We will continue to evaluate this position on a quarterly basis,
and when appropriate, will distribute cash through either share repurchases or
dividends, whichever the Board believes will add the most value to our
shareholders at the point in time.
Goldplat has a pivotal role to play in the circular economy that extends from
the extraction of minerals to re-processing of what would typically be dumped
as waste materials, and to responsible mining and business practices that
underpin Goldplat as a sustainable partner for large mining groups.
As referred to in the Strategic Report, the business has adopted certain
sustainability reporting principles in the current year including profiling
material matters through the application of double materiality and linking
these material issues to strategic responses and performance metrics.
As a starting point, we have conducted materiality assessments to identify
where our highest level of sustainability impact could be and in turn, linking
these matters to our strategic response, policies and performance management.
We are committed to creating measurable value for all our stakeholders towards
a just and sustainable socio-economically future.
Goldplat will continue developing its integrated sustainability strategy and
reporting practices. This process is ongoing, and the Board will continue to
monitor our obligations and make sure that we meet or exceed expectations as
we continue to create and preserve value for all our stakeholders.
We look forward to continuing to build on the successes of the past few years
and increasingly realising and growing the intrinsic value of Goldplat. I wish
to thank all Goldplat employees, as well as my fellow directors, our advisors,
our shareholders, as well as all of our other stakeholders for their efforts
as we look forward to the coming years with enthusiasm.
Gerard Kisbey-Green
Chairman
12 December 2025
CEO Report
Overview of operations
Goldplat is a mining services company, specialising in the recovery of gold
and other precious metals, from by-products, contaminated soil and other
precious metal bearing material from mining and other industries. Goldplat has
a pivotal role to play in the circular economy that extends from the
extraction of minerals to re‑processing of what would typically be dumped as
waste materials. Goldplat has two market leading operations in South Africa
and Ghana focused on providing an economic method for mines to dispose of
waste materials while at the same time adhering to their environmental
obligations.
Goldplat has been providing these services for more than 20 years, mainly to
the mining industry in Africa, but more recently also in South America.
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's recovery operations recover circa 2,000 ounces (of gold and other
metals) monthly through various circuits and under different contracts. The
number of ounces is dependent on the type and volume of material supplied and
the grade, recovery, margins and terms of contracts and can differ
significantly based on the nature of the material supplied and processed. We
estimate that at a minimum, 70% of material produced is exposed to the
fluctuation in gold price, with the remainder of the production being offset
by corresponding changes in raw materials costs. Due the factors mentioned
above, margins tend to fluctuate month to month.
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 Southern Africa, West Africa, South
America and further afield;
· strengthening its license to operate in the jurisdictions in which it
operates;
· forming strategic partnerships with other industry participants;
· leveraging its role in the circular economy including by diversifying
into processing of platinum group metals ("PGM") and other commodities'
contaminated material;
· ensuring the sustainability of its operations from an environmental,
social and governance perspective; and
· optimising the value to be extracted from the processing of its
2.2-million-tonne 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.
The Group follows the responsible gold guidelines as set-out by the London
Bullion Mark Association ("LBMA") and our processes are audited on a bi-annual
basis, to provide further comfort to its suppliers, partners and customers.
The last audit was completed in September 2025 and covered the period
1 January 2023 to 31 December 2024. Audit Report available on request.
Goldplat has a JORC defined resource (see the announcement dated 29 January
2016 for further information) over part of its active TSF at its operation in
South Africa of 1.43 million tonnes at 1.78g/t for 81,959 ounces of gold.
Since the resource estimate was completed, more than 800,000 tonnes of
material have been deposited on the TSF, at grades of circa 1.45g/t.
Operating results
The recovery operations continue to deliver profitable results, albeit 75.9%
lower than previous financial period, with profit after tax attributable to
owners of the Company of GBP1,015,000 (2024 - GBP4,208,000). These are
considered the key performance measures of the Group.
The Group has been focused on the recovery operations to increase visibility
of earnings through:
· Growing its customer base and its raw material supply on site;
· Securing its licenses to operate through maintaining licenses and
contained conditions;
· Getting necessary approvals for the processing of our TSF in South
Africa;
· Securing and extending our role in the circular economy by expanding
our business into other commodities.
Growing the customer base
During the year the Group secured additional supply of material in Ghana from
South America, whilst retaining all major woodchips and byproduct suppliers.
We received low-grade surface sources for processing through our CIL circuits
in South Africa mainly from two suppliers during the period. Through the
agreement with one of the suppliers in previous years, we have been able to
create a greater visibility of supply of future material as well as reduce the
amount of low-grade surface sources on site and their cash impact. The nature
of the materials to be removed will vary in terms of the gold grade contained
and the recoverability of the gold contained through our circuits. The
analysis and processing of these materials to date have indicated that it will
be viable to remove and process at current costs and price parameters.
