Interim Results

Goldplat plc, the AIM listed gold producer, announces its interim results for the six months ended 31 December 2014.

Chairman's Statement

Our portfolio of core assets consists of our two primary gold recovery operations in South Africa and Ghana which recover gold from by-products of the mining process, and our gold mining project in Kenya, Kilimapesa Gold.

Whilst we have made progress in respect of our South African gold recovery operation ('GPL'), in terms of new contracts and initiatives to increase gold bullion production, overall we have sustained losses.

Both GPL and Gold Recovery Ghana ('GRG') have been impacted by continuing difficulties with our third party refiner, Rand Refinery, to which traditionally we have sold a substantial proportion of concentrate product (primarily ashes and carbon). Rand Refinery's decision not to receive and process concentrates during the period has resulted in a substantial build-up in product stocks and consequently Goldplat's customers are withholding further deliveries pending the clearance of the backlog. Furthermore, the Group has an increased exposure to fluctuations in gold price and exchange rates which may affect profitability going forward and as a result put a strain on the Group's current cash position. As detailed below, we are in the process of increasing our elution capacity for our recovery operations at GPL and GRG. To help limit our exposure to such difficulties going forward, in particular until our own elution capacity has been expanded, we have been shipping concentrate to Aurubis Refinery, located in Germany, and are broadening our contract with them.

At GRG we are pleased to report that our tolling agreement with Endeavour Resources is on track to be reinstated, which should significantly improve the outlook for this operation.

With regards to our mining operations, Kilimapesa Gold continues to be loss making. However we remain focussed on reducing these losses and numerous plant initiatives have been successfully implemented to reduce overall cost and increase gold production.

With regard to our financial performance, I am disappointed to report a loss before tax of £377,000 for the six months ended 31 December 2014 (2013: loss £912,000). At the operating level the loss was £827,000 (2013: loss £694,000). However, management remains confident that the changes set out below have returned the Group to profitable trading.

In terms of future growth opportunities, aside from those already mentioned, a non-binding letter of intent has recently been signed for the acquisition of a private gold exploration company. Shareholders will be kept informed of progress on this proposed acquisition, which will be subject to shareholder approval. The proposed acquisition is at an early stage and, if completed, the management it would bring, amongst other things, will have the skills and experience to assume responsibility for managing and enlarging the Kilimapesa Gold mine.

Goldplat Recovery (Pty) Ltd ('GPL')

Considerable progress has been made at GPL in improving the recovery business, which continues to operate successfully as a Responsible Gold Producer fulfilling the requirements as set out by the London Bullion Market Association. However the effect of this progress has been negated by the decision of Rand Refinery not to accept and process concentrates from GPL. This has resulted in significantly longer turnaround times for client material to be processed and settled, forcing clients to hold material back until they have received payment for previous batches sent to GPL. Additionally, substantial volumes of product are still being held in stock by GPL following Rand Refinery's decision. This means the stock being held by GPL is exposed to fluctuations in the gold price and exchange rates. However the major impact in the period under review has been on cash flow and profit.

The Directors have put in place various initiatives to remove the reliance on the processing of concentrates by Rand Refinery. As well as seeking processing capacity elsewhere, the Directors are intending to increase the Group's ability to produce more gold bullion in order to add value to its operations. Late in 2014 additional elution capacity was secured by a toll treatment agreement with a third party mining operator. This is now giving satisfactory results, but the long term solution is to increase in-house elution capacity at GPL. To this end a second-hand elution plant has been acquired and will be deconstructed, moved and re-commissioned in due course. The first 4 tonne column is expected to be commissioned on the Benoni site towards the end of 2015.

With regards to other capital projects, the liquid cyanide conversion project was delayed, partly due to the manufacturing of new storage tanks taking longer than anticipated, but also to allow time to reduce the current cyanide stock (briquettes) before converting to liquid cyanide. Further savings in operating costs are expected from this project. Various upgrades on process equipment such as the rotary kilns have taken place to optimise the operation and improve overall efficiency.

On a positive note, three additional mining companies signed contracts with GPL to process by-products during the period under review. In addition, the first international batch of by-product material was received from a gold processing operation in Tanzania and GPL will continue its efforts to procure material outside South Africa.

