GOLDPLAT PLC
ANNUAL REPORT
2021
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Index
Chairman's Statement
Operations and Finance Report
The Board
Directors' Report
Strategic Report
Independent Auditor's Report
Statements of Financial Position
Statements of Profit or Loss and Other Comprehensive Income
Statements of Changes in Equity - Group
Statements of Changes in Equity - Company
Statements of Cash Flows
Accounting Policies
Notes to the Consolidated and Separate Financial Statements
General Information
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Chairman's Statement
Goldplat's two precious metals processing facilities, in South Africa and Ghana, have had a
productive year to 30 June 2021 achieving very creditable trading results, whilst the planned
simplification of the group structure, to which I referred last year, has now largely been
completed.
Looking at trading results, profit for the year was GBP2,179,000
(2020 - Loss GBP1,965,000). The improvement reflects the
point that the Group is now carrying much reduced material
costs of discontinued operations. Looking at like-for-like
profitability from continuing operations, profit for the year was
GBP2,749,000, as against GBP3,305,000 in 2020. Even though
activity levels in 2021 were higher than in 2020, with turnover
up 43% year-on-year, we encountered higher input costs and
tighter margins in South Africa in 2021, compensated to a
large extent by strong results in Ghana. Cash generation across
the Group continued to be robust with net cash flows from
operating activities of GBP2,309,000 (2020 - GBP3,380,000) and
net year end cash of GBP3,459,000 (2020 - GBP3,146,000).
With regard to the planned simplification of the group structure,
we have now: removed the South African operation out of the
intermediate Guernsey holding company, thereby reducing
materially the Groups' tax cost; increased our holding in the
South African operation from 74% to over 90.63%, thereby
increasing the Group's share of its profits; and completed the
disposal of the Kilimapesa gold mine for an equity and royalty
consideration, thereby removing any requirement to provide
funding or management resources. Together, these moves leave
us with a profitable, cash generative, precious metals processing
business and a clear path for cash surplus to the Group's
operational requirements and growth plans to be passed up to
shareholders.
There have been a number of changes to the composition of
the Board over the last year. We were very pleased to welcome
Martin Ooi to the Board in October 2021. Martin has been a
substantial and supportive shareholder of the Company for
a number of years and his perspective will make a valuable
contribution to the Group's strategy. In May 2021, Hansie van
Vreden left us as Chief Operating Officer to take up appointment
as CEO of a specialist mining services company. Given the
depth of the Group's management structure, the disposal of
the Kilimapesa gold mine, and the appointment of Ayanda
Ntsho, a non-main board finance director, it was concluded
that the functions of COO would be absorbed into the existing
management structure. Following the AGM held in December
2020, Ian Visagie, who had been a director at the Group's
admission to AIM in 2006, ceased to be a director. Earlier this
month Nigel Wyatt advised the company of his intention to step
down after 8 years as an independent non-executive director,
and we thank him for his contribution over those years. Given
this, we will now conduct a review to determine the appropriate
composition of the Board.
Goldplat operates in a well regulated industry and this
regulation includes environmental impact, particularly in
terms of air, water and site rehabilitation. We are pleased to
note that we qualify for the London Stock Exchange's Green
Economy Mark, one of only 48 companies on AIM to be so
classified. Operating in South Africa and Ghana, we are also
very mindful of our legal and social obligations to operate with
the participation of local communities. We are also aware that
there is much still to do in terms of firstly analysing, quantifying
and reporting on our environmental and social impact and then
secondly improving and refining our operations, in a manner
which we believe investors will increasingly expect.
The teams in South Africa, Ghana and South America have
been as productive as ever in pursuit of Goldplat's strategy
notwithstanding the constraints of Covid. I thank all Goldplat's
employees, as well as our advisors and my fellow directors, for
their efforts as we look forward with enthusiasm.
Matthew Seymour Robinson
Chairman
21 December 2021
1
Goldplat PLC / Annual Report and Accounts 2021Chairman's StatementOperations and Finance ReportThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements Operations and Finance Report
Overview
Introduction
Goldplat plc is a gold recovery services company with two
market leading operations in South Africa and Ghana focused
on recovering gold and other precious metals from by-products,
contaminated soil and other gold bearing material from mining
and other industries, providing an economic method for mines
to dispose of waste materials while at the same time adhering
to their environmental obligations.
During the prior period, the Company classified its gold mining
and exploration portfolio at Kilimapesa in Kenya as a disposal
group held for sale and its equity interest in the Anumso
exploration project in Ghana as a discontinued operation.
During the year under review the sale of Kilimapesa in Kenya
was completed, with the Company retaining a holding of a 9.2%
interest indirectly in the project and a 1% net smelter royalty,
capped at USD1.5 million. The mining right in the Anumso
exploration project expired during the current period and as
indicated, was not renewed.
Goldplat has a JORC defined resource (see the announcement
dated 29 January 2016 for further information) over part of its
active Tailings Storage Facility ('TSF') at its operation in South
Africa of 1.43 million tons at 1.78g/t for 81,959 ounces of gold.
Since the resource estimate was made a further 500,000 tons of
material have been deposited on the TSF.
Goldplat’s extraction processes and multiple process lines
enable it to keep materials separate, which provides a high
degree of flexibility when proposing a solution for a particular
type of material. The processes which are employed include
roasting in a rotary kiln, crushing, milling, thickening, flotation,
gravity concentration, leaching, CIL, elution and smelting of
bullion.
Goldplat recovery operations recover between 1,800 ounces to
2,400 ounces monthly through its various circuits and under
different contracts. The grade, recovery, margins and terms
of contracts can differ significantly based on the nature of
the material supplied and processed. At a minimum, 50% of
material produced is exposed to the fluctuation in the gold
price, with the remainder of the production being offset by
corresponding changes in raw material costs.
The strategy of the company, which also drives the key
performance indicators of management, is to return value to the
shareholders by creating sustainable cash flow and profitability
through: growing its customer base in South Africa, West Africa
and further afield; increasing its ability to process lower grade
contaminated material through investing into and improving
processing methods; forming strategic partnerships with other
industry participants; diversifying into processing of platinum
group metals (“PGM”) contaminated material; and finding a final
deposition site for, and optimising the processing of, the TSF.
Goldplat’s highly experienced and successful management team
has a proven track record in creating value from contaminated
gold and other precious metals-bearing material.
During the current period, the Company exited its exploration
and mining portfolio and largely completed the process of
restructuring and positioning the Group, to optimize the returns
to shareholders from its gold recovery businesses in South
Africa and Ghana.
During the period, the recovery operations continued to deliver
good returns with operations in Ghana increasing its profits
from operating activities by 256% continuing the progress
made in developing the market for supply of material in West
Africa and supported by supply out of South America. The West
African market still has growth potential but remains dependent
on getting approval for export of material from neighbouring
countries.
The operations in South Africa had another good production
period, but its operating results were impacted by a decreasing
gold price throughout the year (although they were higher
than prior year), and an increase in price of raw material and
other costs. It still delivered operating profits for the period
of GBP3.22 million on the back of exceptional results in the
previous period (2020 - GBP5.62 million). The sustainable
profitability was as a result of increasing the customer base and
industry relationships during the past 2 periods, investments
made into plant improvements, improving operating efficiencies
and achieving cost reductions. Additionally, the South African
operation has been investing into potential growth areas,
specifically through research and analysis of other raw materials
for processing and the reprocessing of the TSF material and
Platinum Group Metals (‘PGM’).
The operations throughout the group have benefitted
from a strong gold price during the period of USD1,846/oz
(2021 - USD1.560/oz). However, the increase in gold price, and
specifically the declining exchange rate during the period in
South Africa, did contribute to an increase in the cost of raw
material and reduction of margins.
The table below on the operating performance of the continuing
operations of the group indicates the ability of the recovery
operations in South Africa and Ghana to produce profitably
at various gold prices and production levels. The margins of
the recovery business are exposed to the volume, quality and
type of material received, the gold contained in such material,
processing methods required to recover the gold, the final
recovery of gold from such material, the contracts terms and
gold price.
Management's key focus in the recovery operations remains to
increase visibility of earnings through growing its customer base
and contracted supplying raw material and on site.
2
OPERATIONS AND FINANCE REPORTGoldplat PLC / Annual Report and Accounts 2021 Average Gold Price per oz in US$ for the year
Average GBP / US Dollar exchange rate for the year
Average Gold Price per kg in GBP for the year
2021
1,846
1.367
44,110
2020
1,560
1.2603
39,798
2019
1,263
1.294
2018
1,293
1.28
31,377
32,475
2017
1,258
1.2678
31,912
Revenue
Gross Profit
Administrative expenses
Operating Profit before Finance Cost
GBP’000
GBP’000
GBP’000
GBP’000
GBP’000
35,400
6,199
(1,694)
4,561
24,809
7,312
(1,682)
5,335
21,769
3,114
(861)
2,253
28,962
5,703
(1,389)
4,313
28,501
5,644
(1,008)
4,636
Continued operations
Goldplat Recovery (Pty) Limited – South Africa – (‘GPL’)
The operations in South Africa had another good production
period, but its operating results were impacted by a decreasing
gold price, that started off high at the beginning of the financial
period and, increases in the price of raw material and other
costs. Revenues increased by 10.8% to GBP17.62 million
(2020 – GBP15.9 million), mainly as a result of the increase
in the average gold price year-on-year. The profits from
operating activities however decreased to GBP3.22 million
on the back of exceptional results in the previous period
(2020 - GBP5.62 million). The decrease in operating profitability
was as a result of increase in raw material cost in the higher
gold market as well as other operating costs.
By-products (carbon, woodchips, liners and other
by-products)
Consolidation continues in the South African gold industry;
mines are closing or are becoming more efficient in their
processing, resulting in reduced volumes and grade of
by-products received. GPL continued to deliver services to
clients signed during previous financial periods and extended its
service delivery contract with one of its major suppliers during
the period for another 3 years. The risk of supply remains due
to the short-term nature of contracts. The focus remains on
improving the service provided to the mines, with the aim of
increasing the term of the contracts.
Low grade materials
The low-grade material processed through GPL’s carbon-in-leach
circuits (‘CIL’) is surface material that has been contaminated by
more than 100 years of gold mining in South Africa. The gold
grade in this material is between 1 to 4 grams a ton (average
2 grams per ton). During the period we have maintained the
stock of low-grade material available for processing, on contract
and on-site to more than 2 years.
With improved mining and processing methods and focus
on the environment, significant tonnages of these types of
materials are not being generated, and what is being generated,
is processed through the mines’ own plants before closure.
As a result, the quantities of such materials available to GPL
will reduce. Nevertheless, GPL believes there are still numerous
sources available, although these will be of a lower grade and/or
generate lower recoveries.
GPL continue to make changes to its circuit to increase its ability
to extract value from these lower grade materials.
During the year under review we installed and completed the
following improvements in the plant:
• We have expanded our pre-treatment facility further through
the installation of a jig for GBP94,000, which increased our
ability to separate and discard preg-robbing carbons contained
in material before the mill, through the use of density medium
processes, to enable the company to increase the yield, and
improve margins, by processing lower grade material. As a
result, we continued to purchase materials of this nature,
which are more readily available, which assisted us in
maintaining our low-grade materials we currently have on site.
• A further GBP45,000 was incurred on a rotaspiral to reduce
carbon in slurry after the mill and before leaching.
The Company is also currently building a strategic partnership
in industry to determine if it could provide a service of doing
toll processing for smaller mining operations that do not have
sufficient plant capacity, skill and deposition facilities. Inline with
this strategy, we agreed, after the end of the financial period,
with West Wits Mining Limited (ASX: WWI) to process material
from their early mine programme through our plant on a toll
treatment basis. The initial programme will last approximately
6 months with material processed through our largest CIL
circuit, with the option to extend.
Condition and reprocessing of the TSF
We continued to invest money to monitor, extend and increase
capacity within GPL’s TSF and incurred GBP118,000 for this
purpose. During the period we have also incurred GBP428,000
to do pre-construction of an adjoining TSF whilst we are in
the process of applying for permitting. GPL will need to invest
a further GBP300,000 during the following financial period
in establishing this tailings facility and we expect to finance
this from operational cash flow. We have made changes to
our water use license application to the Department of Water
and Sanitation and resubmitted the application at the end of
October 2021. We require the application to be approved to
complete the construction of the adjoining TSF and expect this
by the end of February 2022 if not sooner.
Through research and development in the prior year, we
decided that it will be optimal to reprocess the TSF off-site
through a large third-party plant and we submitted an
application for environmental approval in October 2021 for
3
Goldplat PLC / Annual Report and Accounts 2021Chairman's StatementOperations and Finance ReportThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements Operations and Finance Report Continued
the construction of a pipeline, which could provide us with
the ability to pump and process material off-site. We estimate
that the approval of the application will take approximately
12 months and during this time we will continue discussions
with other third parties.
The option of reprocessing the TSF material at our premises
remains but this will require us to invest in a new plant and
more importantly get an appropriate final deposition site
approved and established.
Gold Recovery Ghana Limited – Ghana (‘GRG’)
GRG focusses on the processing and recovery of gold from
mine by-products and serves the industry in Ghana, West Africa,
South America and other parts of Africa.
The sourcing efforts in West Africa and further afield continued
to benefit the Group through increased supply of material from
our current suppliers. The increase in feed material resulted
in revenues increasing from GBP8,909,000 during the period
to GBP17,778,000. As a result, GRG increased its profitability,
posting an operating profit before finance cost of GBP2,574,000
(2020 - GBP724,000). The results for the year continue to reflect
the sourcing risk to which GRG is subject.
Due to the lengthy period it takes to extract value from material
(60 to 210 days), from when material leaves the mines to when
gold is recovered and subsequently sold, GRG obtains financing to
settle payment to the mines earlier. The working capital finance
cost for the period for GRG was GBP148,000 (2020 - GBP154,000).
A further finance cost of GBP110,000 (2020 - GBP125,000) was
incurred at Group level to support working capital in Ghana.
Major investments made in Ghana in prior years has positioned
GRG well to service its customers.