However, the potential supply from this one supplier which is for more than
three years, remains dependent on grade of gold contained, recoverability of
the gold contained, costs and price parameters. We are also engaging other
suppliers to increase visibility of supply.
Securing pipeline and developing alternative reclamation resources Units 2025 2024
Product type South Africa Ghana South America South Africa Ghana South America
Low-grade surface sources Number 4 0 0 4 0 0
Woodchips Number 12 0 0 8 0 0
By-products Number 18 7 9 11 7 6
The percentage contribution from different feed products to operating margins
in South Africa fluctuates from month to month and contribution from each has
been changing. In the past, on average each product type contributed a third
of the margins for Goldplat Recovery SA ("GPL"), highlighting each product's
significance to the operations. Although the contribution always fluctuates,
we have seen a decline in value of by-products and specifically woodchips
received from industry which has resulted in a reduction in turnover &
margins in South Africa. In Ghana, Gold Recovery Ghana ("GRG") margin is
derived only from the different types of by-products generated by current
mining activities.
Although GPL has retained all contracts during the year, 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 woodchips and by-products received.
As a result, GPL's focus is to increase its share of the market in South
Africa, securing the business of those major mining groups in South Africa it
is not servicing currently and looking to neighbouring countries to supplement
current feedstock (although production in these countries is limited).
The focus in Ghana is on providing the best local beneficiation solution for
Ghana primary mining industry. Ghana's efforts to open up the West African
market have slowed due to export of gold concentrate being stopped by the
authorities of a few countries. The Group continues to investigate and
research different types of discard and waste sources from industry to
increase the flexibility in the types of material it processes. The reduction
in supply is as a result of less material received out of other West African
countries. What is not visible on the above table is that more material out of
South America was processed in Ghana during previous period, with most going
to South Africa during the period under review.
Supply out of South America is still being processed at our operations in
Africa, mainly in South Africa. Supply remains strong, although most of the
volume remains linked to one client. We have increased the number of clients
during the period and our focus remains to retain and increase our customer
base, and to offer local processing solutions. As a result, the Group acquired
land in South America in the previous financial year and have invested
GBP78,000 to put in place some initial operational plant capacity to provide
solutions for lower grade material not possible to process at our other plants
due to the cost of transport to those facilities. The first phase will be
completed by December 2025 although we still need to have certain licenses in
place before operations can start.
License to operate
Due to the nature of the recovery services the Group provides and the
commodities we recover, we require various licenses to operate and need to
comply with the conditions of these licenses.
During the year the Group continued to invest the necessary funds to maintain
these licenses and to ensure our operations comply with these licenses.
The Department of Water and Sanitation of the Republic of South Africa
authorised the water use license of GPL during June 2022 which includes the
extraction and use of water in its recovery processes and the impact of its
disposal of tailings on a new TSF, according to the conditions set out in the
license, which is valid for 12 years. This has enabled GPL to construct a new
TSF that will provide an additional five years of deposition capacity.
Towards the end of the previous financial period, it became clear that the
focus and preference of the authorities in Ghana is on local beneficiation of
concentrate. This has necessitated our business in Ghana to start recovering
gold in concentrates locally in the form of dore bars, which can then be sold
to international refiners. To increase capacity and processes to do this
required an investment of circa GBP763,000 during 2025 and approval of
processes and plant by the Environmental and Mining Departments which has been
obtained.
Set out below is a summary of some of the major licenses required by
operations to operate in current jurisdictions:
License to operate Valid until 2025 2024
South Africa Ghana South Africa Ghana
Current licenses November 2040 Precious Metals Precious Metals
Refining License* Refining License*
January 2029 Air Emissions License Air Emissions License
Expired Mining Right Mining Right
(expired* May 2023) (expired* May 2023)
Annual Radio-active License Radio-active License
2034 Water Use License Water Use License
Annual Precious Metals Precious Metals
Import Permit Import Permit
Annual Precious Metals Precious Metals
Export Permit Export Permit
Annual Ghana Freezone Ghana Freezone
Authority Authority
May 2026 Minerals Commission Minerals Commission
-License to Purchase -License to Purchase
and Deal in Gold and Deal in Gold
18 December 2025 Environmental Environmental
Protection Authority Protection Authority
License** License
New application Waste License Waste License
* GPL is conducting its operations under a Precious Metals Refining
License which expires in November 2040. GPL does not have an identified
mineral deposit and does not extract any ore from a mineral deposit. We have
applied to the relevant Government authorities to convert the existing
environmental management plan in place to an integrated environmental
authorization and waste management license. We have received a response that
no change is required from us at this point. However for clarity, we are still
pursuing the change to an integrated environmental authorization and waste
management license.