Encouraging results have also been received from test work by a local South African University to develop a new process to retreat tailings and improve overall recovery. The university is undertaking further desktop studies and we look forward to these results.

GPL has terminated its contract with Central Rand Gold as the risk-reward was no longer viable. The amounts of ore produced under this contract have remained minimal, and GPL is in the process of replacing the shortfall from another source which is expected to increase the available tonnage.

Gold Recovery Ghana ('GRG')

The problems set out above relating to processing by Rand Refinery had an even greater effect on the business of GRG, which currently has no on-site elution capacity. As reported previously GRG has ceased operations at the CIL treatment section which had been re-processing the onsite tailings. We are however pleased to announce that we have been informed that Endeavour Resources has had their permit to process tailings re-issued following regulation changes by the Ghanaian Government in June 2014. We will, as a result, immediately begin the process to determine if and when we are able to supply them with tailings for processing again. We have received positive indications from the Environmental Protection Agency ('EPA') and the Ghanaian Minerals Commission, and we look forward to providing shareholders with further updates on this in due course as we look to reinstate this profit centre.

Our spiral and incinerator section has suffered delays in sending concentrate product to Rand Refinery, as experienced at GPL. This has caused a substantial build-up of stocks which would normally have been sent for processing, resulting in a reduction in profitability and cash flow. As part of reducing overall costs a large number of employees were retrenched in order to optimise the operation.

Our client base remains stable, with the major mining companies in Ghana continuing to support GRG despite the issues experienced from Rand Refinery. GRG is working on improving the current turnaround period. GRG's procurement team remains focussed on sourcing additional material; a particular focus is to find more international material that can be imported to GRG. As set out above, we also plan to install elution capacity at GRG in 2016 as part of our licence requirement.

GRG will continue to work with the EPA to ensure that operational activities at GRG are consistent with best practice, preserve the integrity of the environment and protect other adjacent land users. Satisfactory progress has been made with the EPA following the submission of GRG's Environmental Management Plan and further amendments will be made following the EPA's recommendations. We look forward to updating the market on these developments in due course.

Recovery Operations Turnaround Strategy

Due to the continuing difficulties set out above with regards to our South African and Ghanaian gold recovery operations, the Board has initiated an internal turnaround strategy, the most important features of which are:

  • Continue with toll-elution and exporting to other third party refineries - Goldplat is committed to significantly reducing the amount of gold in stocks and improving its cash flow position across GPL and GRG. Additional elution capacity has been secured through a toll-eluting arrangement with a third party. This should continue until in-house elution capacity is increased. To this end, the terms of our third party refinery contract with Aurubis Refinery in Germany are currently being re-negotiated.
  • Obtain additional in-house elution capacityto increase gold concentrates processing capabilities - to increase in-house gold concentrates processing capabilities at GPL, and reduce reliance on third party refiners, GPL has purchased three 4 tonne column elution plants. GPL intends to install one 4 tonne elution column in the existing elution building in Benoni, to enable GPL to start with 4 tonne batch elutions, and subsequently to re-erect the complete acquired elution plant. Once the first 4 tonne column is operational at GPL we intend then to move the existing 1 tonne column currently at Benoni to GRG in Ghana in line with our licence requirement for 2016 that requires us to produce bullion. This has been discussed with the Mineral Commission in Ghana and we understand that the plan will satisfy the licence requirement.
  • Source more by-product material for each recovery operation - there are many by-product stockpiles available and we continue to focus on identifying additional sources. We are also in the process of re-negotiating our current contracts to maximise profits.
  • Maintain on-going cost reductions - the Group remains focussed on identifying and implementing ongoing cost saving initiatives across all operations to ensure only the necessary work is done to maintain constant production and preserve cash flow.

Kilimapesa Gold Mine

Our Kilimapesa gold mining project is located in the historically productive Migori Archaean Greenstone Belt in western Kenya. Kilimapesa has a mineral resource of 8,715,291 tonnes at 2.40 g/t Au for 671,446 oz Au at a cut-off of 1 g/t.

Discussions to secure a funding partner for an upgrade at Kilimapesa continue with a number of interested parties. We are continuing to work hard to reduce the losses at Kilimapesa. Various plant initiatives have been implemented successfully to reduce overall cost and increase gold production.