The following initiatives will continue to manage and reduce the
risk of procurement of sufficient materials for Ghana:
• Expanding the successes achieved in Mali to other mines in Mali,
Ivory Coast and Burkina Faso. Some of these efforts have been
delayed due to the Covid-19 travel restrictions. In Burkina Faso,
the case relating to the export of fine carbon material is still
pending and partly delaying any further export of material. Our
engagement with mine management and government officials
on different levels has continued, with the aim of increasing
our footprint to ensure regular supply. Specific progress in this
regard has been made during the quarter in Cote d’Ivoire.
• To support the sourcing and export of material to GRG,
subsidiaries have been incorporated in Peru and Brazil during
the period, and we will be looking to establish a site in Brazil
during the next financial period at an estimated cost of
USD300,000, none of which has been committed. This should
assist us in increasing our presence and service delivery in
South America and specifically allow us to source and process
lower grade material, which is not feasible to transport to our
other facilities.
• To reduce the risk to the Ghana operation, we continue
to evaluate our options for processing of artisanal tailings
material, including the possibility of finding a partner in
country, whilst continuing to seek permission from the
Minerals Commission to restart in some form the processing
and/or tolling of tailings material.
4
Discontinued operations
Kilimapesa Gold (Pty) Limited – Kenya (‘KPG’)
The sale of KPG was completed during April 2021 to Mayflower
Gold Investments Limited (‘Mayflower’).
The initial consideration receivable by Gold Mineral Resources
Ltd ("GMR"), Goldplat's subsidiary, was in the form of a secured
debenture of USD1,500,000, to be satisfied by cash and/or the
issue of shares to that value in Papillon Holdings plc (‘Papillon’)
payable on Papillon's re-admission to trading on the LSE
following completion of the RTO, with 30% (USD450,000) of the
initial consideration payable in cash.
Subsequent to period end, on 31 August 2021, Papillon
Holdings plc, renamed as Caracal Gold plc ("Caracal"), had
its ordinary shares commence trading on the Main Market
for listed securities of the London Stock Exchange plc ('LSE')
under the ticker GCAT with a contemporaneous dual listing on
the Frankfurt Stock Exchange, which followed the completion
of the reverse takeover of Mayflower Gold. GMR received
103,846,153 shares (which represented 7.17% of its issued
share capital) in Caracal on 31 August 2021, which represented
70% of the initial consideration of the sale of KPG to Mayflower.
On 3 November 2021, the Company agreed with Caracal to take
up the remainder of the initial share consideration on the sale
of Kilimapesa at the initial listing price of Caracal and as a result,
received a further 32 878 000 shares in lieu of a cash payment
of US$450,000, increasing the Group’s shareholding in Caracal to
9.2% at the time.
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.
During the period the Company has incurred or written-off money
outstanding from Kilimapesa to the value of GBP186,000 which has
been included under loss from discontinued operations.
Anumso Gold Project – Ghana (‘AG’)
The gold mining license under the Anumso Gold (‘AG’) project
expired during March 2021 and has not been renewed as was
the intention of the Company and the joint venture partner,
Desert Gold Ventures Inc. The investment in AG was disclosed
as a discontinued operations during the prior year. During the
period we have been informed that mineral right fees since
2013 is outstanding, which is being disputed. None of the
joint venture partners has intends to capitalise AG project to
settle the claim and current AG liabilities exceed its assets by
the minerals right fees outstanding. The Company share of
outstanding minerals right fees is GBP369,000 and this has been
included under loss from discontinued operations.
Additional financial review
The major functional currencies for the Group subsidiaries
are South African Rand (ZAR) and Ghana Cedi (GHS) whilst the
presentation currency of the group is Pounds Sterling (GBP).
The average exchange rates for the year are used to convert the
Statement of Profit or Loss and Other Comprehensive Income
for each subsidiary to Sterling. As set out in the table below,
there it can be seen that the average ZAR and GHS weakened
against the Pound Sterling, 3.49% and 10.73% respectively.
OPERATIONS AND FINANCE REPORTGoldplat PLC / Annual Report and Accounts 2021 The exchange rate as at end of the period are used to convert the balance in the statement of Financial Position. As per below table,
it can be seen that the ZAR strengthened by 7.39% and the GHS weakened 13.67% against the Pound Sterling.
South African Rand (ZAR)
Ghanaian Cedi (GHS)
South African Rand (ZAR)
Ghanaian Cedi (GHS)
Average
Average
As at 30 June 2021
As at 30 June 2021
2021
GBP
20.73
7.84
19.80
8.15
2020
GBP
Variance
%
20.03
7.08
21.38
7.17
-3.49%
-10.73%
7.39%
-13.67%
Apart from the gold price the Group’s performance is impacted by the fluctuation of its functional currencies against the USD in which
a majority of its sales are recognised. The average exchange rates for the year used in the conversion of operating currencies against
the USD during the period under review are set out in the table below
South African Rand (ZAR)
Ghanaian Cedi (GHS)
2021
USD
15.42
5.82
2020
USD
15.91
5.61
Variance
%
-3.08%
3.74%
The 27% increase in the personnel expenses to GBP4,396,000 (2020 - GBP3,446,000) during the period, was mainly as a result of the
increase of production personnel in South Africa from 249 to 292. These increases were as a result of additional plant constructed
and to be operated and also to manage Covid-19 protocols.
The net finance loss/income for the period can be broken into
Interest component
Interest receivable
Interest payable on lease liabilities
Interest payable on borrowings
Interest on creditors
Interest on bank overdraft
Intercompany foreign exchange (expense)/profit
Other foreign exchange expense
Net finance (loss)/Income
2021
‘000
–
(21)
(110)
(219)
(16)
(513)
(30)
(909)
2020
‘000
174
(10)
(124)
(270)
(6)
971
(404)
331
The net finance loss of GBP909,000 (2020 - Income GBP331,000) includes a foreign exchange loss of GBP543,000 (2020 - gain
GBP567,000). The large fluctuation in foreign exchange loss and gain from period to period, relate mainly to the intercompany loan
between Group subsidiaries and GPL, which is dominated in USD. With the ZAR strengthening against the USD during the current
period by 17%, a foreign exchange loss of GBP882,000 (2020 - gain GBP913,000) was recognized in GPL. The pound Sterling only
weakened by 12% against the USD during the current period resulting in an foreign exchange profit in GMR on conversion of the
intercompany loans & receivables of GBP357,000 (2020 - loss of GBP133,000).
The net impact of intercompany balance movement in Group was foreign exchange loss of GBP513,000, against a gain during the
previous period of GBP971,000.
The intention of the Group is to reduce intercompany loan balance during the period to reduce the impact of the significant
fluctuation between reporting currencies and the currencies loans are denominated in.
During the period the interest payable on borrowings reduced from GBP124,000 to GBP110,000 as a result of repayment of most of
the debt during the fourth quarter of the financial year. We have also managed to reduce the interest on creditors through utilisation
of our own cash balances during the period, from GBP270,000 to GBP219,000. The increase in interest on lease liabilities, GBP21,000
(2020 - GBP10,000) is as a result in additional machinery procured on this basis in GPL during the period and detail in this regard is
disclosed in note 18.
Taxation
As a result of the decrease in the taxable profits and the increase in capital expenditure incurred during the period in GPL, together
with the reduction in dividends declared from GPL during the period, the taxation expenses in the Group decreased by 62%. GPL
is taxed under a mining tax formula in South Africa, which results in a lower percentage of tax when profits are lower and capital
expenditure higher. During the period, GPL was taxed at a percentage of 23.48% (2020 - 28.98%) and recorded a tax expense of
GBP435,000 (2020 - GBP712,000) with no tax losses to offset.
GRG is registered as a Free Zone company in Ghana and is currently taxed at the rate of 15% of taxable profits.
5
Goldplat PLC / Annual Report and Accounts 2021Chairman's StatementOperations and Finance ReportThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements Withholding taxation paid during the period on dividends
declared from South Africa, was GBP80,307 (2020 - GBP226,000).
The Withholding Taxation Rate changed from 20% to 5% during
the period as a result of the shareholding of GPL changing from
GMR registered in Guernsey to Goldplat Plc (the Company). The
withholding tax is not recoverable by the Group.
Other comprehensive income
During the period the Company experienced a gain in foreign
exchange translation reserve of GBP966,000 (2020 - Loss of
GBP1,394,000). Similar to the prior year, the movement in
the reserve was mainly impacted by the fluctuation in the
ZAR and Pound Sterling exchange rate between reporting date.
Year-on-year the ZAR strengthened by 7.5% against the pound
sterling (after depreciating 19% during the previous period),
resulting in a foreign exchange gain on translation of GPL of
GBP984,000 (2020 - Loss of GBP1,882,000).
Investment in Joint Venture
The gold mining license under the Anumso Gold (‘AG’) project
expired during March 2021 and has not been renewed as was
the intention of the Company and the joint venture partner,
Desert Gold Ventures Inc. The investment in AG was disclosed
as a discontinued operations during the prior year. During the
period we have been informed that mineral right fees since
2013 is outstanding, which is being disputed. None of the joint
venture partners intends to capitalise AG project to settle the
claim and current AG liabilities exceed its assets by the minerals
right fees outstanding. The Company share of outstanding
minerals right fees is GBP369,000 and have been included
under loss from discontinued operations.
Inventories
The increase of GBP2,001,000 in the inventory balance, relates
mainly to an increase of GBP1,770,000 in inventory at GPL.
Property, plant & equipment
The increase in GPL inventory balance related to:
The increase in property plant and equipment of GBP1,132,000
during the period was due primarily to:
• The GBP428,000 incurred on the pre-construction of the
adjoining tailings facility, together with the GBP78,000
incurred on the monitoring and extension of current tailings
facility in GPL;
• The GBP94,000 incurred on the jig to increase our ability to
process high carbon, lower grade material;
• The GBP153,000 increase in the environmental asset is
as a result of the increase in the environmental provision
during the period reflecting the increase in future cost of
rehabilitation of operations in South Africa. Refer to note 16
for more detail.
No capital expenditure was incurred during the period in GRG.
Intangible Assets
The intangible assets relate to the goodwill in the investment
held in GMR. The balance has been assessed for impairment
by establishing the recoverable amount through a value-in-use
calculation, the detail of which has been disclosed in note 5.
Right-of-use asset
The right-of-use assets increased during the period by
GBP218,000, mainly due to the acquisition of heavy-duty
vehicles operating at the GPL plant.
The remainder of the changes relate to amortisation for the
year and foreign exchange movements as indicated in note 18.
Loan receivable
The GMR loan receivable from the South African minority
shareholders on the acquisition of shares are denominated in
ZAR. The reduction during the loan period of GBP25,000 relates
to the repayment of GBP74,000 from dividends declared by
GPL to GMR. The remainder of the movement related to the
strengthening of the ZAR against the Pound Sterling by 7.4%.
Subsequent to the end of the period, the outstanding balance
was set off in full as part of the share repurchase agreement
between GPL and its minorities to repurchase a portion of the
minorities share.
6
• A GBP1,284,000 increase in raw material purchased for the
Carbon-In-Leach (‘CIL’) circuits, which constituted a 65% increase
from the prior period, however the dry tonnage of resources on
site only increased by 21%. With the improvements at the pre-
treatment facility and the separation of carbonaceous material
before the mill, the amount of material processed increased by
between 20% to 25% on a monthly basis. The increase in raw
material is driven by an increase in transport costs, high-grade
material purchases and the increase in cost of raw material due
to the increase in gold price over the last 18 months.
• A GBP447,000 increase in precious metals on hand, mainly due
to a GBP310,000 increase in gravity concentrates generated
in our milling circuits. This is due to higher percentage of gold
recovered through our gravity processing units at the time and
this gravity material not sold before the end of the year;
The remainder of the increase relates to an increase in precious
metals on hand and in process at GRG driven by increase in
supply during the year.
Trade and other receivables
The increase of GBP8,527,000 in the trade and other receivable
balance, has been primarily as a result of:
GPL
• GBP1,774,000 increase in concentrates at smelters which
was driven by increase in percentage of gravity concentrates
generated in GPL circuits and processing of build-up supply of
low-grade material on our premises during the last quarter.
GRG
• GBP5,673,000 increase in concentrates at smelters which
was driven by high grade batches of material received from
suppliers during the 3rd and 4th quarter of the year.
Provisions
In terms of section 54 of the regulations of the Minerals
Resource and Petroleum Act of 2002, in South Africa, a Quantum
of Financial Provisioning is required for activities performed
under mining lease. The Quantum was reassessed the during
the current period and increased by GBP204,000. The remainder
of the movement of GBP238,000 during the period related to
the strengthening of the ZAR against the Pound Sterling by 7.4%.
OPERATIONS AND FINANCE REPORTGoldplat PLC / Annual Report and Accounts 2021Operations and Finance Report Continued Deferred tax liabilities
The decrease in the deferred tax liability was as a result of the
unrealised foreign exchange loss raised on the GMR intercompany
loan with GPL, as a result of the strengthening of the ZAR against
the USD during the period. The unrealised loss will only attract
tax when it is realised, however the deferred tax liability has been
adjusted during the current period. Further to this, the deferred tax
liability increases as a result of GBP1,391,000 capital expenditure
incurred on the property, plant and equipment and right-for-use
assets acquired in GPL during the period, which was amortized
fully for tax purposes, although limited depreciation was levied
during the prior period on these assets.
Interest bearing borrowings
During the period the Group reduced the interest-bearing
borrowings from Scipion by GBP970,000, from GBP1,004,000
to GBP33,000. The remaining balance was settled in full
subsequent to year-end and the facility has been cancelled.
During the period the borrowings attracted interest of
GBP110,000 (2020 - GBP124,000).
Trade and other payables
The increase in trade payables of GBP7,980,000 during the
period is linked to the increase in debtors, specifically material
delivered at smelters and inventory, specifically material
shipped and not yet delivered at smelters, on which funding has
been received to enable us to settle suppliers.
As indicated under trade and other payables, the increase linked
to high value gravity concentrates produced in the last quarter
and high value batches received from suppliers. The funding
received is recorded under invoice financing creditor and
increased by GBP5,522,000 to GBP6,910,000 during the period.
Contingencies
The Ghana Revenue Authority (GRA) has conducted an audit
on the company for the years 2014 to 2018 and is provisionally
claiming a remaining GHS5,670,303.99 (GBP723,253) as a result
of their review. We have objected this preliminary assessment
and have resolved a number of issues but have not been able
to get closure on the matter neither have we received a final
assessment. We have been engaging with the GRA through our
auditor and other legal/tax advisers. At the time of this report
we are satisfied that we have accounted for and accrued all
taxation liabilities for which the company is liable.