** GRG has applied for the renewal of the Environmental Protection
Authority License. It is expected to be renewed by mid December.
Circular economy
Goldplat has a pivotal role to play in the circular economy that extends the
extraction of minerals to re‑processing of what would typically be dumped as
waste materials. It also extends to responsible mining and business practices
that underpin Goldplat as a sustainability partner for large mining groups.
During the year all of our operating profit was derived from the processing of
discards or waste materials from historic or current mining activities.
Goldplat believes that it can extend this pivotal role it is participating in
the circular economy to the gold industry in South America and into other
commodities.
We still hold a strategic 15% shareholding in a fine coal recovery technology
company. Goldplat has an option to invest an additional GBP1.5m, which will
increase our shareholding in that business to above 50%. This investment would
be used to operationalise the technology through the construction of a fine
coal washing plant in Mpumalanga, South Africa. This option would provide us
diversification in our recovery operations into a different commodity, namely
coal, of which significant resources are available in South Africa, with
opportunities not just for processing but also for environmental
rehabilitation. Based on management's evaluation, although the project remains
feasible, we do not believe the timing is correct to make this investment
given our current focus on increasing cash availability and shareholder
return.
Tailings Facility
The new TSF at GPL was constructed adjacent to the current TSF and was
completed in August 2023 and commissioned during the year. The new TSF has
sufficient capacity to store the tailings we will produce in our current
operations for a further four years.
The new TSF has been constructed by using regulated synthetic liner and design
drainage which should enable a greater quantity of process water to be re-used
in the plant and reduce seepage and contamination of ground water.
The new TSF allows us to divert all deposition from the current facility,
which will provide us with the ability to use the current facility to recover
the JORC resource through DRDGOLD Limited ("DRDGOLD"). The processing of our
old TSF remains dependent on land owner consent and the approval of the water
use license over certain areas for the installation of a pipeline to the
DRDGOLD process facility.
DRDGOLD and Goldplat Plc are currently in the process of evaluating different
variables that will impact on the processing of the TSF, as well as the
commercials of doing so; this process will be completed alongside the water
use license. To enable us to process the current TSF through a DRDGOLD
facility, we will require landowner consent, approval to install a pipeline to
this DRDGOLD processing facility (as indicated in paragraph above) and will
need to finalise commercial agreements with DRDGOLD.
Electricity Supply
During the year, the South African operation lost circa 1.9% (2024: 11%) of
its production hours due to electricity supply outages. The improved supply of
electricity assisted in more continuity of lower grade circuits.
During the previous period, because of uncertainty of electricity supply in
the medium term, we invested in the diesel generators which will be able to
sustain operations in South Africa during electricity cuts. The capital cost
of this investment was GBP812,000 and was financed over 36 months with one of
our local banks. The investment continues to provide us with assurance of
supply, although electricity supply has improved significantly.
Anumso Gold Project - Ghana ('AG')
The gold mining license under the Anumso Gold ('AG') project expired during
March 2021 and was not 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 operation during the 2021 year. In that year we
were informed that mineral right fees since 2013 were outstanding, which is
still being disputed. None of the joint venture partners intend to capitalise
the AG project to settle the claim and current AG liabilities exceed its
assets by the minerals right fees outstanding. The Company's share of
outstanding minerals right fees is GBP369,000 and this has been accrued in
prior years.
Outlook
Our focus during the year has been, and will continue to be:
· increase our market share in South Africa and increase our client
base in neighbouring countries;
· to agree commercial terms on the reprocessing of the TSF with DRDGOLD
and finalise the regulatory requirements to allow us to pump material through
a pipeline to the DRDGOLD facility;
· expand local beneficiation in Ghana;
· to reduce the cost of production, specifically on our CIL circuits in
South Africa;
· to open up and expand our market share in West Africa and into the
rest of Africa;
· to acquire land in Brazil, and expand our service delivery,
specifically on lower grade material in Brazil and elsewhere in South America;
· 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 any cash surplus (above Group's operational
requirements and growth plans) to shareholders. After the end of the period,
most cash has been used to sustain inventory levels in Ghana, whilst we
increase our local beneficiation capacity.
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 continue investing capital
into processing PGM's.
We are working with DRDGOLD to find the most economic methods 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 seek materials in wider
geographic areas. We shall also keep looking beyond our current recovery
operations for further opportunities to apply our skillsets and resources.
Short-term Medium-term Long-term
(2025 - 2026) (2027 - 2029) (2030 and beyond)
· Invest and improve local beneficiation solutions of · Approval of landowners and authorities for construction of pipeline · Diversifying into other materials and commodities;
gold concentrates in Ghana. required for processing of old TSF through DRDGOLD.