The Board does not intend to use currently available funds for the expansion of Kilimapesa.

The mining licence for Kilimapesa Gold Mine was renewed by the Minister for Mining during February 2015 for a further year.

Conclusion

The Board was strengthened by the appointment in August 2014 of Gerard Kisbey-Green as a non-executive director. In February 2015 Gerard was appointed Chief Executive Officer. The previous CEO, Ian Visagie, remains an executive director and Chief Financial Officer.

Despite the recent problems, I believe that Goldplat is now in a position to move forward once more, and the management remains confident that the changes detailed above have returned the Group to profitability, but it is uncertain whether the improvements will flow through sufficiently quickly to eliminate the first half loss within the current financial year.

Brian Moritz
Chairman
30 March 2015

Condensed Consolidated Statement of Comprehensive Income
As at 31 December 2014



Notes
6 months
31-Dec-14
(unaudited)
£'000
6 months
31-Dec-13
(unaudited)
£'000
12 months
30-Jun-14
(audited)
£'000
Continuing operations
Revenue 8,054 9,645 21,020
Cost of sales (7,952) (9,394) (19,202)
Gross profit 102 251 1,818
Administrative expenses (929) (945) (1,665)
Results from operating activities (827) (694) 153
Share based payments - - -
Finance income 644 217 429
Finance costs (194) (435) (830)
Net finance income/(cost) 450 (218) (401)
Impairment of assets - - -
(Loss) before tax (377) (912) (248)
Taxation 6 (40) - (108)
(Loss) for the period (417) (912) (356)
Other comprehensive income
Exchange translation 317 (2,040) (3,613)
Other comprehensive (loss) for the period, net of tax 317 (2,040) (3,613)
Total comprehensive (loss) for the period (100) (2,952) (3,969)
(Loss)/Profit attributable to:
Owners of the Company (503) (889) (527)
Non-controlling interests 86 (23) 171
(Loss)/Profit for the period (417) (912) (356)
Total comprehensive (loss) attributable to:
Owners of the Company (186) (2,929) (4,140)
Non-controlling interests 86 (23) 171
Total comprehensive (loss) for the period (100) (2,952) (3,969)
Earnings per share - continuing operations
Basic earnings per share (pence) (0.25) (0.54) (0.21)
Diluted earnings per share (pence) (0.24) (0.54) (0.20)

Condensed Consolidated Statement of Statement of Financial Position
As at 31 December 2014





Notes
31-Dec-14
(unaudited)
£'000
31-Dec-13
(unaudited)
£'000
30-Jun-14
(audited)
£'000
Assets
Property, plant and equipment 7 4,396 4,602 4,202
Intangible assets 8 7,327 7,726 7,194
Pre-production expenditure 9 2,452 2,266 2,457
Proceeds from sale of shares in subsidiary 1,450 1,511 1,448
Non-current cash deposit 238 - -
Non-current assets 15,863 16,105 15,301
Inventories 6,063 4,417 5,088
Trade and other receivables 3,421 4,297 4,786
Taxation - 150 -
Cash and cash equivalents 10 643 634 1,657
Current assets 10,127 9,498 11,531
Total assets 25,990 25,603 26,832
Equity
Share capital 11 1,685 1,684 1,685
Share premium 11,498 11,494 11,498
Exchange reserve (5,530) (4,274) (5,847)
Retained earnings 10,508 10,553 11,011
Equity attributable to owners of the Company 18,161 19,457 18,347
Non-controlling interests 1,728 1,445 1,642
Total equity 19,889 20,902 19,989
Liabilities
Obligations under finance leases 12 183 197 106
Provisions 13 129 134 129
Deferred tax liabilities 454 397 430
Non-current liabilities 766 728 665
Taxation - - 27
Obligations under finance leases 12 228 204 169
Trade and other payables 5,107 3,769 5,982
Current liabilities 5,335 3,973 6,178
Total liabilities 6,101 4,701 6,843
Total equity and liabilities 25,990 25,603 26,832