Outlook
As per the outlook of the previous financial period, the focus
during the period has been, and will continue to be, on:
• finding structures best to return value to shareholders from
continued profitability;
• investing into research and development to identify different
processing methods and equipment to maximize value from
sources available;
• expanding our environmental services delivery to industry; and
• identifying opportunities for growth in the recovery
operations by investment into other locations and into
additional equipment in our current operation, as well as
enhancing operational efficiencies. This should enable the
processing of lower grade material at current operations
and at different locations closer to the source. Further to the
above, we will continue to leverage on relationship in industry
to increase long-term visibility through increase of resources
and available sources we can process.
The recovery operations have nearly always been cashflow
generative and subsequent to the period end we have utilized
some of this cashflow to increase the Company's shareholding
in GPL and the size of the Group. The Company will remain
focused on sharing future cashflows with shareholders,
specifically distributing cash surplus to the Group’s operational
requirements and growth plans to shareholders.
During the 2021 financial period the South African operations
will need to complete its investment into a new tailings facility
at cost of GBP300,000 and we expect to finance this from
operational cash flow.
The focus for Ghana remains on sourcing material from
West Africa, South America and the other regions, whilst
re-positioning GRG to process lower grade material sourced
from within Ghana. In line with this, the Group will establish
a site in Brazil to enable it to source and process lower grade
material in South America.
The South African operations will continue to serve the South
African gold industry and will focus on sustaining profitability
from old mining clean-ups and as part of its diversification
strategy will invest GBP250,000 of capital into processing PGM’s
during the period. We will look towards reaching an agreement
during the period with a third party in the area to reprocess TSF
(which has a JORC Compliant Resource of 81,959 ounces) and
receiving environmental approval for a pipeline which will be
required to transport material to a facility for processing.
Goldplat recognises the cyclical nature of the recovery
operations as well as the risks inherent in relying on short-term
contracts for the supply of materials for processing, particularly
in South Africa where the gold industry is in slow longer term
decline.
These risks can be mitigated by improving our operational
capacities and efficiencies to enable us to treat a wider range
of lower grade materials and leveraging on our strategic
partnerships in industry to increase security of supply. We will
continue to see materials in wider geographic areas. We shall
also keep looking beyond our current recovery operations for
further opportunities to apply our skillsets and resources.
Conclusion
Goldplat’s business has always involved change and
opportunity, I would like to compliment Goldplat’s employees,
its advisors, my fellow directors and the Company’s
shareholders not just for their efforts and support, but for how
they have embraced the changes and remained focused on the
opportunity it brings. The board is looking forward to building
on this year’s successes, creating opportunity from the ever-
changing environment and returning value to shareholders.
Werner Klingenberg
Director
21 December 2021
7
Goldplat PLC / Annual Report and Accounts 2021Chairman's StatementOperations and Finance ReportThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements The Board
MATTHEW SEYMOUR ROBINSON
SANGO NTSALUBA
Independent Non-Executive Chairman (Appointed in 2016)
Non-Executive Director (Appointed in 2017)
Matthew has spent much of his career in the growth company
arena, with 20 years’ experience in mining and resources.
He spent 15 years to 2015 as a Corporate Finance Director
at growth-company corporate brokers finnCap and Panmure
Gordon/Durlacher. During this time, he was responsible for
establishing both finnCap and Panmure Gordon’s mining and
resources investment businesses, in addition to his role as
adviser to AIM and Official Listed companies on the London
Stock Exchange.
Training as a Chartered Accountant, Matthew began his career
at Binder Hamlyn and Touche Ross, the predecessor firm of
Deloitte, before founding a business consultancy specialising in
corporate turnarounds. He spent several years as the Finance
Director and Company Secretary of Internet Music Shop, one
of the first online music retailers, during which time Matthew
managed its merger with European competitor Boxman.com
WERNER KLINGENBERG
Chief Executive Officer (Appointed in 2017)
Werner joined Goldplat in 2015 as Group Financial Manager.
Within this role he was integral in managing Goldplat’s financial
and operational affairs. With his knowledge and understanding
of the Group’s operations, he was appointed to the role of
Group Finance Director in 2017. Following a period as interim
CEO, Werner was appointed Group CEO on a permanent
basis in September 2019. Werner qualified as a Chartered
Accountant with Deloitte in South Africa and he has accrued
significant commercial experience, both within Southern
Africa and at a wider international level, initially working within
the telecommunications and retail industries. His extensive
knowledge spans audit and financial management and systems.
NIGEL PATRICK GORDON WYATT
Independent Non-Executive Director (Appointed in 2013 and
to resign as at the end of December 2021)
Nigel is a graduate of the Camborne School of Mines. He has
held senior positions in a number of mining and engineering
companies, primarily in Southern Africa. He was the group
marketing director of a De Beers group subsidiary supplying
specialised materials, engineering and technology to the
industrial and mining sectors, and commercial director
of Dunlop Industrial Products (Pty) Limited, South Africa. He was
CEO, at flotation, of AIM listed Chromex Mining Plc which was
subsequently sold under a takeover offer.
Sango is the executive chairman and co-founder of NMT Capital
(Pty) Limited, a diversified investment holding group, which
holds 26 per cent interest in Goldplat Recovery (Pty) Limited.
He has built an illustrious career within South Africa, spanning
over 30 years. This includes successfully founding Sizwe
Ntsaluba Gobodo, one of South Africa’s ‘Big 5’ accounting firms.
Alongside a distinguished auditing career, Sango has extensive
corporate experience in areas that include logistics and the
automotive industry. He currently serves as an independent
board member of Barloworld Limited, a leading global industrial
company listed on the Johannesburg Stock Exchange (“JSE”), with
responsibility for chairing the group’s audit committee. He also
serves on the boards of JSE listed companies Kumba Iron Ore
Limited and Pioneer Foods Group Limited, a producer and
distributor of a range of branded food and beverage products.
Sango is the Chairman of the board of Goldplat’s subsidiary,
Goldplat Recovery (Pty) Ltd.
GERARD KISBEY-GREEN
Non-Executive Director (Appointed in 2020)
Gerard has built an expansive career in the mining and related
financial industry, spanning over 30 years. After graduating as
a Mining Engineer in South Africa in 1987, he gained extensive
experience working in various management positions for a
number of the larger South African mining companies, including
Rand Mines Group and the gold division of Anglo American
Corporation. During this time, he worked on gold, platinum and
coal mines primarily in South Africa and also in Germany and
Australia. Gerard subsequently spent 17 years in the financial
markets, including five years as a mining equity analyst and
12 years in mining corporate finance. He has worked in South
Africa and the UK for banks including JP Morgan Chase, Investec
and Standard Bank. Gerard has extensive experience in IPOs,
capital raisings, M&A transactions and deals covering a great
diversity of commodities and geographic locations. He also
has experience in Nominated Adviser, broker and advisory
roles. He has worked extensively in Africa, particularly South
Africa, Western and Eastern Europe, the Middle East, Far East,
Central Asia and North America. After returning to South Africa
as a Managing Director with Standard Bank in 2009, Gerard
left the banking industry and joined Peterstow Aquapower,
a mining technology development company, as CEO in 2011,
before accepting a position in 2012 with Aurigin Resources Inc.,
a privately-owned Toronto-based gold exploration company with
assets in Ethiopia and Tanzania, as President and CEO. Gerard
joined Goldplat plc as a non -executive Director in 2014 and took
over the role of Chief Executive Officer in 2015, a position from
which he resigned in 2019. He joined Goldplat Plc again as a
non-executive Director in May 2020.
8
THE BOARDGoldplat PLC / Annual Report and Accounts 2021 MARTIN OOI
Non-Executive Director (Appointed in 2021)
A qualified medical doctor, Martin is an experienced
entrepreneur and investor. He is the founder and Managing
Director of the Serkona Group of private limited companies
based in Australia with interests in multiple medical centres,
commercial properties, and other unlisted assets. As a director
of Goldplat PLC, he intends to focus on capital allocation
decisions and helping to maximise the per-share intrinsic value
of the company. Martin holds / previously held in the last five
years directorships in Daws Road Medical (Pty) Ltd, Ooi and
Family Custodian (Pty) Ltd, Ooi and Khoo Family One (Pty) Ltd,
Ooi and Khoo Family Pty Ltd, Ooi Family Investments Pty Ltd,
Prema House Medical Centre Management Group Pty Ltd,
Prema House Properties Pty Ltd, Serkona Investments One Pty
Ltd, Serkona Investments Pty Ltd, Serkona Medical One Pty Ltd,
Serkona Medical Pty Ltd, and Serkona Properties Pty Ltd.
9
Goldplat PLC / Annual Report and Accounts 2021Chairman's StatementOperations and Finance ReportThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements Directors' Report
The Directors present their report together with the audited
financial statements of the Group for the year ended 30 June
2021 and the operations report.
A review of the business and risks (including those relating
to financial instruments) and uncertainties is included in the
Strategic Report and the Operations and Financial Report.
Results
The Group reports a pre-tax profit from continued operations of
GBP3,652,000 (2020 - GBP5,666,000) and an after-tax profit of
GBP2,749,000 (2020 - GBP3,305,000).
Major events after the reporting date
As announced on 20 July 2021 and noted in the Operational
and Financial Report above, Goldplat Recovery Proprietary
Limited bought back a portion of the shares previously held
by the minority shareholders. This share buy-back resulted in
the company’s shareholding in Goldplat Recovery Proprietary
Limited increasing from 74% to 90.6%.
Dividends
No dividend is proposed in respect of the year ended 30 June
2021 (2020 - GBPnil per share).
Political donations
There were no political donations during the year (2020 - GBPNil).
Corporate governance
Chairman’s Corporate Governance Statement
Goldplat adopted the QCA Corporate Governance Code
as its recognised corporate governance code (pursuant to
the requirements of the AIM rules) and this statement, and
other disclosures throughout these financial statements, are
presented pursuant to that Code. The application to Goldplat’s
corporate governance of the ten principles of the QCA Code are
further set out on Goldplat’s website, www.goldplat.com, under
Corporate Governance, as envisaged in the QCA Code.
It is the Chairman’s responsibility to establish and monitor
effective corporate governance. Each member of the Board
believes in the value and importance of good governance
practices in promoting the longer term development of the
group. The Board considers that it does not depart from any of
the principles of the QCA Code and recognises that monitoring
and developing its governance structure is a continuous process.
We actively take account of the views of our shareholders and
professional advisers in considering our practices.
Risk management
The Company’s business model is set out in this Annual Report
in the Operational and Financial Review, whilst the Strategic
Report sets out the strategy and the principal risks and
uncertainties, together with the steps taken to promote the
success of the Company for the benefit of members as a whole.
On a regular basis, at least quarterly, the Board reviews progress
both in terms of delivery of key strategic initiatives and the
financial performance of the operating entities. In this, the
Board actively seeks to identify and mitigate risks to the group
and its businesses.
10
Set out in the Annual Report under The Board are biographies
of each director including their experience relevant to their
responsibilities at Goldplat, whether they are considered to
be independent and their length of service as directors of the
Company, and set out in the Directors Report is the number of
meetings of the Board and the attendance record. Additionally,
the activities of the board committees are reviewed below.
Each director is expected to keep their skillsets up-to-date and
relevant to Goldplat through continual development, both within
Goldplat and from other business interests, as well as through
membership of relevant professional bodies.
No external assessment of board performance was undertaken
during the year, however the views of shareholders are taken
into account. On 13 October 2021 Martin Ooi was appointed a
non-executive director. Martin Ooi has 28% shareholding in the
company. On 1 May 2021 the Board appointed a separate CFO
at operating company level.
The Board has established an audit committee and a
remuneration committee with formally delegated duties and
responsibilities:
• Audit Committee Report
The Audit Committee membership is Messrs.
Matthew Robinson, Chairman, and Sango Ntsaluba. Matthew is
a Chartered Accountant (UK) and Sango is a Chartered
Accountant (SA). Mr Ntsaluba replaced Ian Visagie who ceased
to be a director in December 2020. The committee’s terms of
reference are available on the website.
The Audit Committee met twice during the year to 30 June 2021
to discuss planning of the annual audit and matters arising from
the audit. Representatives of the auditors were in attendance.
The Audit Committee reports verbally to the full board ahead
of the Board approving the accounts for the year in relation to
matters arising from the audit which have been raised by the
auditors. The audit committee did not undertake a separate
review of risk identification and risk management across the
group as these matters (including the separation of executive
responsibilities) are considered by the whole board on a regular
basis, at least quarterly.
The Group’s auditors, BDO LLP, were appointed in 2019 and
provide no other services to the Group. The two principal
operating entities are separately audited by local firms and their
work is subject to review by the Group auditor under guidelines
of International Standards on Auditing (UK) (ISAs (UK)) and
applicable law.
The two Audit Committee meetings held during the period were
attended by both members.
• Remuneration Committee Report
The Remuneration Committee members are Matthew Robinson,
Chairman, Nigel Wyatt and Martin Ooi. Mr Ooi was appointed in
October 2021. The committee’s terms of reference are available
on the website. The committee met twice during the year. The
Committee’s recommendations are reported to the full board,
but it does not prepare a written report. Any recommendations
are subject to approval by the whole board.
DIRECTORS' REPORTGoldplat PLC / Annual Report and Accounts 2021 In May 2021, following a review of market norms, the
Remuneration Committee recommended that non-executive
directors fees be set at GBP30,000 pa (to include all committee
work) and GBP45,000 pa in respect of the chairman. The
recommendations were adopted by the board with effect from
June 2021. In October 2021, following a review of the CEO's
remuneration arrangements, the Remuneration Committee
recommended that the CEO be awarded an option to acquire
one million shares at market value on terms reflecting previous
awards to executive directors, such award to take effect when
the company was not in a Close Period. The recommendation
was adopted by the board in October 2021.
Goldplat seeks to retain and incentivise an effective executive
management team capable of delivering on the Group’s
operational requirements as well as its strategic goals. To
this end, it is the Group’s policy to have clear and simple
remuneration structure, in line with many companies on the
AIM market of a comparable size. Under this, executive directors
receive base salaries and may, on a discretionary basis, receive
performance related pay as approved by the non-executive
directors.