· Expand our service delivery in South America.
· Increase market share in South Africa.
· To reduce the of cost of production, specifically on our CIL circuits
in South Africa.
Conclusion
The last few years have seen many changes in Goldplat's business as we have
set out to increase sustainability and growth of our recovery operations. I
would like to tribute to Goldplat's employees, its advisors, my fellow
directors and the Company's shareholders not just for their efforts and
support, but for their resilience and how they have embraced the changes and
remained focused on the opportunities they bring. This year we continue to see
the benefit of these changes and the Board is looking forward to building on
this year's successes, creating opportunities from the ever-changing
environment and returning value to shareholders.
Werner Klingenberg
Chief Executive Officer
12 December 2025
CFO Report
Financial Highlights
· Revenue decreased by 22.0% to GBP56.7m (2024 - GBP72.7m)
· Operating profit decreased by 61.8% to GBP3.7m (2024 - GBP9.8m)
· Net cash and cash equivalents increased to GBP6.1m (2024 - GBP3.9m)
Overview
Goldplat experienced a difficult year with the Ghana subsidiary going through
a business model change as the Ghanaian Government stopped the export of all
gold bearing material and required all material to be beneficiated in-country.
The South African operation continued to see a reduction in by-product
material supply but production remained stable due to continuous improvement
initiatives to improve recoveries.
Revenue decreased by 22.0% to GBP56,667,000, due to lower gold sold sales
driven mainly by the business model change in Ghana and a decrease in
high-grade low-margin batches processed in Ghana which were slightly offset by
an increase in the average gold price during the year to USD2,812/oz (2024 -
USD2,076/oz).
The margins of the Group depend upon the volume, quality and type of material
received, the metals contained in such material, processing methods required
to recover the metals, the final recovery of metals from such material, the
contract terms, metals prices and foreign currency movements. During the year,
the gross profit margin decreased to 14.4%.
The table below on the operating performance of Goldplat (excluding foreign
exchange gains & losses, finance cost and taxes) reflects the ability of
the recovery operations in South Africa and Ghana to produce profitably at
various gold prices and production levels for the last 5 years.
2025 2024 2023 2022 2021
Average Gold Price per oz in US$ for the year 2,812 2,076 1,829 1,833 1,846
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 56,667 72,691 41,881 43,222 35,400
Gross Profit 8,141 12,843 7,422 9,994 6,199
Other Income/(Loss) 80 38 (96) 53 56
Administrative Costs 4,488 3,110 3,021 2,332 1,694
Operating Profit Before Finance Costs 3,733 9,771 4,305 7,715 4,561
Financial review
The major functional currencies for the Group subsidiaries are the South
African Rand (ZAR) and the Ghana Cedi (GHS) whilst the presentation currency
of the Group is Pounds Sterling (GBP). While the functional currency in Ghana
is the GHS, the majority of the revenue and cost of sales is United States
Dollar (USD) denominated that is converted into GHS. 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 GBP.
As set out in the table below, the average GHS weakened against the Pound
Sterling by 20.1%. The exchange rates as at the end of the year are used to
convert the balance in the Statement of Financial Position. As set out in the
table below, the ZAR closing rate depreciated and GHS closing rate appreciated
by -5.8% and 26.4% respectively, which resulted in the GBP1,401,000 loss on
exchange differences on translation during the year.
2025 2024 Variance
GBP GBP %
South African Rand (ZAR) Average 23.52 23.57 0.2%
Ghanaian Cedi (GHS) Average 18.93 15.76 -20.1%
South African Rand (ZAR) Closing 30 June 2025 24.36 23.02 -5.8%
Ghanaian Cedi (GHS) Closing 30 June 2025 14.23 19.32 26.3%
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 our sales are recognised. The average exchange rates for the year used in
the conversion of operating currencies against the USD during the year under
review are set out in the table below:
2025 2024 Variance
USD USD %
South African Rand (ZAR) Average 18.18 18.72 2.9%
Ghanaian Cedi (GHS) Average 14.81 12.51 -18.4%
Personnel
Personnel expenses increased by 7.5% to GBP5,684,000 (2024 - GBP5,289,000)
during the year mainly due to the annual salary increases in South Africa and
Ghana. We spent a total of GBP111,000 on various training programmes for our
personnel.
Net finance costs
The net finance loss for the year can be broken down into the following:
2025 2024
Interest component GBP GBP
Interest receivable 128,000 102,000
Interest payable (402,000) (218,000)
Interest on pre-financing of sales (88,000) (1,604,000)
Intercompany foreign exchange income/loss (167,000) (18,000)
Operating foreign exchange losses (1,233,000) (2,040,000)
Net Finance Costs (1,762,000) (3,778,000)
Net finance costs decreased to GBP1,762,000 (2024 - GBP3,778,000) during the
year as a result of:
Decrease in foreign exchange losses in operations from GBP2,040,000 to
GBP1,233,000. During the current year we had a smaller foreign exchange loss
in Ghana due to the appreciation of the GHS against the USD during that year.