Condensed Consolidated Statement of Changes in Equity
As at 31 December 2013

Attributable to owners of the Company






Share
capital
£'000


Share premium
£'000


Exchange reserve
£'000


Retained earnings
£'000




Total
£ '000
Non-controlling interests
£'000


Total equity
£'000
Balance at 1 July 2013, as previously reported 1,684 11,494 (2,234) 11,711 22,655 1,525 24,180
Total comprehensive income for the period
Loss for the period - - - (889) (889) (23) (912)
Total other comprehensive income - - (2,040) - (2,040) - (2,040)
Total comprehensive income for the period - - (2,040) (889) (2,929) (23) (2,952)
Transactions with owners of the Company, recognised directly in equity
Contributions by and distributions to owners of the Company
Dividends to owners of the Company - - - (201) (201) - (201)
Share based payments transactions - - - 14 14 - 14
Total contributions by and distributions to owners of the Company

-


-


-


(187)


(187)


-


(187)
Changes in ownership interests in subsidiaries
Disposal of interest in subsidiary with no change in control - - - (82) (82) - (82)
Non-controlling interests in subsidiary dividend - - - - - (57) (57)
Total transactions with owners of the Company - - - (269) (269) (57) (326)
Balance at 31 December 2013 (unaudited) 1,684 11,494 (4,274) 10,553 19,457 1,445 20,902


Condensed Consolidated Statement of Changes in Equity
As at 30 June 2014

Attributable to owners of the Company






Share
capital
£'000


Share premium
£'000


Exchange reserve
£'000


Retained earnings
£'000




Total
£ '000
Non-controlling interests
£'000


Total equity
£'000
Balance at 1 January 2014 1,684 11,494 (4,274) 10,553 19,457 1,445 20,902
Total comprehensive income for the year
Loss for the period - - - 362 362 194 556
Total other comprehensive income - - (1,573) - (1,573) - (1,573)
Total comprehensive income for the year - - (1,573) 362 (1,211) 194 (1,017)
Transactions with owners of the Company
recognised directly in equity
Contributions by and distributions to
owners of the Company
Issue of ordinary shares 1 4 - - 5 - 5
Dividends - - - - - - -
Share based payment transactions - - - 14 14 - 14
Total contributions by and distributions to owners of the Company 1 4 - 14 19 - 19
Changes in ownership interests in subsidiaries
Disposal of interest in subsidiary with no change in control - - - 82 82 - 82
Non-controlling interests in subsidiary dividend - - - - - 3 3
Total transactions with owners of the Company 1 4 - 96 101 3 104
Balance at 30 June 2014
(audited)
1,685 11,498 (5,847) 11,011 18,347 1,642 19,989

Condensed Consolidated Statement of Changes in Equity
As at 31 December 2014

Attributable to owners of the Company






Share
capital
£'000


Share premium
£'000


Exchange reserve
£'000


Retained earnings
£'000




Total
£ '000
Non-controlling interests
£'000


Total equity
£'000
Balance at 1 July 2014 1,685 11,498 (5,847) 11,011 18,347 1,642 19,989
Total comprehensive income for the year
Loss - - - (503) (503) 86 (417)
Total other comprehensive income - - 317 - 317 - 317
Total comprehensive income for the year - - 317 (503) (186) 86 (100)
Transactions with owners of
the Company recognised directly in equity
Contributions by and distributions
to owners of the Company
Dividends - - - - - - -
Share based payment transactions - - - - - - -
Total contributions by and distributions to owners of the Company - - - - - - -
Changes in ownership interests in subsidiaries
Disposal of interest in subsidiary with no change in control - - - - - - -
Non-controlling interests in subsidiary dividend - - - - - - -
Total transactions with owners of the Company - - - - - - -
Balance at 31 December
2014 (unaudited)
1,685 11,498 (5,530) 10,508 18,161 1,728 19,889