Additionally, as a longer term incentive, seeking to align the
interests of executive directors over the medium term with
those of shareholders, on a discretionary basis, executive
directors may be granted options to acquire ordinary shares in
the Company. It is the Company’s practice that option awards
are made at market price at the time of award and vest and
become exercisable over a period (usually three years) sufficient
to ensure a balance between incentive for the executive and
outcome for shareholders.
The executives’ salaries take into account the individual’s
responsibilities within the group and their professional and
technical qualifications, in the context of where the group
operates.
The group’s parent is traded on a public market in the UK and
the executive directors’ remuneration is referenced to their
responsibilities as directors of a UK incorporated company
traded on a public market in the UK. The Group has no
operations or employees in the UK. The Group’s operating
entities are in South Africa and Ghana, with each having
significantly different remuneration references than the UK,
where it employs over three hundred locally based employees.
In this context, a comparison of the total pay of the highest paid
director to the average pay of all company employees is not
considered to be meaningful as an assessment of the pay of the
highest paid director.
As announced on 30 March 2021, Hansie van Vreden, previously
the COO of the Goldplat Plc, resigned from the Group and
served notice until the 31 May 2021. In line with the Group’s
management structure and the decision to dispose of the
interest in Kilimapesa operations, the company had no plans
of filling the COO position. A non-main board financial director
joined the company on 1 May 2021. At the Annual General
Meeting held on 31 December 2020, Ian Visagie, who was
retiring by rotation, was not re-elected and consequently ceased
to be a director.
Executive director’s employment contracts provide for six
months’ notice of termination on either side. Existing option
entitlements are set out in note 30 of the Report and Accounts.
Director’s performance
Board
The responsibilities of the Chairman include providing
leadership to the Board, ensuring its effectiveness in all aspects
of its role and setting its agenda; ensuring that adequate time
is available for discussion of all agenda items; ensuring that
the Directors receive accurate, timely and clear information;
ensuring effective communication with shareholders; promoting
a culture of openness and debate by facilitating the effective
contribution of the Board of Non-Executive directors in
particular; and ensuring constructive relationships between the
Executive and Non-executive Directors.
The Company provides independent professional and legal
advice to all Directors where necessary, to ensure they are
able to discharge their duties. In addition, all Board members
have access to the services of the Company Secretary,
who is responsible for ensuring all Board procedures are
complied with.
All executive directors are appointed on a full-time basis and are
actively involved in the running of the business. Non-executive
directors are required to attend a board meetings quarterly, as
a minimum and have made themselves available to support the
executive directors. Nigel Wyatt has advised the company that
he will step down as a director at the time of the forthcoming
AGM.
Directors' Performance
The Board’s performance is measured principally by the
financial results and by the operations’ performance regarding
environmental, health and safety and other regulatory
requirements and takes into account feedback from
shareholders which is regularly received through shareholder
meetings and correspondence.
The two remuneration committee meetings held during the
period were attended by both members
Directors
The following Directors served during the period:
M S Robinson (Non-Executive Chairman)
W Klingenberg (Chief Executive Officer)
I Visagie (Executive Director – ceased in December 2020)
J H van Vreden (Chief Operating Officer – resigned in March 2021)
N G Wyatt (Non-Executive Director – resign as at the end of
December 2021)
S S Ntsaluba (Non-Executive Director)
G Kisbey-Green (Non-Executive Director
M Ooi (Non-Executive Director – appointed in October 2021)
During the year 7 board meetings were held. All the board
meetings were attended by all board members.
11
Operations and Finance ReportGoldplat PLC / Annual Report and Accounts 2021Chairman's StatementThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements Directors' Report Continued
Directors’ interests
The beneficial interests of the Directors holding office on 30 June 2021 in the issued share capital of the Company were as follows:
M S Robinson
N G Wyatt
S S Ntsaluba
W Klingenberg
G Kisbey-Green
Number of
ordinary
shares
of 1p each
400,000
230,950
425,000
150 000
2,666,667
30-Jun-21
Percentage
of issued
share
capital
0.24%
0.14%
0.25%
0.09%
1.55%
Number of
ordinary
shares
of 1p each
300,000
30,950
0
0
30-Jun-20
Percentage
of issued
share
capital
0.18%
0.02%
0
0
1,333,333
0.79%
No other Director had a beneficial interest in the share capital of the Company. On 13 October 2021, Mr. Martin Ooi was appointed to
the board and holds a beneficial interest as noted below:
M Ooi
Directors’ remuneration and service contracts
Details of directors’ emoluments are disclosed in note 22 to these financial statements.
As at reporting date
Number of
ordinary
shares
of 1p each
Percentage
of issued
share
capital
48,403,801
28.12%
2021
GBP‘000
M S Robinson
W Klingenberg
I Visagie
J H Van Vreden
G Kisbey-Green
N G Wyatt
S Ntsaluba
Salaries
GBP‘000
Fees
GBP‘000
Share-based
payments
GBP‘000
Total
GBP‘000
–
168
134
114
–
–
–
36
–
–
–
21
25
21
416
103
–
–
–
–
–
–
–
–
36
168
134
114
21
25
21
519
Management fees of GBP13,000 (FY 2020: GBP18,000) were paid during the reporting period by GPL to its minority shareholders,
in which S Ntsaluba has an ultimate shareholding.
2020
GBP‘000
M S Robinson
W Klingenberg
I Visagie
J H Van Vreden
G Kisbey-Green
N G Wyatt
S Ntsaluba
12
Salaries
GBP‘000
Fees
GBP‘000
Total
GBP‘000
–
164
134
117
–
–
–
415
35
–
–
–
3
25
20
83
35
164
134
117
3
25
20
498
DIRECTORS' REPORTGoldplat PLC / Annual Report and Accounts 2021 Directors’ options
A director of the company exercised his options subsequent
to year end, which were due to lapse in June 2021 as disclosed
in the share options note (Note 14) and the announcement of
6 August 2021.
Directors’ indemnities
The Company maintains Directors’ and officers’ liability
insurance providing appropriate cover for any legal action
brought against its Directors and/or officers.
Going concern
The directors 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 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.
During the period the Group we maintained all our suppliers
in South Africa and Ghana for by-product material and also
increased our footprint in South American market. Further
progress has been made in securing additional contracts in West
Africa. With the secured supplier base and more than 12 months
of surface sources on site or on contract, management
believes that it will be in a position to operate sustainably for
the foreseeable future.
A reverse stress test indicated that the business, alongside
certain mitigating actions which are fully in control of the
Directors, would be capable of withstanding approximately
a reduction in gross margin of 80% in continued operations.
Subsequent to year-end, GPL did enter into a South African
Rand denominated bank facility of ZAR 60 million, provided by
Nedbank and have drawn ZAR 60 million. As part of assessing
the ability of the Group to continue as a going concern,
management assessed GPL ability under a reverse stress
scenario, to continue to meet all relevant covenants included
in the facility over the foreseeable future. Per this, GPL, without
assistance from the Group, will need to maintain gross margins
of more than 50% of current levels to be in a position to meet all
covenants.
The loss of production due to the inability to operate will have
a lower impact on gross margin in the short-term as most costs
associated with production are variable and should also reduce.
In light of current trading and revised forecasts, the Directors
have assessed the possible downturn in operating margin and
concluded the likelihood of such a reduction to be remote, such
that it does not impact the basis of preparation of the financial
statements and concluded there is no material uncertainty in
this regard.
In reaching this conclusion, the Group also assessed the impact
the current Covid-19 pandemic might have on the business.
Although operations were required to shut down during the
2020 financial year, the mining industry’s classification as
an essential service provider has meant that the company
continues to operate with limited negative impact on its
operations.
This ensured that we are able to source material from our
mining suppliers, deliver it to our premises and process it.
The essential services classification meant that we are also
able to export and sell the products we produce. The Covid-19
pandemic however brought on new challenges to operating
our facilities in South Africa and Ghana in a safe way for all
our employees and local communities. With the assistance of
relevant regulatory authorities, the Directors believe sufficient
procedures have been implemented to assist in safeguarding
our employees and local communities.
The going concern period reviewed by the directors was the
24 month period to December 2023.
Employees
The Directors have a participative management style with
frequent direct contact between junior and senior employees.
A two-way flow of information and feedback is maintained
through formal and informal meetings covering Group
performance.
Financial instruments risk
Details of risks associated with the Group’s financial instruments
are given in Note 33 to the financial statements. The Company
does not utilise any complex financial instruments.
Statement of Directors’ responsibilities
The directors are responsible for preparing the directors’ report,
the strategic report and the financial statements in accordance
with applicable law and regulations.
Company law requires the directors to prepare financial
statements for each financial year. Under that law the directors
have elected to prepare the financial statements in accordance
with International Financial Reporting Standards (“IFRSs”)
as applied in accordance with the Companies Act 2006. The
financial statements are required by law to give a true and fair
view of the state of affairs of the Company and the Group and of
the Group’s profit or loss for that year.
In preparing these financial statements, the directors are
required to:
• select suitable accounting policies and then apply them
consistently;
• make judgements and estimates that are reasonable and
prudent;
• state whether the financial statements comply with IFRS as
applied in accordance with the Companies Act 2006; and
• prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the Group and
Company will continue in business.
13
Operations and Finance ReportGoldplat PLC / Annual Report and Accounts 2021Chairman's StatementThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements Directors' Report Continued
The directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Company’s
transactions and disclose with reasonable accuracy at any
time the financial position of the Company and enable them to
ensure that the financial statements comply with the Companies
Act 2006. They are also responsible for safeguarding the assets
of the Company and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and
integrity of the corporate and financial information included
on the Company’s website. Legislation in the United Kingdom
governing the preparation and dissemination of financial
statements may differ from legislation in other jurisdictions.
Statement of disclosure to auditor
So far as the Directors are aware:
• there is no relevant audit information of which the Group’s
and Company’s auditor is unaware; and
• all the Directors have taken steps that they ought to have
taken to make themselves aware of any relevant audit
information and to establish that the auditors are aware of
that information.
Auditor
BDO LLP was reappointed as auditors at annual general meeting
on 31 December 2020. BDO LLP has indicated its willingness
to continue in office and a resolution will be proposed at the
annual general meeting to reappoint BDO LLP as auditor for the
next financial year.
On behalf of the board
Werner Klingenberg
Director
21 December 2021
14
DIRECTORS' REPORTGoldplat PLC / Annual Report and Accounts 2021 Strategic Report
The directors present their Strategic Report for the year ended
30 June 2021.
The Strategic Report is a statutory requirement under the
Companies Act 2006 (Strategic Report and Directors’ Report)
Regulations 2013 and is intended to provide fair and balanced
information that enables the directors to be satisfied that they
have complied with s172 of the Companies Act 2006 which sets
out the directors’ duty to promote the success of the Company.
Main Objects and Future Development
The Group’s main objective is to produce gold from the recovery
of by-products discarded by the primary producers and have
made the strategic decision to and has disinvested from its
mining and exploration properties. Strategically we shall
continue to look beyond our current recovery operations for
further opportunities to apply our skillsets and resources.
The aim for the 2021/22 year will be to start to return value
to the shareholders by creating sustainable cashflow and
profitability through: growing its customer base in South Africa,
West Africa and further afield; increasing its ability to process
lower grade contaminated material through investing into and
improving processing methods; forming strategic partnerships
in industry; diversifying into processing of PGM contaminated
material; finding a final deposition site for, and optimizing the
processing of, the TSF material; and realising the proceeds from
the sale of KPG.
Principal Activity
The Group’s operating businesses are based in Africa and
comprise the production of gold and other precious metals,
by processing by-products of the mining industry. The group
sources material to process not only in the African continent,
but also from gold producing countries outside Africa.
The Group’s primary operating base is situated near Benoni on
the East Rand gold field in South Africa. As well as producing
gold, silver and platinum group metals from the by-products
of the mining industry, support for the Group's operating
subsidiary in Ghana is provided from Benoni. This business is
91% owned by the Group, in compliance with South African
Black Economic Empowerment legislation.
The Group’s Ghana operation based in the Freeport of Tema
continues to develop as a processing hub to service gold
producing clients internationally and fully utilise the advantages
of the low tax rates in the country’s Freezone.
Review of business and financial performance
Information on the operations and financial position including
our analysis of our key performance indicators of the Group
is set out in the Operations and Finance Report, Chairman’s
Statement and the annexed financial statements.
The Board regularly reviews the risks to which the Group
is exposed and ensures through its meetings and regular
reporting that these risks are minimised as far as possible.
Risks and uncertainties
The principal risks and uncertainties facing the Group at this
stage in its development are:
Supplier Risk
Due to the small number of mining groups operating the larger
mines in the jurisdictions of the Group’s operations, and the
Group contracting with the mining groups and not the mines
directly, the number of suppliers it has contracts with is limited.
The number of suppliers per product type and segment is listed
below
Segment Operations
Product Type
South Africa Recovery
Low-grade
surface sources
South Africa Recovery
Woodchips
South Africa Recovery
By-products
West African Recovery
By-products
Number of
major Suppliers
5
6
5
6
A major supplier is a supplier that supplied a material amount of
raw material to the operations during the last financial period.
The number of major suppliers for the West African Recovery
segment includes clients from South America and other
geographical areas. The loss of one supplier can potentially have
a significant impact on production, turnover and margin of the
business.
The Group aim to mitigate these risks by its flexibility in
the types of material it processes and building of strategic
partnerships in the industry and employing a sourcing team
managing relationship and seeking new clients. It has also been
in the forefront of producing “Responsible Gold” which gives it a
competitive advantage over its competitors.
Purchasing
The main business of the Group, the recovery of gold from
by-products of the mining industry, requires such by- products
to be available for purchase by the Group at prices which allow
profitable processing by the Group. As mining companies
become more efficient or close existing operations due to life of
mine, both the volumes of available materials and their precious
metal content may be reduced.
The purchasing risk is magnified by the short terms of contracts
for the supply of material.
The Group aim to mitigate these risks by its flexibility in the
types of material it processes. It has also been in the forefront
of producing “Responsible Gold” which gives it a competitive
advantage over its competitors. This risk is further mitigated
by expanding the Group’s sourcing efforts from African based
producers to producers outside Africa.