As we pre-finance a portion of our sales to the smelters, the exchange rate on
the day we receive most of our funds was lower than the exchange rate on the
day we recognise the sale in our records.
The interest payable on borrowings relates to the buy-back of the minority
share in GPL during the previous years and borrowings for the generators
purchased in 2024.
Taxation
During the year the income tax expense decreased by 51.2%. The effective tax
rate increased from 27.9% to 41.3%, which was driven by the following:
Ghana:
· Decrease in GRG profits before taxation from GBP5,234,000 to
GBP2,213,000.
· GRG is registered as a Free Zone company in Ghana and was taxed at
15% (2024: 15%) during the year.
South Africa:
· Increase in the mining taxation rate from 0% for GPL, to 9.9%, due to
a change in the mining tax rate formula and a decrease in taxable mining
profits; and
· GPL incurred non-mining taxable income relating to interest on the
GMR intercompany loan which was charged at the South African Company Tax rate
of 27%.
During the year, the dividend from GPL to the Company incurred a withholding
dividend taxation charge of 5%. The withholding dividend tax for the year was
GBP148,000 (2024 - GBP58,000).
Other comprehensive income
During the year the Group experienced a gain in foreign exchange translation
reserve of GBP2,176,000 and was primarily made up of:
· Foreign exchange translation gain in GRG of GBP2,786,000 as a result
of the appreciation of the GHS during the year against the GBP by 26.3%; and
· Foreign exchange translation loss in GPL of GBP590,000 as a result of
devaluation of the ZAR during the year against the GBP by 5.8%.
Property, plant & equipment
During the year we spent GBP1,533,000 on the acquisition and construction of
plant and equipment, mainly at GRG in Ghana.
We incurred GBP476,000 in GPL, with the main contributors to the capital
expenditure in the current year being capital incurred on the Kiln #1 project
of GBP248,000.
We incurred GBP980,000 in GRG, of which GBP763,000 related to the new milling,
gravity and flotation circuits required by the business model change.
Intangible Assets
The intangible assets relate to the goodwill on the investment held in Gold
Mineral Resources Limited ("GMR") and GPL. 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 note 5 of the financial
statements.
Right-of-use asset
The right-of-use assets decreased during the year by GBP231,000 (2024 - GBP
652,000). The primary reason for the decrease is due to depreciation with a
value of GBP108,000 and transfers to property, plant and equipment of
GBP93,000 in GPL.
The remainder of the changes relate to foreign exchange movements as indicated
in note 17 of the financial statements.
Receivable on Kilimapesa sale
GMR is entitled to receive a further 1% net smelter royalty on all production
from Kilimapesa up to a maximum of $1,500,000, on any future production from
Kilimapesa. As at year end, the carrying amount of the Kilimapesa royalty
receivable was fully impaired due to significant deterioration in the
counterparty's creditworthiness and the expected non-recovery of the full
contractual amount. Refer to note 7 of the financial statements.
Loan receivable
As part of the repurchase of the minority's share of GPL in the 2022 year,
shares were issued to a new minority in South Africa, Aurelian, a portion of
which is payable from dividend proceeds. The balance outstanding is
GBP127,000.
Inventories
The increase of GBP2,794,000 in the inventory balance, relates mainly to an
increase of GBP2,188,000 in inventory at GPL.
2025 2024
GBP GBP
Precious Metals on Hand and in Process 11,367,000 9,038,000
Raw Materials 1,590,000 1,874,000
Consumable Stores 1,921,000 1,172,000
14,878,000 12,084,000
The increase in GPL inventory relates mainly to precious metals on hand in the
current financial year.
The raw material stock is only held in South Africa, and relates to the
low-grade material processed through our Carbon-In-Leach ('CIL') circuits.
With the agreement reached with DRDGOLD, by which we can remove and process
materials on DRDGOLD premises, we have not just increased the availability of
raw material for processing, but also put GPL in a position to operate with
lower levels of raw materials at our premises.
Trade and other receivables
The Group's trade and other receivables fluctuates based on grade and volume
of batches and material processed during different periods of the year in the
two operating entities.
Apart from the gold bullion produced in Ghana and South Africa, on which
payment is received within 8 days, for the remainder of the concentrates we
produce, the payment terms on average are between 4 to 6 months.
