Goldplat plc
('Goldplat' or the 'Company')
3rd Quarter Operating Results update for period ended 31 March 2023
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 an operational update for the 3rd quarter ended 31 March 2023 (“Q3”), of the current financial year.
The two recovery operations achieved a combined operating profit for the quarter of £1,470,000 which represents a 36% decrease against Q3 in the previous period (Q3 2022 - £2,286,000) (excluding listing and head office costs and foreign exchange losses).
The combined operating profit for the operating entities for 9 months ending 31 March 2023 decreased by 20% to £4,840,000 (Q3 2022 - £6,045,000).
This quarter's results were a consequence of reduced operating performances in South Africa of £1,175,000 (Q3 2022 - £1,627,000) and in Ghana of £295,000 (Q3 2022 - £659,000).
Despite the reduced operating performance in Q3, the Company still expects to meet current market expectations for the current financial year.
The following events have contributed to the reduced Q3 operating results:
Gold Recovery Ghana (“GRG”)
Goldplat Recovery (Pty) Ltd
We continue to assess the economic and environmental feasibility of the fine coal recovery technology company we invested in, which is in line with our strategy to diversify our recovery operations into other commodities.
Our cash balances in the group remained strong at £2,750,000 at the end of Q3, with significant balances invested in inventory and debtors with our main exposures to smelters in Europe and South Africa. We have been experiencing longer than expected delays at one of the smelters but remain comfortable of the outturn. We are dealing with delays on a daily basis and expect the situation to improve in the last quarter of the current financial year.
Werner Klingenberg, CEO of Goldplat commented: “I am pleased with the operating results achieved by the group, considering some of the difficult circumstances we’ve experienced during the third quarter in South Africa and delays of the gold licence in Ghana. The impact of the gold licence should be in a position to be reversed out once we can export the material produced on site, however the electricity supply issues in South Africa will continue to have a significant impact into the fourth quarter.”
For further information visit www.goldplat.com, follow on Twitter @GoldPlatGDP or contact:
Werner Klingenberg
|
Goldplat plc (CEO) |
Tel: +27 (0) 82 051 1071 |
Colin Aaronson / George M Grainger |
Grant Thornton UK LLP (Nominated Adviser) |
Tel: +44 (0) 20 7383 5100 |
James Bavister / Andrew de Andrade |
WH Ireland Limited (Broker) |
Tel: +44 (0) 207 220 1666 |
Tim Thompson / Mark Edwards / Fergus Mellon |
Flagstaff Strategic and Investor Communications |
Tel: +44 (0) 207 129 1474 goldplat@flagstaffcomms.com |
Table 1
Mineral Resource Estimate of the TSF, South Africa
Total Resource |
|||||||||
Domain |
Class |
Tonnes (Mil) |
Density |
Au (g/t) |
Au (Oz) |
U3O8 (g/t) |
U3O8 (lbs) |
Ag (g/t) |
Ag (Oz) |
TOTAL RESOURCE |
Measured |
0.87 |
1.32 |
1.82 |
50,907 |
61.41 |
117,754 |
4.85 |
135,573 |
Indicated |
0.49 |
1.37 |
1.77 |
27,897 |
59.73 |
64,506 |
4.71 |
74,165 |
|
Inferred |
0.07 |
1.30 |
1.4 |
3,154 |
71.40 |
11,016 |
2.82 |
6,356 |
|
Grand Total |
1.43 |
1.34 |
1.78 |
81,959 |
61.32 |
193,276 |
4.70 |
216,094 |
The Tailings Mineral Resource Estimate was announced in accordance with the JORC Code (2012) in a press release on 29 January 2016. Mark Austin of Applied Geology & Mining (Pty) Ltd was the Competent Person responsible for that announcement. The Company confirms that all material assumptions and technical parameters underpinning the Resource Estimate continue to apply and have not materially changed.
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.