Albeit these efforts, the volume and quality of feed material will
differ from month to month resulting in fluctuating margins.
15
Operations and Finance ReportGoldplat PLC / Annual Report and Accounts 2021Chairman's StatementThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements Risk in regards to variability in mixture of raw
material
Mining companies supply various types of by-products, that
differ in type, quality, grade and volume month to month.
The quantity of precious metals contained in various types of
material and variability in the amount that can be extracted can
result in fluctuations from month to month in margins achieved.
The recovery operations are staffed with management with
adequate knowledge and experience to evaluate raw materials
and plan production to limit the fluctuations. The variety of
products processed and materials received from different
clients partially limits these fluctuations.
Ad-hoc contracts or supply from clients can have significant
impact on quarterly production numbers.
Raw Material and Processing Technical risk
Notwithstanding the completion of metallurgical test-work,
statistical analysis and pilot studies indicating the results from
processing, the actual recovery from material through a plant
might vary from the indicated results and the quantity of
precious metals recovered or the cost to recover might differ
from what was originally indicated.
The recovery operations are staffed with management with
adequate knowledge and experience to evaluate raw material
before procurement of material and to manage the parameters
in the plant to ensure optimum recovery of precious metals
during processing.
Albeit these efforts, the return from various raw material fed into the
plant will differ month to month resulting in fluctuating margins.
Price risk
The gold and precious metals produced by the Group are sold
at world spot prices which may fluctuate substantially and
which are not directly related to the cost of production. The
Group mitigate this risk for by-product material through having
contracts where the value paid to the supplier is linked to the
price received for precious metal concentrates sold. The Group
further seeks to mitigate this risk in part by adjusting the price it
pays for future materials for processing but its margins remain
sensitive to the changes in the gold price, specifically on low
grade material where the cost of processing is a significant part
of the cost of production.
The Group sensitivity to fluctuating prices has been further
defined under Market Risk in note 33 of the financial statements.
Environmental risk
Due to the nature of Goldplat Operation and its potential impact
on the Environment it needs to ensure that its days-to-days
operation comply with current regulations, does not adversely
impact on the Environment and what is increasingly expected from
all stakeholders. The Company mitigate the risk through using
external environmental consultants and specialist to monitor and
assess its impact on the environment and design methods to limit
these going forward. The Company is currently embarking on a
process to analyse, quantify and report on our environmental
impact and if and where required with refine our operations, in a
manner which we believe investors will increasingly expect. Please
refer to the directors report for further details with regards to this.
16
Security (Theft) Risk
The Company recovery high value precious metals with
high liquidity in formal and informal markets. This increases
the risk of financial lost due to theft. The risk is managed
through limiting the time from production and sale of material,
specifically higher-grade, and higher value items. The items are
also secured in higher security areas requiring more than one
person to access. The value of material on site and transported
is also secured with reputable insurance providers.
Financing and Liquidity risk
The Company may need to finance expansion through the
equity and debt markets in futures to obtain finance for project
development. There is no certainty such funds will be available
when needed.
This risk is mitigated for Goldplat in so far as its primary
activities are cash generative. To manage the daily working
capital requirements in the Group, subsidiaries make use of
the US$ 2,000,000, revolving credit financing with Scipion and
the financing of material on route and at smelters for final
processing to enable us to settle suppliers of material earlier.
Outstanding balances on this facility was paid in full subsequent
to year end and this facility has been cancelled.
Political risk
All countries carry political risk that can lead to interruption
of activity. Politically stable countries can have enhanced
environmental and social permitting risks, risks of strikes and
changes to taxation whereas less developed countries can
have in addition, risks associated with changes to the legal
framework, civil unrest and government expropriation of assets.
This risk will be mitigated to some extent by only expanding into
countries that pose a low country risk as perceived at the time.
Partner risk
In South Africa, the Black Economic Empowerment legislation,
specifically the 2010 Mining Charter, required historically
disadvantaged South Africans to have a minimum 26% interest
in all mining and exploration projects. The Group can be
adversely affected if business partners are unable or unwilling
to perform their obligations or fund their share of future
developments. It is possible that other countries where the
Group operates may introduce similar legislation.
On 27 September 2018 it was announced by the Department
of Mineral Resources that the Mining Charter 2018 had been
gazetted. GPL is compliant with the Mining Charter of 2010,
and with implementation of the 2018 Charter certain changes
will be required to maintain compliance, primarily in respect
of: (i) the “top-up” requirement of mandatory Black Economic
Empowerment shareholding which is currently set at 26%, but
is to be increased to 30%, upon the renewal of the current
mining license, and (ii) in the required make-up of management
demographics.
The mining Industry, through the Minerals Council of South
Africa, sought a judicial review of the Mining Charter published
in 2018. The High Court ruled in September 2021 that the
Mining Charter is not legally binding. The court also ruled that a
company remains compliant irrespective of whether a BEE had
STRATEGIC REPORTGoldplat PLC / Annual Report and Accounts 2021Strategic Report Continued disposed of its shareholding interest, thereby not meeting the
26% BEE shareholding.
This of importance for GPL as it bought back 22.33% of it BEE
shareholding and have only issued 5.7% to another BEE partner,
subsequent to year-end, 30 June 2021. These transactions result
in a reduction in the Black Economic Empowerment ("BEE")
ownership of GRL. However, none of GRL's current licenses to
operate are impacted by these changes. The reduction in the
BEE ownership will impact on GRL's ability to renew its mining
right in South Africa when it comes up for renewal in May 2023.
GRL however does not plan to renew this mining right as it
does not have an identified minerals deposit and can continue
its current operations under the Refining License which only
expires on 1 November 2040. Nonetheless, the Group and
GRL remain cognisant of South African government policy to
advance economic transformation and enhance the economic
participation of black people in South Africa and will continue
to look at means to do so through ownership, management
representation, development of employee skills, local enterprise
development and participation in local socio-economic
development. The implications of the new Charter on Goldplat
Recovery and plans for implementation over the required period
will be considered.
Bribery risk
The Group has adopted an anti-corruption policy and whistle
blowing policy under the UK Bribery Act 2010. Notwithstanding
this, the Company may be held liable for offences under that
Act committed by its employees or subcontractors whether
or not the Company or the Directors have knowledge of the
commission of such offences. The risk is further mitigated
by senior executives being closely involved in supplier and
customer engagement as well as payments. The Group also limit
cash payments as far as possible.
Financial Instruments
Details of risks associated with the Group’s financial instruments
are given in Note 33 to the financial statements. The Company
does not utilise any complex financial instruments.
Internal Controls and Risk Management
The directors are responsible for the Group’s system of internal
financial control. Although no system of internal financial
control can provide absolute assurance against material
misstatement or loss, the Group’s system is designed to provide
reasonable assurance that problems are identified on a timely
basis and dealt with appropriately.
In carrying out their responsibilities the directors have put in
place a framework of controls to ensure as far as possible that
ongoing financial performance is monitored in a timely manner,
that corrective action is taken and that risk is identified as early
as practically possible, and they have reviewed the effectiveness
of internal financial control.
The Board, subject to delegated authority, reviews regulatory
issues, capital investment, property sales and purchases,
additional borrowing facilities, guarantees and insurance
arrangements.
Forward Looking Statements
This Annual Report contains certain forward-looking statements
that have been made by the directors in good faith based on
the information available at the time of the approval of the
Annual Report. By their nature, such forward looking statements
involve risks and uncertainties because they relate to events
and depend on circumstances that will or may occur in the
future. Actual results may differ from those expressed in such
statements.
Directors’ section 172 statement
The following disclosure describes how the directors have had
regard to the matters set out in section 172(1)(a) to (f) and forms
the Directors’ statement required under section 414CZA of
The Companies Act 2006. This reporting requirement is made in
accordance with the corporate governance requirements.
The matters set out in section 172(1) (a) to (f) are that a Director
must act in the way they consider, in good faith, would be most
likely to promote the success of the Company for the benefit of
its members as a whole, and in doing so have regard (amongst
other matters) to:
(a) the likely consequences of any decision in the long term;
(b) the interests of the Company’s employees;
(c) the need to foster the Company’s business relationships
with suppliers, customers and others;
(d) the impact of the Company’s operations on the community
and the environment;
(e) the desirability of the Company maintaining a reputation for
high standards of business conduct; and
(f) the need to act fairly between members of the Company.
In the above Strategic Report section of this Annual Report, the
Company has set out the short to long term strategic priorities,
and described the plans to support their achievement.
We have split our analysis into two distinct sections, the first to
address Stakeholder engagement, which provides information
on stakeholders, issues and methods of engagement, disclosed
by stakeholder group. The second section addresses principal
decisions made by the Board and focuses on how the regard for
stakeholders influenced decision-making.
Section 1. Stakeholder mapping and engagement activities
within the reporting period.
The Company continuously interacts with a variety of
stakeholders, such as equity investors, the mining industries
as suppliers of gold bearing material, vendor partners, debt
providers, workforce, government bodies, local community
and refiners of our products. The Company acknowledges
the importance of all the stakeholders in the ultimate success
of the Company and strives to maintain a high level of
transparency in its processes, as it deals in high value materials,
and a high degree of reliance is placed on these processes
by the stakeholders. Engagement and communication are
within the limitations of what can be disclosed to the various
stakeholders with regards to maintaining confidentiality and
protecting commercially sensitive information.
17
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22
STRATEGIC REPORTGoldplat PLC / Annual Report and Accounts 2021Strategic Report Continued
Principal decisions by the Board during the year
under review:
• Requirement from Mayflower to have more control of the
KPG to enable it to provide the funding required at that point;
We define principal decisions as both those that have long-term
strategic impact and are material to the Group, but also those
that are significant to our key stakeholder groups. In making the
following principal decisions, the Board considered the outcome
from its stakeholder engagement, the need to maintain a
reputation for high standards of business conduct and the need
to act fairly between members of the Company:
Disinvesting from Primary Mining and Exploration activities
In previous years, the Company’s directors decided to put
Kilimapesa gold mine in Kenya under care and maintenance and
decided to divest and dispose of Kilimapesa gold mine. During
the period, the Company’s directors formalized a sales and net
smelter royalty agreement inline with the binding term sheet
signed during the previous period with Mayflower.
The board however decided to conclude the sales agreement
before all condition’s precedent were met on 26 April 2021 to
enable Mayflower to provide the necessary strategic direction
and funding required at the time. In order to enable early
completion of the Transaction, the board agreed to waive the
requirement that Papillon Holdings plc (LSE: PPHP) ("Papillon")
completes its proposed reverse takeover of Mayflower Gold
('RTO') and re-admission to trading on the London Stock
Exchange ("LSE").
The initial consideration receivable by Gold Mineral Resources
Ltd ('GMR'), Goldplat's subsidiary, was in the form of a secured
debenture of USD1,500,000, which needed to be satisfied by
cash and/or the issue of shares to that value in Papillon payable
on Papillon's re-admission to trading on the LSE following
completion of the RTO, with 30% (USD450,000) of the initial
consideration payable in cash. We have subsequent agreed
with Caracal Gold to take up the US$450,000 of the initial
share consideration on the sale of Kilimapesa at the initial
listing price of Caracal Gold and as a result, Caracal Gold has
allotted an additional circa 32 878 000 shares in lieu of a cash
payment of US$450,000, increasing the Group's shareholding in
Caracal to 9.2%.
The directors were aware that with the conclusion of the
transaction before all condition’s precedent was met, that it was
at risk of not receiving all considerations that would have been
due, although it was secured by a debenture of USD1,500,000.
It however believed that to enable Mayflower to conclude the
transactions in terms of providing strategic direction at the mine
and provide required funding at that time, it needed to do so.
The decision was further based on the –
• Group’s ability to sustain the continued losses due to primary
mining and exploration at the time;
• Company’s directors and shareholders willingness to invest
the significant capital required by Primary Mining and
Exploration projects; and
• Management time required and opportunities in the Group
precious metal recovery business.
• This decision will not preclude the Group’s ability to treat
artisanal tailings and/or mined ore, provided it does not have
an associated mining risk.
As part of the negotiating and concluding of the sale transaction
the directors also considered the impact of delayed investment
into KPG on other stakeholders, specifically the community, its
suppliers. The directors also believed that a long- term care &
maintenance program will have resulted in the deterioration
of KPG plant and infrastructure and reduction in value for all
stakeholders.
Share repurchase of minority shareholding in GPL
The directors decided after the period end, 20 July 2021, to
increase the Group's interest in GRL, its principal operating
subsidiary, from 74% to 90.63% through the buy-back by GRL of
GRL shares from its minority shareholders ("the Transaction").
GRL has two minority shareholders, Amabubesi Property
Holdings Proprietary Limited ("Amabubesi") and Dartingo
Trading 161 Proprietary Limited ("Dartingo"), who respectively
hold an 11% and a 15% interest in GRL. Following a notification
received from the two minority shareholders indicating their
intention to dispose of their shareholdings, GRL has agreed to
repurchase all of the Dartingo shareholding and 7.33% of the
shares held by Amabubesi for ZAR 89.3 million (approximately
GBP4.5 million). Amabubesi and Dartingo are companies
connected with Goldplat's Non-Executive Director, Mr Sango
Ntsaluba. Subsequent to the Transaction, GRL will issue to
Aurelian Capital Proprietary Limited ("Aurelian"), a company
associated with Mr Ntsaluba, shares amounting to 4.90% of GRL,
at the same valuation as the share repurchase, for ZAR 16 million
(approximately GBP807,000) as described further below. As a
result of the Transaction, Goldplat will own 90.63% of GRL and
Mr Ntsaluba will own, directly and indirectly, 9.37% of GRL.
The consideration for the repurchased shares of ZAR 89.3 million
(approximately GBP4.5 million) will be settled in two instalments,
with 50% settled when the first payment is received from the
funding arrangement with Nedbank as described below and the
remainder not later than 180 days thereafter. Separately GRL
has agreed with the minority shareholders to bring forward the
settlement date of the second instalment as far as is practical for
GRL. The net cost to GRL of the Transaction will be ZAR 73.4 million
(approximately GBP3.7 million), and Goldplat's share of the net
cost of the Transaction to GRL will be 90.63%, effectively resulting
in its additional 16.63% interest in GRL costing Goldplat ZAR
66.52 million (approximately GBP3.35 million).