During the year, the trade and other receivables decreased by GBP11,150,000 of
which GBP12,459,000 relates to a decrease in GRG as gold bearing material is
no longer exported and dore bars are exported for which we receive payment
within 8 days. GPL increased by GBP1,310,000 due to an increase in exports
towards the end of the year.
Deferred tax liabilities
The deferred tax liabilities decreased during the year from GBP616,000 to
GBP441,000. The tax rate increased from the previous year.
Interest bearing borrowings
In 2022, GPL entered into a ZAR denominated bank facility of ZAR 60 million
(approximately GBP3.02 million) with Nedbank, to finance the repurchase of
shares from minorities in South Africa. The full ZAR 60 million was drawn
during the first half of the prior year and the principal on the bank facility
is repayable monthly over 36 months. The interest payable on the facility is
the South African Prime Rate plus 1.75%. The facility was settled in October
2024.
Refer to note 16 of the financial statements for further disclosure.
Trade and other payables
The decrease in trade and other payables of GBP8,447,000, was mainly due to
the business model change in Ghana and no longer pre-financing material.
In general, we pay our suppliers before we recover the value from material
processed and delivered to smelters or refiners. Suppliers are either paid in
full or a percentage of the balance is paid with the balance retained until we
receive our final results from refiners or smelters. We receive external
funding for material delivered to smelters to finance this gap between
receipts and payments.
Conclusion
Looking forward, we expect inventory, trade and other payables and trade and
other receivables to remain stable and potentially decrease in Ghana as we
process low grade material currently in stock.
Goldplat will continue to critically review and assess its cost structures and
remain focused on generating cash to fund our capital spend on compliance
projects as well as creating value for our shareholders. An interim dividend
of 0.01171 pence per share was declared on 14 November 2025 to be paid on 19
December 2025.
Brent Doster
Chief Financial Officer
12 December 2025
Statement of Financial Position - Group
Group Group
Figures in £'000 2025 2024
Assets
Non-current assets
Property, plant and equipment 6,384 5,481
Right-of-use assets 773 1,004
Intangible assets 4,664 4,664
Investment in subsidiary or associate 1 1
Unlisted investments 1 1
Receivable on Kilimapesa sale - 610
Other loans and receivables 119 159
Total non-current assets 11,942 11,920
Current assets
Inventories 14,878 12,084
Trade and other receivables 10,554 21,704
Receivable on Kilimapesa sale - 104
Other loans and receivables 22 21
Cash and cash equivalents 6,088 4,108
Total current assets 31,542 38,021
Total assets 43,484 49,941
Equity and liabilities
Equity
Share capital 1,708 1,678
Share premium 11,623 11,562
Capital Redemption Reserve 53 53
Retained income 17,648 16,530
Foreign exchange reserve (8,204) (10,436)
Total equity attributable to owners of the parent 22,828 19,387
Non-controlling interests 948 1,080
Total equity 23,776 20,467
Liabilities
Non-current liabilities
Provisions 717 742
Deferred tax liabilities 441 616
Lease liabilities 240 518
Loan from group company - -
Total non-current liabilities 1,398 1,876
Current liabilities
Provisions - 329
Trade and other payables 17,497 25,944
Current tax liabilities 560 394
Interest bearing borrowings - 296
Lease liabilities 251 413
Bank overdraft 2 222
Total current liabilities 18,310 27,598
Total liabilities 19,708 29,474
Total equity and liabilities 43,484 49,941
Statement of Profit or Loss and Other Comprehensive Income - Group
Group Group
Figures in £'000 2025 2024
Revenue 56,667 72,691
Cost of sales (48,526) (59,848)
Gross profit 8,141 12,843
Other income / (loss) 80 38
Administrative expenses (4,488) (3,110)
Profit from operating activities 3,733 9,771
Finance income 128 102
Finance costs (1,890) (3,880)
Profit before tax 1,971 5,993
Income tax expense (815) (1,671)
Profit for the year 1,156 4,322
Profit for the year attributable to:
Owners of Parent 1,015 4,208
Non-controlling interest 141 114
1,156 4,322
Other comprehensive loss net of tax
Exchange differences on translation relating to the parent
Gains / (losses) on exchange differences on translation 2,232 (1,081)
Total Exchange differences on translation 2,232 (1,081)
Exchange differences relating to the non-controlling interest
Losses on exchange differences on translation (56) 38
Total other comprehensive income / (loss) that will be reclassified to profit 2,176 (1,043)
or loss
Total other comprehensive income / (loss) net of tax 2,176 (1,043)
Total comprehensive income / (loss) 3,332 3,279
Comprehensive income / (loss) attributable to:
Comprehensive income / (loss), attributable to owners of parent 3,247 3,128
Comprehensive income, attributable to non-controlling interests 85 151
3,332 3,279
Earnings per share attributable to owners of the parent during the year
Basic earnings per share
Basic earnings per share 0.60 2.51
Diluted earnings per share
Diluted earnings per share 0.60 2.49
Goldplat Brazil and Goldplat Peru both have 31 December year-ends and not 30
June.