Condensed Consolidated Statement of Cash Flows
As at 31 December 2014





Notes
6 months
31-Dec-14
(unaudited)
£'000
6 months
31-Dec-13
(unaudited)
£'000
12 months
30-Jun-14
(audited)
£'000
Cash flows from operating activities
Results from operating activities (827) (694) 153
Adjustments for:
- Depreciation 256 170 393
- Amortisation of intangible assets 16 14 28
- Loss on sale of property, plant and equipment - - 35
- Equity-settled share-based payment transactions - 14 28
  • Loss on disposal of mining rights
- - -
- Foreign exchange differences 27 (459) (1,238)
(528) (955) (601)
Changes in:
- inventories (975) 20 (651)
- trade and other receivables 1,365 462 (27)
- trade and other payables (875) (250) 1,970
- provisions - - (5)
Cash generated from operating activities (1,013) (723) 686
Finance income 644 217 429
Finance cost (194) (435) (832)
Taxes paid (43) - 187
Net cash from operating activities (606) (941) 470
Cash flows from investing activities
Proceeds from sale of property, plant and equipment 35 13 27
Enhancement of exploration and development asset (31) - (50)
Acquisition of property, plant and equipment (84) (318) (510)
Pre-production expenditure - (173) (242)
Non-current cash deposit (238) - -
Net cash used in investing activities (318) (478) (775)
Cash flows from financing activities
Proceeds from issue of share capital - - -
Own shares purchased - - -
Dividends paid - (201) (201)
Payment of finance lease liabilities 12 (90) (108) (199)
Net cash flows (used in) financing activities (90) (309) (400)
Net (decrease) in cash and cash equivalents (1,014) (1,728) (705)
Cash and cash equivalents at beginning of period 1,657 2,362 2,362
Cash and cash equivalents at end of period 10 643 634 1,657

Notes to the Condensed Consolidated Interim Financial Report
As at 31 December 2014

  1. General information

The information for the year ended 30 June 2014 does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. A copy of the statutory accounts for that year has been delivered to the Registrar of Companies. The auditors reported 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.

  1. Basis of preparation
  2. Statement of compliance

The annual financial statements of Goldplat plc (the 'Company') are prepared in accordance with IFRSs as adopted by the European Union. The condensed financial statements included in this half-yearly financial report has been prepared in accordance with International Accounting Standard 34 'Interim Financial Reporting', as adopted by the European Union.

  1. Going concern

The directors are satisfied that the Company has sufficient resources to continue in operation for the foreseeable future, a period of not less than 12 months from the date of this report. Accordingly, they continue to adopt a going concern basis in preparing the consolidated financial statements.

  1. Significant accounting policies

The accounting policies applied by the Group in this condensed consolidated interim financial report are the same as those applied by the Group in its consolidated financial statements as at and for the year ended 30 June 2014.

  1. Operating segments


Information about reportable segments

For the six months ended 31 December 2014 (unaudited)





Recovery operations
£'000
Mining and exploration
£'000


Adminis-tration
£'000
External revenues 7,407 647 -
Inter-segment revenues 221 - -
Total revenues 7,628 647 -
Reportable segment profit/(loss) before tax 4 (368) (13)
Segment assets 17,407 1,396 7,187

For the six months ended 31 December 2013 (unaudited)





Recovery operations
£'000
Mining and exploration
£'000


Adminis-tration
£'000
External revenues 9,374 271 -
Inter-segment revenues 76 - -
Total revenues 9,450 271 -
Reportable segment profit/(loss) before tax 270 (323) (859)
Segment assets 12,085 3,437 10,079


For the twelve months ended 30 June 2014 (audited)





Recovery operations
£'000
Mining and exploration
£'000


Adminis-tration
£'000
External revenues 20,284 736 -
Inter-segment revenues 325 - -
Total revenues 20,609 736 -
Reportable segment profit/(loss) before tax 1,796 (714) (1,328)
Segment assets 18,022 1,703 7,107

Reconciliation of reportable segment profit or loss



6 months
31-Dec-14
(unaudited)
£'000
6 months
31-Dec-13
(unaudited)
£'000
12 months
30-Jun-14
(audited)
£'000
Total profit/(loss) for reportable segments before tax (377) (912) (248)
Elimination of inter-segment profits - - -
Profit before tax (377) (912) (248)

  1. Seasonality of operations

The Group is not considered to be subject to seasonal fluctuations.

  1. 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 Group's consolidated effective tax rate in respect of continuing operations for the six months ended 31 December 2014 was 21% (six months ended 31 December 2013: 23%; twelve months ended 30 June 2014: 22.50%).