The Transaction values GRL at ZAR 400 million (approximately
GBP20.2 million). For the year ended 30 June 2021, GRL
made a post-tax profit of ZAR 39.9 million (approximately
GBP1.9 million) and had net assets of ZAR 276 million
(approximately GBP13.9 million).
Funding Arrangements - Post balance sheet event
The Transaction was financed in part through a South
African Rand denominated bank facility of ZAR 60 million
(approximately GBP3.02 million) provided by Nedbank, of
which 50% was drawn within the 30 days and the remainder
in 90 days. The remainder of the consideration was settled
through a set-off against the existing Amabubesi vendor loan
of ZAR 12.6 million (approximately GBP635,000) outstanding to
the Group with the balance paid in cash.
23
Operations and Finance ReportGoldplat PLC / Annual Report and Accounts 2021Chairman's StatementThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements The principal on the bank facility is repayable monthly over
36 months. The interest payable on the facility will be the
South African Prime Rate plus 1.75%.
As a condition of the facility from Nedbank, the Group's facility
with Scipion, of GBP33,000, were settled in full and its securities
over GRL will be cancelled.
Further to above, GRL did grant security over its debtors as well
as a negative pledge over its moveable and any immovable
property and a general notarial bond over all movable assets of
GRL will be registered. The Group will further enter into a limited
suretyship for ZAR 60 million (approximately GBP3.02 million), in
favour of Nedbank.
Related Party Transactions with Mr Sango Ntsaluba
- Post balance sheet event
Conditional on the share repurchase from Amabubesi and
Dartingo occurring, GRL has issued 4.90% shares in GRL (after
the share repurchase) to Aurelian, a company controlled by
Mr Sango Ntsaluba, in order to maintain a BEE partner in GRL
and to reduce the cost to the Group of the share repurchase
transaction. The issue of the shares was subject to regulatory
approvals and the waiver of pre-emptive rights by the remaining
minority shareholders of GRL. Aurelian settle the ZAR 16 million
(approximately GBP807,000) consideration as follows:
• ZAR 5 million (approximately GBP252,000) were settled in
cash;
Compliance with BEE regulations
These transactions result in a reduction in the Black Economic
Empowerment ("BEE") ownership of GRL. However, none
of GRL's current licenses to operate are impacted by these
changes. The reduction in the BEE ownership will impact on
GRL's ability to renew its mining right in South Africa when it
comes up for renewal in May 2023. GRL however does not plan
to renew this mining right as it does not have an identified
minerals deposit and can continue its current operations under
the Refining License which only expires on 1 November 2040.
Nonetheless, the Group and GRL remain cognisant of South
African government policy to advance economic transformation
and enhance the economic participation of black people in
South Africa and will continue to look at means to do so through
ownership, management representation, development of
employee skills, local enterprise development and participation
in local socio-economic development.
The directors considered the following when making the
decision
• increasing its shareholding in the Companies historically most
profitable subsidiary in the Group and therefore the Group's
share of dividends paid from GRL;
• increasing its share by 16.63% in the intercompany loan of
GBP4.5 million (approximately ZAR 89,3 million) receivable
by GRL from the Group and the 1% interest receivable on
the loan, which is payable over the next 4 years;
• A further ZAR 5 million (approximately GBP252,000) will be
• The basis for the transaction considering the involvement of
settled in cash in 180 days; and
related parties;
• The Company’s ability to repay the Nedbank loan over the
next 36 months; and
• The potential impact if the minority shareholding is taken up
by a party unknown to the Group.
Werner Klingenberg
Director
21 December 2021
• A vendor loan has been granted for a further ZAR 6 million
(approximately GBP302,000), which will be repayable from
distributions to be declared by GRL in respect of 1.84% of the
shares in GRL held by Aurelian.
After the completion of above transactions and cancellation
of the repurchased shares, the Group held 90.63% of GRL (an
increase of 16.63%), Amabubesi will hold 4.47% and Aurelian
4.90%. Subsequent to above, Amabubesi's remaining shares
were repurchased and shares to the same amount and value
issued to Aurelian. Aurelian is therefore the only minority
partner in South Africa and holds 9.37% of GRL.
By virtue of their size and because Mr Ntsaluba is both a
director of Goldplat and a major shareholder of Amabubesi
and Dartingo, both the share repurchases by GRL of 22.33% of
shares held by Amabubesi and Dartingo and the subsequent
issue by GRL of shares to Aurelian constituted related party
transactions under Rule 13 of the AIM Rules for Companies. The
independent directors, being the Goldplat board members with
the exception of Mr Ntsaluba, consider, having consulted with
the Company's Nominated Adviser, Grant Thornton UK LLP, that
the terms of the transactions are fair and reasonable insofar as
Goldplat's shareholders are concerned.
24
STRATEGIC REPORTGoldplat PLC / Annual Report and Accounts 2021Strategic Report Continued Independent Auditor’s Report to the members of Goldplat Plc
Opinion on the financial statements
In our opinion:
• the financial statements give a true and fair view of the state of the Group’s and of the Parent Company’s affairs as at 30 June 2021
and of the Group’s profit for the year then ended;
• the Group financial statements have been properly prepared in accordance with international accounting standards in conformity
with the requirements of the Companies Act 2006;
• the Parent Company financial statements have been properly prepared in accordance with international accounting standards in
conformity with the requirements of the Companies Act 2006 and as applied in accordance with the provisions of the Companies
Act 2006; and
• the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements of Goldplat Plc (the ‘Parent Company’) and its subsidiaries (the ‘Group’) for the year ended
30 June 2021 which comprise the consolidated and company statements of financial position, the consolidated and company
statements of profit or loss and other comprehensive income, the consolidated statement of changes in equity, the company
statements of changes in equity, the consolidated and company statement of cash flows and notes to the consolidated and separate
financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied
in their preparation is applicable law and international accounting standards in conformity with the requirements of the Companies
Act 2006 and, as regards the Parent Company financial statements, as applied in accordance with the provisions of the Companies
Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our
responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements
section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Independence
We remain independent of the Group and the Parent Company in accordance with the ethical requirements that are relevant to our
audit of the financial statements in the UK, including the FRC’s Ethical Standard as applied to listed entities, and we have fulfilled our
other ethical responsibilities in accordance with these requirements.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of accounting in the
preparation of the financial statements is appropriate. Our evaluation of the Directors’ assessment of the Group and the Parent
Company’s ability to continue to adopt the going concern basis of accounting included:
• Discussing the impact of COVID-19 with Management and the Audit Committee including their assessment of risks and
uncertainties associated with areas such as the Group’s workforce, supply chain, customer sales and commodity market prices
that are relevant to the Group’s business model and operations. We compared this against our own assessment of risks and
uncertainties based on our understanding of the business and mining sector.
• Obtaining Management’s base case cash flow forecast, challenging the key operating assumptions based on 2020 actuals and 2021
year to date actual results, external data and market commentary, where possible.
• Obtaining Management’s reverse stress testing analysis which was performed to determine the point at which liquidity breaks and
considering whether such scenarios, including significant reductions in commodity prices and production were possible given the
dynamics of the sector and the level of Covid-19 uncertainty.
• Evaluating post balance sheet date funding arrangements and assessing whether any of the financial covenants may be breached
during the going concern review period
• Testing the integrity of the forecast models and assessing their consistency with post year end trading when compared to budget
forecasts.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that,
individually or collectively, may cast significant doubt on the Group’s and the Parent Company’s ability to continue as a going concern
for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of
this report.
25
Operations and Finance ReportGoldplat PLC / Annual Report and Accounts 2021Chairman's StatementThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements Overview
Coverage1
Key audit matters
(‘KAMs’)
Materiality
Areas subject to a full scope audit by the Group engagement team and the auditors of the significant
components:
• 100% (2020: 100%) of Group revenue
• 99.9% (2020: 99.7%) of Group total assets
Revenue Recognition
Carrying value of property, plant and equipment (PPE), goodwill
and other intangible assets
Valuation of inventory
1 = This was identified as a key audit matter in 2021 given the materiality of the balance at year end
N/A
✔1
✔
✔
2021
✔
2020
✔
The prior year KAMs also included accounting for discontinued operations and the accounting for the
Ashanti Gold option in Anumso. As both entities were accounted for as Held for Sale under IFRS 5 and the
investments written down to their recoverable amounts at 30 June 2020, we do not consider these to be
KAMs for the current year audit.
Group financial statements as a whole
£181,000 (2020: £283,000) based on 5% (2020: 5%) of profit before tax.
An overview of the scope of our audit
Our Group audit was scoped by obtaining an understanding of the Group and its environment, including the Group’s system
of internal control, and assessing the risks of material misstatement in the financial statements. We also addressed the risk of
management override of internal controls, including assessing whether there was evidence of bias by the Directors that may have
represented a risk of material misstatement.
We determined that there were three significant components of the Group in addition to the parent company and these were each
subject to a full scope audit. The financial statements consolidate these entities together with a number of non-trading subsidiary
undertakings which are considered to be insignificant components.
The audits of the significant trading components were principally performed in the geographical location of the operations (South
Africa and Ghana) by non-BDO member firms. BDO LLP performed the audits of the Parent Company and other components.
The Group audit team issued detailed Group reporting instructions to component auditors, which set out the significant areas to
be covered by their audit (including were applicable key audit matters as detailed below), and detailed the information required to
be reported to the Group audit team. The Group audit team was in contact, at each stage of the audit, through planned calls and
regular written communication with the component auditors. The Group audit team performed remote reviews of the significant
components’ working papers and, in addition to the review of detailed working papers of the component auditors’, the Group auditor
also received further supporting direct documentation from the component auditors as requested. The Group team attended
regular virtual conference meetings throughout the audit and held completion calls with each component auditor to close out the
component auditor’s work from a Group audit perspective.
Specific audit procedures were performed to address the risks of material misstatement arising from key balances in non-significant
components, with testing performed on all material balances within these components. These specific audit procedures were
performed by the Group audit team.
All other components were scoped in for analytical review procedures to confirm our conclusion that there were no significant risks of
material misstatement in the financial information. This work was performed by BDO LLP.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of the most significance in our audit of the financial
statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to
fraud) that we identified, including those which had the greatest effect on the overall audit strategy, the allocation of resources in the
audit, and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
26
INDEPENDENT AUDITOR'S REPORTGoldplat PLC / Annual Report and Accounts 2021Independent Auditor’s Report to the members of Goldplat Plc Continued Key audit matter
Revenue
recognition
(notes 2.9 and 21).
The Group recognises revenue from
the sale of precious metals when it
completes its performance obligation
which is usually determined to be
when the metals are delivered to the
customer and the customer takes
control of the metals in line with
contractual terms.
The key audit matter identified relates
to the potential for cut off errors arising
around the timing of the recognition
of revenue and the assessment of the
valuation of revenue to be recorded
due to the subjective nature of the
sales transactions which require assay
valuations to conclude on pricing.
Revenue is therefore considered to
include an element of subjectivity and
judgement relating to the timing of the
recognition of revenue and the amount
of revenue recognised.
Carrying amount
of Property Plant
and Equipment
(PPE), goodwill
and other
intangible assets
(Notes 4 and 5).
The Group’s non-current assets, which
comprise PPE and intangible assets
(including goodwill) amount to £4.6m
(2020: £3.9m) and £4.7m (2020: £4.7m)
respectively.
Management are required to review,
at least annually, whether there are
indicators of impairment in respect of
its non-current assets.
In the current environment where the
global impact of COVID-19 is continuing
to impact many sectors, there is an
increased level of judgement involved
in Management’s forecasting due
to the uncertainty over the Group’s
performance in both the short and long
term.
How the scope of our audit addressed the key audit matter
Our audit procedures included:
• Reviewing a sample contracts with customers to verify the
appropriateness of the Group’s revenue recognition policy
to ensure it is in line with the requirements of applicable
accounting standards.
• Testing a sample of sales transactions by agreeing the invoices
to the third party independent assay reports, gold valuation
documents and delivery documentation.
• Reviewing any differences between the Group’s assay results and
the customers assay results in order to assess whether or not
there were material pricing variations to be accounted for
• Verifying the accuracy of gold prices and exchange rates used
against independent sources of information.
• Verifying sales recorded immediately before and after the
reporting date to the nominal ledger and assessing whether
revenue had been recorded in the correct period through a
review of the documentation relating to the independent assay
valuations and deliveries.
• Reviewing the financial statements for appropriateness
of disclosures in accordance with applicable accounting
standards.
Key observations:
We found Management’s revenue recognition policy to be in line
with the requirements of applicable accounting standards and
the recognition and measurement of revenue in the year to be
appropriate.
Our audit procedures included:
• Reviewing Management’s assessment of the identification of
the appropriate cash generating units (‘CGU’) for the Group
against the requirements of the accounting standards.
• Reviewing Management’s impairment indicators assessment
for each CGU against the criteria in the accounting standards
in order to determine whether Management’s assessment
was complete and in accordance with the requirements of the
accounting standards.
• Performing an independent assessment of financial and
non-financial data in order to seek to identify any other
potential impairment indicators.
As Management and the Board had identified an impairment
trigger present across all CGUs we:
• Compared the actual operating performance for each CGU for
the year back to historical forecasts in order to assess whether
the CGUs were operating in line with forecasts and in order to
assess the Group’s ability to forecast reliably.
• Obtained, reviewed and sensitised the key inputs in
Management’s discounted cash flow models, checking
that the key inputs included in the models such as gold
prices, production, capital expenditure and discount rates
were reasonable and within an acceptable range based on
our knowledge of the sector. In so doing we obtained and
identified our own inputs from data sources available to us.
27
Operations and Finance ReportGoldplat PLC / Annual Report and Accounts 2021Chairman's StatementThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements How the scope of our audit addressed the key audit matter
• Tested the mathematical integrity of Management’s models
and challenged the basis of preparation of the model to ensure
it was in line with our expectations and an accepted valuation
methodology for discounted cash flows.
• Reviewed and assessed the adequacy of the disclosures in
the financial statements to ensure that they were prepared in
accordance with the requirements of the accounting standard.
Key observations:
We found the judgements and estimates applied by Management
in preparing the models to be supportable and appropriate.