Statement of Changes in Equity - Group
Figures in £'000 Share Capital Share premium Capital Foreign Retained income Attributable Non- Total
Redemption Reserve exchange reserve to owners of the parent controlling interests
Balance at 1 July 2023 1,678 11,562 53 (9,401) 12,328 16,220 1,033 17,253
Changes in equity
Profit for the year - - - - 4,208 4,208 114 4,322
Other comprehensive (loss)/income - - - (1,081) - (1,081) 38 (1,043)
Increase (decrease) due to adjustments - - - 46 (6) 40 - 40
Total comprehensive income/(loss) - - - (1,035) 4,202 3,167 152 3,319
Non-controlling interests in subsidiary dividend - - - - - - (105) (105)
Balance at 30 June 2024 1,678 11,562 53 (10,436) 16,530 19,387 1,080 20,467
Share Share Capital Redemption Foreign exchange Retained Attributable to owners of Non-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/(loss) - - - 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
Balance at 30 June 2025 1,708 11,623 53 (8,204) 17,648 22,828 948 23,776
Statement of Cash Flows - Group
Group Group
Figures in £'000 2025 2024
Net cash flows from operations 7,215 4,629
Finance cost paid (93) (128)
Finance income received 18 21
Income taxes paid (1,127) (650)
Net cash flows from operating activities 6,014 3,872
Cash flows used in investing activities
Loan issued to Green Coal Technologies Proceeds from sale of property, plant - (16)
and equipment
Proceeds from sale of property, plant and equipment - 4
Acquisition of property, plant and equipment (1,533) (923)
Cash flows used in investing activities (1,533) (935)
Cash flows used in financing activities
Payment of interest-bearing borrowings (280) (909)
Funds received on the issue of equity 91 -
Repayments of other financial liabilities - -
Repayment of leases (482) (259)
Payment of dividend by subsidiary to non-controlling interest (217) (105)
Cash flows used in financing activities (888) (1,273)
Net increase in cash and cash equivalents 3,594 1,664
Cash and cash equivalents at beginning of the year 3,886 2,781
Foreign exchange movement on opening balance (1,394) (559)
Cash and cash equivalents at end of the year 6,086 3,886
Accounting Policies
1. General information
Goldplat plc is a public company limited by shares domiciled and registered in
England and Wales.
The address of the Company's registered office is 6th Floor 99 Gresham Street,
London, England, EC2V 7NG. The Group primarily operates as a producer of
precious metals on the African continent.
2. Basis of preparation and summary of significant accounting policies
Statement of compliance
The consolidated and separate 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.
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,
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 Company's functional currency is
Pounds Sterling (GBP) as these currencies mainly influences sales prices and
expenses.
Hyperinflation (IAS29)
The Group assessed whether the Ghanaian economy should be treated as
hyperinflationary in accordance with IAS 29 Financial Reporting in
Hyperinflationary Economies. Although Ghana has exhibited elevated inflation,
the Group's Ghanaian operation, Gold Recovery Ghana Limited, conducts the
majority of its transactions in USD, with revenues and most major costs
denominated and settled in USD. GHS-denominated transactions represent only a
minor portion of total activity.
Given the predominance of USD-based operations and the absence of material
inflation-related distortions in GRG's financial reporting, management
concluded that IAS 29 is not applicable, and the financial statements of the
Ghanaian operation have not been restated for hyperinflation. The Group
continues to monitor economic conditions and will reassess this conclusion if
circumstances change.
Use of estimates and judgements
The preparation of the consolidated and separate financial statements in
conformity with UK - adopted IAS 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 GBP4,664,000 (2024: GBP4,664,000)
· Inventory - precious metals on hand and in process to the value of
GBP11,381,000 (2024: GBP9,038,000)
· Rehabilitation provision GBP717,000 (2024: GBP742,000)
· Useful economic lives
· Estimated revenue to the value of GBP18,269,000 (2024:
GBP17,660,000)
3. Share capital, premium and redemption reserve
3.1 Authorised and issued share capital
Group Group
Figures in £'000 2025 2024
Issued
Ordinary shares 1,708 1,678
1,708 1,678
Share premium 11,623 11,562
13,331 13,240
Group Group
Figures in £'000 2025 2024
Share reconciliation
Share Capital outstanding - beginning of the year 1,678 1,678
Issued 30 -
Share Capital outstanding - closing 1,708 1,678
Share Premium outstanding - beginning of the year 11,562 11,562
Issued 61 -
Share Premium outstanding - closing 11,623 11,562
3.2 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.