  1. Property, plant and equipment


Acquisitions and disposals
During the six months ended 31 December 2014, the Group acquired assets with a cost, excluding capitalised borrowing costs of £310,000 (six months ended 31 December 2013: £536,000; twelve months ended 30 June 2013: £693,000).

Assets with a carrying amount of £35,000 were disposed of during the six months ended 31 December 2013 (six months ended 31 December 2014: £13,000; twelve months ended 30 June 2014: £62,000), resulting in a loss on disposal of £nil (six months ended 31 December 2013: £nil; twelve months ended 30 June 2014: £35,000), which is included in 'administrative expenses' in the condensed consolidated statement of comprehensive income.

  1. Intangible assets and goodwill






6 months
31-Dec-14
(unaudited)
£'000
6 months
31-Dec-13
(unaudited)
£'000
12 months
30-Jun-14
(audited)
£'000
Cost
Balance at beginning of period 7,974 9,008 9,008
Additions 31 - 50
Disposals - - -
Transfers from property , plant and equipment - - -
Transfers to pre-production expenditure - - -
Part disposal of subsidiary company - - -
Foreign exchange translation 178 (197) (1,084)
Balance at end of period 8,183 8,811 7,974

Amortisation and impairment losses
Balance at beginning of period 780 270 270
Amortisation 16 14 28
Amortisation on disposals - - -
Impairment for the year - - -
Impairment transferred from pre-production expenditure - 806 806
Foreign exchange translation 60 (5) (324)
Balance at end of period 856 1,085 780


Carrying amounts
Balance at end of period 7,327 7,726 7,194
Balance at beginning of period 7,194 8,738 8,738

  1. Pre-production expenditure


6 months
31-Dec-14
(unaudited)
£'000
6 months
31-Dec-13
(unaudited)
£'000
12 months
30-Jun-14
(audited)
£'000
Cost
Balance at beginning of period 4,172 3,930 3,930
Expenditure incurred - 173 242
Transfers from intangible assets - - -
Effect of movements in exchange rates - (326) -
4,172 3,777 4,172

Amortisation and impairment losses
Balance at beginning of period 1,715 2,317 2,317
Amortisation reversed - - -
Impairment 81 - -
Impairment transferred to exploration and development - (806) (806)
Effect of movement in exchange rates (76) - 204
1,720 1,511 1,715
Carrying amounts
Balance at end of period 2,452 2,266 2,457
Balance at beginning of period 2,457 1,613 1,613

  1. Cash and cash equivalents


6 months
31-Dec-14
(unaudited)
£'000
6 months
31-Dec-13
(unaudited)
£'000
12 months
30-Jun-14
(audited)
£'000
Bank balances 643 598 1,455
Short term bank deposits - 36 202
643 634 1,657
Bank overdrafts used for cash management purposes - - -
Cash and cash equivalents in the statement of cash flows 643 634 1,657

  1. Capital and reserves
Issue of ordinary shares





Number of ordinary shares




6 months
31-Dec-14
(unaudited)

6 months
31-Dec-13
(unaudited)
12 months
30-Jun-14
(audited)

On issue at beginning of period 168,441,000 168,370,000 168,370,000
Issued for cash - - -
Issued in connection with settlement of liabilities - - 71,000
On issue at end of period 168,441,000 168,370,000 168,441,000
Authorised - par value £0.01 1,000,000,000 1,000,000,000 1,000,000,000

Issue of ordinary shares



Ordinary share capital




6 months
31-Dec-14
(unaudited)
£'000
6 months
31-Dec-13
(unaudited)
£'000
12 months
30-Jun-14
(audited)
£'000
On issue at beginning of period 1,685 1,684 1,684
Issued for cash - - 1
On issue at end of period 1,685 1,684 1,685



Dividends
The following dividends were declared and paid by the Company:



6 months
31-Dec-14
(unaudited)
£'000
6 months
31-Dec-13
(unaudited)
£'000
12 months
30-Jun-14
(audited)
£'000
Nil pence per qualifying ordinary share
(six months ended 31 December 2013: 0.12 pence; twelve months ended 30 June 2014: 0.12 pence)




-




201




201


  1. Loans and borrowings


Six months ended 31 December 2013 (unaudited)