Our audit procedures included:
• Evaluating whether the inventory valuation methodology at
the year end was in line with the accounting policy of inventory
being recorded at the lower of cost and net realisable value.
• Obtaining and reviewing Management’s calculation of the
precious metals on hand and in process valuation, and
comparing this to a third party specialist valuation report.
• Assessing the competence of third party surveyors or internal
experts who were responsible for preparing inputs applied in
the determination of the valuation of inventory.
• Evaluating whether the appropriate costs had been included in
the cost of inventory and that these costs were recognised in
accordance with the requirements of the relevant accounting
standards
• Obtaining third party confirmation of inventory in transit at the
year end, to confirm existence and receipt of that inventory by
customers subsequent to the year end.
• Reviewing the financial statement disclosures to ensure they
are presented in accordance with the requirements of the
accounting standard.
Key observations:
We found the judgements and estimates applied by Management
in the valuation of inventory to be supportable and appropriate.
The Group’s inventories, which
comprise raw materials, consumables
and precious metals on hand and in
process amount to £8.4m (2020: £6.4m)
at the balance sheet date
The raw materials and precious metals
on hand and in process are recognised
at cost, and Management must make an
assessment at each year end in order
to establish whether or not the carrying
value of inventory is impaired. There
are estimates and judgements required
in the assessment undertaken by
Management, including those related to
costings, grade of ore and gold prices.
There is a risk inventory is carried at
cost which is in excess of its recoverable
value.
Key audit matter
Valuation of
inventory
(Notes 2.4 and 10)
28
INDEPENDENT AUDITOR'S REPORTGoldplat PLC / Annual Report and Accounts 2021Independent Auditor’s Report to the members of Goldplat Plc Continued Our application of materiality
We apply the concept of materiality both in planning and performing our audit, and in evaluating the effect of misstatements.
We consider materiality to be the magnitude by which misstatements, including omissions, could influence the economic decisions of
reasonable users that are taken on the basis of the financial statements.
In order to reduce to an appropriately low level the probability that any misstatements exceed materiality, we use a lower materiality
level, performance materiality, to determine the extent of testing needed. Importantly, misstatements below these levels will
not necessarily be evaluated as immaterial as we also take account of the nature of identified misstatements, and the particular
circumstances of their occurrence, when evaluating their effect on the financial statements as a whole.
Based on our professional judgement, we determined materiality for the financial statements as a whole and performance
materiality as follows:
Materiality
Group financial statements
Parent company financial statements
2021
£
181,000
2020
£
283,000
2021
£
126,700
2020
£
172,500
Basis for determining
materiality
Materiality was set at 5% (2020: 5%) of the profit
before tax.
We consider the use of profit before tax to be
the most appropriate benchmark given it is a key
measure for stakeholders based on market practice
and investor expectations.
2021
£
126,000
2020
£
198,000
Materiality was capped at 70% of group materiality
in order to ensure appropriate assurance was
obtained (2020: based on a percentage of total
assets)
The Parent Company materiality was capped at 70%
of Group materiality.
2021
£
86,000
2020
£
120,000
Performance materiality was set at 70% (2020: 70%) of the above materiality levels.
The level of performance materiality was set after considering a number of factors including significant
transactions in the year, the expected value of known and likely misstatements, and Management’s
attitude towards proposed misstatements.
Rationale for the
benchmark applied
Performance
materiality
Basis for determining
performance
materiality
Component materiality
We set materiality for each component of the Group based on the size and our assessment of the risk of material misstatement
of that component. Component materiality ranged from £30,000 to £114,200 (2020: £50,000 to £172,500). In the audit of each
component, the component auditors further applied performance materiality levels of 70% (2020: 70%) of the component materiality
to our testing to ensure that the risk of errors exceeding component materiality was appropriately mitigated.
Reporting threshold
We agreed with the Audit Committee that we would report to them all individual audit differences in excess of £3,600 (2020: £5,600).
We also agreed to report differences below this threshold that, in our view, warranted reporting on qualitative grounds.
Other information
The directors are responsible for the other information. The other information comprises the information included in the
Consolidated and Company Annual Financial Statements other than the financial statements and our auditor’s report thereon. Our
opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our
report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent
with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.
If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise
to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there
is a material misstatement of this other information; we are required to report that fact.
We have nothing to report in this regard.
29
Operations and Finance ReportGoldplat PLC / Annual Report and Accounts 2021Chairman's StatementThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements Other Companies Act 2006 reporting
Based on the responsibilities described below and our work performed during the course of the audit, we are required by the
Companies Act 2006 and ISAs (UK) to report on certain opinions and matters as described below.
In our opinion, based on the work undertaken in the course of the audit:
Strategic report and
Directors’ report
• the information given in the Strategic report and the Directors’ report for the financial year for which
the financial statements are prepared is consistent with the financial statements; and
• the Strategic report and the Directors’ report have been prepared in accordance with applicable legal
requirements.
In the light of the knowledge and understanding of the Group and Parent Company and its environment
obtained in the course of the audit, we have not identified material misstatements in the strategic report
or the Directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act
2006 requires us to report to you if, in our opinion:
• adequate accounting records have not been kept by the Parent Company, or returns adequate for our
audit have not been received from branches not visited by us; or
• the Parent Company financial statements are not in agreement with the accounting records and
returns; or
Matters on which we
are required to report
by exception
• certain disclosures of Directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit.
Responsibilities of Directors
As explained more fully in the Statement of Directors’ responsibilities, the Directors are responsible for the preparation of the
financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors
determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to
fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Group’s and the Parent Company’s ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no
realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is
a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial
statements.
Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our
responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our
procedures are capable of detecting irregularities, including fraud is detailed below.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws
and regulations, our procedures included the following:
• Gaining an understanding of the legal and regulatory framework applicable to the Group and components and the industry in
which they operate, through discussion with Management and the Audit Committee and our knowledge of the industry. We
focussed on significant laws and regulations that could give rise to a material misstatement in the financial statements, including,
but not limited to, the Companies Act 2006, international accounting standards, Health and Safety, and tax legislations.
• Considering compliance with these laws and regulations through discussions with Management and the Audit Committee. Our
procedures also included holding discussions with executive management, the non-executive directors are members of the Audit
Committee and reviewing minutes from board meetings of those charges with governance to identify any instances of non-
compliance with laws and regulations.
30
INDEPENDENT AUDITOR'S REPORTGoldplat PLC / Annual Report and Accounts 2021Independent Auditor’s Report to the members of Goldplat Plc Continued • Assessing the susceptibility of the Group’s and Company’s financial statements to material misstatement, including how fraud
might occur. In addressing the risk of fraud including management override of controls and improper revenue recognition, we
tested the appropriateness of journal entries made throughout the year by applying specific criteria.
• Performing a detailed review of the Group’s year end adjusting entries and journals throughout the year, investigated any that
appeared unusual as to nature or amount.
• Assessing whether the judgements made in accounting estimates were indicative of a potential bias and tested the application of
cut-off and revenue recognition (refer to Revenue Recognition KAM).
• Identifying areas of risk management bias and reviewed key estimates and judgements applied by Management in the financial
statements to assess their appropriateness.
• The engagement partner assessed that the engagement team, collectively, had the appropriate competence and capability to
identify and recognise compliance with law and regulation
• Communicating relevant identified laws and regulations and potential fraud risks to all engagement team members and
component auditors, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the
audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the
risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud
may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations
in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and
transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/
auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the Parent Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies
Act 2006. Our audit work has been undertaken so that we might state to the Parent Company’s members those matters we are
required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the Parent Company and the Parent Company’s members as a body, for our audit work,
for this report, or for the opinions we have formed.
Anne Sayers (Senior Statutory Auditor)
For and on behalf of BDO LLP, Statutory Auditor London
United Kingdom
21 December 2021
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
31
Operations and Finance ReportGoldplat PLC / Annual Report and Accounts 2021Chairman's StatementThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements Group
2020
Company
Company
2021
2020
3,900
356
4,664
1
–
661
–
9,582
6,432
4,476
–
3,140
14,048
3,380
17,428
27,010
1,675
11,441
5,167
(6,224)
12,059
3,057
15,116
549
919
145
–
–
–
–
–
–
–
20,268
9,425
–
–
–
20,268
–
178
–
22
200
–
200
–
–
4,494
13,919
–
24
–
10
34
–
34
20,468
13,953
1,698
11,491
(2,887)
–
10,302
–
10,302
–
–
–
10,030
10,030
1,675
11,441
653
–
13,769
–
13,769
–
–
–
–
–
1,689
1,613
Group
2021
4,568
574
4,664
1
606
636
–
11,049
8,433
13,003
58
3,459
24,953
–
24,953
36,002
1,698
11,491
6,846
(5,258)
14,777
3,637
18,414
787
792
110
–
Statements of Financial Position
Figures in £'000
Assets
Non-current assets
Property, plant and equipment
Right-of-use assets
Intangible assets
Investments in subsidiaries, joint ventures and
associates
Receivable on Kilimapesa sale
Other loans and receivables
Loan to group company
Total non-current assets
Current assets
Inventories
Trade and other receivables
Receivable on Kilimapesa sale
Cash and cash equivalents
Total current assets
Non-current assets or disposal groups classified as
held for sale
Total current assets
Total assets
Equity and liabilities
Equity
Share capital
Share premium
Retained income/(accumulated loss)
Foreign exchange reserve
Total equity attributable to owners of the parent
Non-controlling interests
Total equity
Liabilities
Non-current liabilities
Provisions
Deferred tax liabilities
Lease liabilities
Loan from group company
Total non-current liabilities
Notes
4
18
5
6
7
8
9
10
11
7
12
13
14
14
15
16
17
18
32
FINANCIAL STATEMENTSGoldplat PLC / Annual Report and Accounts 2021 Figures in £'000
Notes
Current liabilities
Trade and other payables
Current tax liabilities
Current portion of long term borrowings
Lease liabilities
Loan from group company
Total current liabilities
Liabilities included in disposal groups classified as held
for sale
Total current liabilities
Total liabilities
Total equity and liabilities
19
18
13
Group
2021
15,445
128
33
293
–
15,899
–
15,899
17,588
36,002
Group
2020
Company
Company
2021
2020
7,465
157
1,004
206
–
8,832
1,449
10,281
11,894
27,010
113
–
–
–
23
136
–
136
10,166
20,468
184
–
–
–
–
184
–
184
184
13,953
The financial statements of Goldplat plc, company number 05340664, were approved by the Board of Directors and authorised for
issue on 21 December 2021. They were signed on its behalf by: Werner Klingenberg, Director.
The notes on pages 39 to 62 are an integral part of these consolidated financial statements.
Werner Klingenberg
21 December 2021
33
Operations and Finance ReportGoldplat PLC / Annual Report and Accounts 2021Chairman's StatementThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements Statements of Profit or Loss and
Other Comprehensive Income
Figures in £'000
Revenue
Cost of sales
Gross profit
Other income
Administrative expenses
Impairment loss
Profit/(loss) from operating activities
Finance income
Finance costs
Profit/(loss) before tax
Income tax expense - continuing operations
Profit/(loss) from continuing operations
Loss from discontinued operations
Profit/(loss) for the year
Profit/(loss) for the year attributable to:
Owners of Parent
Non-controlling interest
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
Exchange reserve reclassified on loss of control of Kilimapesa
Total Exchange differences on translation
Exchange differences relating to the non-controlling interest
Gains/(losses) on exchange differences on translation
Total other comprehensive income that will be reclassified to profit or loss
Total other comprehensive income net of tax
Total comprehensive income
Comprehensive income attributable to:
Comprehensive income, attributable to owners of parent
Comprehensive income, attributable to non-controlling interests
Notes
21
23
24
25
26
13
Group
2021
35,400
(29,201)
6,199
56
(1,694)
–
4,561
–
(909)
3,652
(903)
2,749
(570)
2,179
1,679
500
2,179
719
247
966
256
1,222
1,222
3,401
2,645
756
3,401
Group
2020
24,809
(17,497)
7,312
–
(1,682)
(295)
5,335
1,067
(736)
5,666
(2,361)
3,305
(5,270)
(1,965)
(3,137)
1,172
(1,965)
(1,394)
–
(1,394)
(488)
(1,882)
(1,882)
(3,847)
(4,531)
684
(3,847)
34
FINANCIAL STATEMENTSGoldplat PLC / Annual Report and Accounts 2021 Figures in £'000
Earnings per share from continuing and discontinuing operations attributable to owners
Notes
Group
2021
Group
2020
of the parent during the year
Basic earnings per share
Basic earnings per share from continuing operations
Basic loss per share from discontinuing operations
Total basic earnings/(loss) per share
Diluted earnings per share
Diluted earnings per share from continuing operations
Diluted loss per share from continuing operations
Total diluted earnings/(loss) per share
27
27
1.32
(0.34)
0.98
1.32
(0.33)
0.99
1.27
(3.15)
(1.87)
1.25
(3.12)
(1.88)
The notes on pages 39 to 62 are an integral part of these consolidated financial statements.
The Company’s individual profit and loss account has been omitted from the Group’s annual financial statements having taken
advantage of the exemption not to disclose under Section 408(3) of the Companies Act 2006. The Company’s comprehensive loss for
the year ended 30 June 2021 was £3,540,000 (2020 - profit £24,000).
35
Operations and Finance ReportGoldplat PLC / Annual Report and Accounts 2021Chairman's StatementThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements Statements of Changes in Equity - Group
Figures in £'000
Share
Capital
Share
premium
Foreign
currency
translation
reserve
Retained
income/
(accumulated
loss)
Attributable
to owners of
the parent
Non-
controlling
interests
Total
Balance at 1 July 2019
1,675
11,441
(4,830)
8,282
16,568
2,717
19,285
Changes in equity
Loss for the year
Other comprehensive income
Total comprehensive income for
the year
Non-controlling interests in
subsidiary dividend
Share based payments
–
–
–
–
–
–
–
–
–
–
(1,394)
(1,394)
–
–
Balance at 30 June 2020
1,675
11,441
(6,224)
Balance at 1 July 2020
1,675
11,441
(6,224)
Changes in equity
Profit for the year
Other comprehensive income
Exchange reserve released
through profit and loss on sale
of Kilimapesa
Total comprehensive income for
the year
Non-controlling interests in
subsidiary dividend
Shares issued from options
exercised
–
–
–
–
–
23
–
–
–
–
–
50
–
719
247
966
–
–
–
(3,137)
–
(3,137)
–
22
5,167
5,167
1,679
–
–
(3,137)
(1,394)
(4,531)
–
22
1,172
(488)
(1,965)
(1,882)
684
(3,847)
(344)
(344)
–
22
12,059
3,057
15,116
12,059
3,057
15,116
1,679
719
500
256
2,179
975
247
–
247
1,679
2,645
756
3,401
–
–
–
73
(176)
(176)
–
73
Balance at 30 June 2021
1,698
11,491
(5,258)
6,846
14,777
3,637
18,414
Notes
14
14
The notes on pages 39 to 62 are an integral part of these consolidated financial statements.