Capital Redemption Reserve
Portion of share capital repurchased by the Company.
4. Employee benefits expense
Group Group
Figures in £'000 2025 2024
Wages and salaries 4,864 4,708
Performance based payments 442 245
National insurance and unemployment fund 96 75
Skills development levy 45 41
Medical aid contributions 85 85
Group life contributions 87 66
Provident funds 65 69
Total 5,684 5,289
The average number of employees (including directors) during the year was:
Directors 7 7
Administrative personnel 52 44
Production personnel 405 423
464 474
Directors emoluments Executive Non-executive Total
2025
Wages and salaries 593 - 593
Fees - 136 136
Other benefits 99 - 99
Total 692 136 828
2024
Wages and salaries 253 - 253
Fees - 135 135
Other benefits 3 - 3
Total 256 135 391
Emoluments disclosed above include the following amounts to the highest paid
director:
2025 2024
Emoluments for qualifying services 333 190
The emoluments paid to key management personnel amounted to 2025: GBP696,000
(2024: GBP735,000).
5. Earnings per share
5.1 Basic earnings per share
The earnings and weighted average number of ordinary shares used in the
calculation of basic earnings per share are as follows:
Group Group
Figures in £'000 2025 2024
Earnings used in the calculation of basic earnings per share 1,015 4,208
Weighted average number of ordinary shares used in the calculation of basic 168,435 167,783
earnings per share
5.2 Diluted earnings per share
The earnings used in the calculation of diluted earnings per share are as
follows:
Group Group
Figures in £'000 2025 2024
Earnings used in the calculation of basic earnings per share 1,015 4,208
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 168,435 167,783
earnings per share
Adjusted for - Dilutive effect of share options 671 1,452
Weighted average number of ordinary shares used in the calculation of diluted 169,106 169,235
earnings per share
6. Related parties
6.1 Other related parties
Entity name 2025 Holding 2024 Holding
Gold Mineral Resources Limited 100% Direct 100% Direct
Goldplat Recovery (Pty) Ltd 91% Direct 91% Direct
Gold Recovery Ghana Limited 100% Indirect 100% Indirect
Anumso Gold Limited 49% Indirect 49% Indirect
Nyieme Gold SARL 100% Indirect 100% Indirect
Midas Gold SARL 100% Indirect 100% Indirect
Gold Recovery Brasil Recuperacao 100% Direct 100% Direct
Gold Recovery Peru SAC 100% Indirect 100% Indirect
GRG Tolling Ltd 100% Indirect 100% Indirect
Goldplat Shared Services (Pty) Ltd 100% Indirect 0% Indirect
Major inter-company transactions
Nature of transaction 2025 2024
Goldplat Recovery to Gold Recovery Ghana Goods, equipment and services supplied 485 412
Goldplat Recovery to Gold Mineral Resources Goods, equipment and services supplied - -
Goldplat Recovery to Gold Recovery Brazil Goods, equipment and services supplied 460 -
Goldplat Recovery Ghana to Gold Recovery Brazil Goods, equipment and services supplied 852 -
Goldplat Recovery Ghana to Gold Recovery Peru Goods, equipment and services supplied 269 -
Goldplat Recovery to Gold Mineral Resources Interest received (94) (125)
Goldplat Recovery to Gold Recovery Ghana Sale of precious metals - 203
Goldplat Recovery to Gold Recovery Ghana Management fees - 85
Goldplat Plc to Gold Mineral Resources Management fees 157 272
Goldplat Recovery to Goldplat Shared Services Management fees 379 -
Goldplat Recovery Ghana to Goldplat Shared Services Management fees 446 -
Goldplat Recovery to Aurelian Capital Trade and other payables 1 1
Goldplat Recovery to Aurelian Capital Dividends Receivable - Aurelian 127 164
Goldplat Recovery to Aurelian Capital Management fees 15 15
Goldplat Plc Directors 136 135
7. Subsequent events
GPL terminated the engagement of a number of employees in 2017, after which
the company won The Commission for Conciliation, Mediation and Arbitration
("CCMA") case. The employees took the matter for review to the Labour Court
where the Labour Court ruled in favour of the employees in July 2024. The
Company has subsequently appealed the ruling and awaits the final outcome. As
at 30 June 2025, GPL has provided for the possible cash outflow of GBP21,000
post year-end.
An interim dividend of 0.0878 pence per share was declared on 4 August 2025
and is accounted for on an as paid basis. An interim dividend of 0.01171 pence
per share was declared on 14 November 2025 to be paid on 19 December 2025.
There are no other events subsequent to 30 June 2025 that will have a material
effect on the consolidated financial statements.
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