Currency
Interest
rate
nominal


Face value
£'000
Carrying amount
£'000


Year of maturity
Balance at 1 July 2014 275


New issues


226
Repayments
Finance lease liabilities ZAR 9% (90) (90) -
Balance at 31 December 2014 411

Six months ended 31 December 2013 (unaudited)







Currency
Interest
rate
nominal


Face value
£'000
Carrying amount
£'000


Year of maturity
Balance at 1 July 2013 291
New issues 218
Repayments
Finance lease liabilities ZAR 9% (108) (108) -
Balance at 31 December 2013 401



Twelve months ended 30 June 2014 (audited)







Currency
Interest
rate
nominal


Face value
£'000
Carrying amount
£'000


Year of maturity
Balance at 1 July 2013 291
New issues

183
Repayments
Finance lease liabilities ZAR 9% (114) (199)
Balance at 30 June 2014 275
  1. Provisions







6 months
31-Dec-14
(unaudited)
£'000
6 months
31-Dec-13
(unaudited)
£'000
12 months
30-Jun-14
(audited)
£'000
Environmental obligation
Balance at beginning of period 129 134 134
Provisions made during the period - - 19
Unwind of discount - - (2)
Foreign exchange translation - - (22)
129 134 129


The provision relates to a requirement to rehabilitate the land owned in South Africa upon cessation of the mining lease.

  1. Share options and warrants

As at 31 December 2014, the Group had the following share options and warrants in issue.

Share options (equity-settled)

Reconciliation of outstanding share options

6 months ended
31-Dec-14
(unaudited)
6 months ended
31-Dec-13
(unaudited)
Number of options Exercise price Number of options Exercise price
Outstanding and exercisable
at beginning of period


7,500,000




21,200,000


Option grant
1 September 2014


1,000,000


6.00p


-


12.825p
Lapsed in period - (13,700,000)
Outstanding and exercisable at end of period

8,500,000


7,500,000


12 months ended
30-Jun-14
(audited)
Number of options Exercise price
Outstanding and exercisable
at beginning of period






21,200,000
Lapsed - will not vest (13,700,000) 10.00p
Exercised during the year -
Outstanding and exercisable at end of period

7,500,000

The weighted average remaining contractual life of the options outstanding as at 31 December 2014 is 4 years 142 days (31 December 2013: 4 years 244 days; 30 June 2014: 4 years 92 days).
The weighted average exercise price of the exercisable options is £0.1072 (31 December 2013: £0.1135; 30 June 2014: £0.1135).

Reconciliation of outstanding share warrants

6 months ended
31-Dec-14
(unaudited)
6 months ended
31-Dec-13
(unaudited)
Number of warrants Exercise price Number of warrants Exercise price
Outstanding and exercisable
at beginning of period


-




1,671,200


Granted in period - -
Lapsed in period - (1,671,200)
Outstanding and exercisable at end of period

-


-


12 months ended
30-Jun-14
(audited)
Number of warrants Exercise price
Outstanding and exercisable
at beginning of period






-


Outstanding and exercisable at end of period

-

  1. Fair values

The fair values of financial instruments such as interest-bearing loans and borrowings, finance lease liabilities, trade and other receivables/payables are substantially identical to carrying amounts reflected in the statement of financial position.

** ENDS **

For further information visit www.goldplat.com or contact:

Ian Visagie, CFO Goldplat plc Tel: +27 (82) 671 2078
Ewan Leggat/Katy Birkin SP Angel Corporate Finance LLP Tel: +44 (0) 20 3463 2260
Andrew Raca/Justin McKeegan VSA Capital Tel: + 44 (0)20 3005 5000
Felicity Edwards/Charlotte Heap St Brides Media & Finance Ltd Tel: +44 (0) 20 7236 1177

Notes:

Goldplat plc, is an AIM-listed cash generative, debt free gold recovery services company with two market leading operations in South Africa and Ghana. The Company's strategy is focussed on utilising its robust cash flow generated from flagship gold recovery operations in Africa to self-fund sustainable growth and expansion of niche gold recovery business model. The Company also has a small gold mining and exploration portfolio in Kenya, Burkina Faso and Ghana and is evaluating various opportunities to create value or monetise these assets.