36
FINANCIAL STATEMENTSGoldplat PLC / Annual Report and Accounts 2021 Statements of Changes in Equity - Company
Figures in £'000
Balance at 1 July 2019
Changes in equity
Profit for the year
Total comprehensive income
Balance at 30 June 2020
Balance at 1 July 2020
Changes in equity
Loss for the year
Total comprehensive income
Shares issued from options exercised
Balance at 30 June 2021
Issued capital
Share premium
1,675
11,441
–
–
1,675
1,675
–
–
23
1,698
14
–
–
11,441
11,441
–
–
50
11,491
14
Note
Retained
income/
(accumulated
loss)
629
24
24
653
653
(3,540)
(3,540)
–
(2,887)
Total
13,745
24
24
13,769
13,769
(3,540)
(3,540)
73
10,302
The notes on pages 39 to 62 are an integral part of these consolidated financial statements.
37
Operations and Finance ReportGoldplat PLC / Annual Report and Accounts 2021Chairman's StatementThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements Statements of Cash Flows
Figures in £'000
Net cash flows from/(used in) operations
Notes
34
Finance cost
Finance income
Income taxes paid
Net cash flows from/(used in) operating activities
Cash flows (used in)/from investing activities
Proceeds from sales of property, plant and equipment
Purchase of property, plant and equipment
Decrease in cash from disposal of non-current assets
held for sale
Receipt from long term receivable
Decrease/(Increase) of loans to subsidiary
Cash flows (used in)/from investing activities
Cash flows (used in)/from financing activities
Proceeds from drawdown of interest-bearing
borrowings
Net (repayment) from debt financing (included under
trade and other payables)
Net proceeds from issuing of shares
Repayment of interest-bearing borrowings
Interest paid on interest-bearing borrowings
Principal paid on lease liabilities
Interest paid on lease liabilities
Payment of dividend by subsidiary to non-controlling
interest
Payment of dividend to non-controlling interest
Cash flows (used in)/from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of the year
Foreign exchange movement on opening balance
Cash and cash equivalents at end of the year
12
Cashflows from discontinued operations
Group
2021
4,277
(909)
–
(1,059)
2,309
18
(979)
(6)
74
–
(893)
–
–
73
(872)
(99)
(186)
(21)
–
(176)
(1,281)
135
3,146
178
3,459
–
Group
2020
4,774
(736)
1,067
(1,725)
3,380
9
(356)
–
156
–
(191)
973
(1,490)
–
(394)
(127)
(151)
(40)
(344)
–
(1,573)
1,616
1,807
(277)
3,146
5
Company
Company
2021
(73)
(8)
–
(5)
(86)
–
–
–
–
25
25
–
–
73
–
–
–
–
–
–
73
12
10
–
22
–
2020
29
(9)
–
–
20
–
–
–
–
(19)
(19)
–
–
–
–
–
–
–
–
–
–
1
9
–
10
–
The notes on pages 39 to 62 are an integral part of these consolidated financial statements.
38
FINANCIAL STATEMENTSGoldplat PLC / Annual Report and Accounts 2021 Accounting Policies
1. General information
Goldplat plc (the ‘Company’) is a public company limited by shares domiciled and registered in England and Wales. The address of
the Company’s registered office is Salisbury House, London Wall, London, EC2M 5PS. 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 financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRSs”)
as issued by the International Accounting Standards Board (“IASB”) , and the Companies Act 2006 as applicable to entities reporting in
accordance with IFRS.
Basis of measurement
The consolidated financial statements have been prepared on the historical cost basis, except for derivative financial instruments that
have been measured at fair value.
Functional and presentation currency
These consolidated financial statements are presented in Pounds Sterling (“GBP”), which is considered by the directors to be the most
appropriate presentation currency to assist the users of the financial statements. All financial information presented in GBP has been
rounded to the nearest thousand, except when otherwise indicated.
The Group’s subsidiaries’ functional currency is considered to be the South African Rand (ZAR), Ghana Cedi (GHS) and the Kenyan
Shilling (KES) and the Company’s functional currency is Pounds Sterling (GBP) as these currencies mainly influences sales prices and
expenses.
Use of estimates and judgements
The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgements,
estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income
and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are
believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values
of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the
period in which the estimates are revised if the revision affects only that period, or in the period of revision and future periods of the
revision if it affects both current and future periods.
Critical estimates and assumptions that have the most significant effect on the amounts recognised in the consolidated financial
statements and/or have a significant risk of resulting in a material adjustment within the next financial year are as follows:
• Carrying value of goodwill to the value of £4,664,000 (2020: £4,664,000) (Note 5)
• Inventory - precious metals on hand and in process to the value of £4,303,000 (2020: £3,799,000) (Note 10)
• Rehabilitation provision £787,000 (2020: £549,000) (Note 16)
• Useful economic lives (Note 2)
2.1 Consolidation
Business combinations
Business combinations are accounted for using the acquisition method at the acquisition date, which is the date on which control is
transferred to the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from
its activities. In assessing control, the Group takes into consideration potential voting rights that currently are exercisable.
The Group measures goodwill at the acquisition date as:
• the fair value of the consideration transferred; plus
• the recognised amount of any non-controlling interests in the acquiree; plus
• if the business combination is achieved in stages, the fair value of the pre-existing equity interest in the acquiree; less
• the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. When the excess is
negative, a bargain purchase price is recognised immediately in profit or loss.
The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts
generally are recognised in profit or loss.
39
Operations and Finance ReportGoldplat PLC / Annual Report and Accounts 2021Chairman's StatementThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements Accounting Policies Continued
Transaction costs, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with
a business combination are expensed as incurred.
Any contingent consideration payable is measured at fair value at the acquisition date. If the contingent consideration is classified as
equity, then it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes in the fair value of
the contingent consideration are recognised in profit or loss.
When share-based payment awards (replacement awards) are required to be exchanged for awards held by the acquiree’s employees
(acquiree’s awards) and relate to past services, then all or a portion of the amount of the acquirer’s replacement awards is included
in measuring the consideration transferred in the business combination. This determination is based on the market-based value of
the replacement awards compared with the market-based value of the acquiree’s awards and the extent to which the replacement
awards relate to past and/or future service.
Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised
losses are also eliminated. When necessary, amounts reported by subsidiaries have been adjusted to conform with the group's
accounting policies.
Subsidiaries
Subsidiaries are entities controlled by the Group. The financial statements of subsidiaries are included in the consolidated financial
statements from the date that control commences until the date that control ceases.
On acquisition of a subsidiary, or where a subsidiary has been transferred from another entity within the group, the transaction is
fair valued at the date control of the subsidiary passes. The investment is the subsidiary is accounted for at amortised cost, less any
provision for impairment, post transaction date.
Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated
in preparing the consolidated financial statements.
2.2 Foreign currency translation
Transactions and balances
Transactions entered into by Group entities in a currency other than the currency of the primary economic environment in which they
operate (their “functional currency”) are recorded at the rates ruling when the transactions occur. Foreign currency monetary assets
and liabilities are translated at the rates ruling at the reporting date. Exchange differences arising on the retranslation of unsettled
monetary assets and liabilities are recognised immediately in profit or loss.
Exchange gains and losses arising on the retranslation of monetary financial assets are treated as a separate component of the
change in fair value and recognised in profit or loss. Exchange gains and losses on non-monetary OCI financial assets form part of the
overall gain or loss in OCI recognised in respect of that financial instrument.
On consolidation, the results of overseas operations are translated into GBP at rates approximating to those ruling when the
transactions took place. All assets and liabilities of overseas operations, including goodwill arising on the acquisition of those
operations, are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets
at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income and accumulated
in the foreign exchange reserve.
On loss of control of a foreign operation, the cumulative exchange differences recognised in the foreign exchange reserve relating to
that operation up to the date of disposal are transferred to the consolidated statement of comprehensive income as part of the profit
or loss on disposal.
Foreign operations
The assets and liabilities of foreign operations, including goodwill and the fair value adjustments arising on acquisition, are translated
to GBP at exchange rates at the reporting date. The income and expenses of foreign operations are translated to GBP at an annual
average exchange rate.
Foreign currency differences are recognised in other comprehensive income, and presented in the exchange reserve in equity.
However, if the foreign operation is a non-wholly owned subsidiary, then the relevant proportion of the translation difference is
allocated to the non-controlling interest. When a foreign operation is disposed of such that control, significant influence or joint
control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as part
of the gain or loss on disposal. When the Group disposes of only part of its interest in a subsidiary that includes a foreign operation
while retaining control, the relevant proportion of the cumulative amount is reattributed to non-controlling interests.
40
FINANCIAL STATEMENTSGoldplat PLC / Annual Report and Accounts 2021 When the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely in the
foreseeable future, foreign currency gains and losses arising from such item are considered to form part of a net investment in the
foreign operation and are recognised in other comprehensive income, and presented in the exchange reserve in equity.
Goodwill and fair value adjustments arising on the acquisition of foreign operations are treated as assets and liabilities of the foreign
operation and translated at the closing rates.
2.3 Property, plant and equipment
Recognition and measurement
Items of property, plant and equipment as well as leasehold assets are measured at cost less accumulated depreciation and
accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset.
The cost of the mining asset includes the costs of dismantling and removing the items and restoring the site on which they are
located.
When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items
(major components) of property, plant and equipment.
Any gain or loss on disposal of an item of property, plant and equipment (calculated as the difference between the net proceeds from
disposal and the carrying amount of the item) is recognised in profit or loss.
Subsequent costs
Subsequent expenditure is analysed by its nature. Substantial modification done on property, plant and equipment is capitalised
only when it is probable that the future economic benefits associated with the expenditure will flow to the Group. Ongoing repairs
and maintenance that relate to day-to-day repairs are expensed and substantial modifications are capitalised provided that IAS 16
recognition criteria has been met.
Depreciation
Items of property, plant and equipment are depreciated on a straight-line basis in profit or loss over the estimated useful lives of each
component. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that
the Group will obtain ownership by the end of the lease term. Freehold land is not depreciated.
Items of property, plant and equipment are depreciated from the date that they are installed and are ready for use, or in respect of
internally constructed assets, from the date that the asset is completed and ready for use.
Asset class
Buildings
Leasehold property
Plant and equipment
Motor vehicles
Office equipment
Environmental asset
2.4 Intangible assets
Goodwill
Useful life / depreciation rate
20 years
lease period
10 years
5 years
6 years
life of mine
Goodwill that arises on the acquisition of subsidiaries is presented within intangible assets. Intangible assets are initially measured at
cost.
Subsequent measurement
Goodwill is measured at cost less accumulated impairment losses.
Subsequent expenditure
Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it
relates. All other expenditure, including expenditure on internally generated goodwill, is recognised in profit or loss as incurred.
41
Operations and Finance ReportGoldplat PLC / Annual Report and Accounts 2021Chairman's StatementThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements Accounting Policies Continued
Amortisation
Except for goodwill, intangible assets are amortised on a straight-line basis in profit or loss over their estimated useful lives, from the
date that they are available for use. Amortisation methods, useful lives and residual values are reviewed at each reporting date and
adjusted if appropriate. Amortisation is included within administrative expenses in profit or loss.
• pre-production expenditure: on a unit cost basis over the useful life from date of commencement of production
Inventories
Consumable stores and raw materials are measured at the lower of cost and net realisable value. The cost of inventories is based on
the weighted average basis and includes expenditure incurred in acquiring the inventories, production or conversion costs, and other
costs incurred in bringing them to their existing location and condition.
Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and
selling expenses.
Precious Metals on Hand and in Process represents production on hand after the smelting process, gold contained in the elution
process, gold loaded carbon in carbon-in-leach (“CIL”) and carbon-in-pulp (“CIP”) processes, gravity concentrates, platinum group
metals (“PGM”) concentrates and any form of precious metal in process where the quantum of the contained metal can be accurately
estimated. It is valued at the average production cost for the year, including amortisation, overheads and depreciation.
Broken ore represents blasted ore, underground or on stockpile, and are measured at the lower of cost and net realisable value.
The cost of broken ore is based on production costs and other costs incurred in bringing them to their existing location and condition.
Impairment
Impairment tests on goodwill and other intangible assets with indefinite useful economic lives are undertaken annually at the
financial year end. Other non-financial assets are subject to impairment tests whenever events or changes in circumstances indicate
that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the
higher of value in use and fair value less costs to sell), the asset is written down accordingly.
Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the smallest
group of assets to which it belongs for which there are separately identifiable cash flows; its cash generating units (‘CGUs’). Goodwill
is allocated on initial recognition to each of the Group’s CGUs that are expected to benefit from a business combination that gives rise
to the goodwill.
Impairment charges are included in profit or loss, except to the extent they reverse gains previously recognised in other
comprehensive income. An impairment loss recognised for goodwill is not reversed.
2.5 Financial instruments
Expected credit losses
The Group applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision
for trade and other receivables and contract assets. To measure expected credit losses on a collective basis, trade receivables ad
contract assets are grouped based on similar credit risk and aging. The contract assets have similar risk characteristics to the trade
receivables for similar types of contracts.
Financial assets
The Group has adopted IFRS 9 from 1 July 2018. The standard introduced new classification and measurement models for financial
assets.
The Group has classified £11,986,000 (2020: £3,850,000) as fair value through profit or loss due to the exposure to commodity prices.
Due to the short nature of these amounts the impact on the profit or loss is immaterial.
The Group’s as well as the Company’s financial assets measured at amortised cost comprise trade and other receivables, and cash
and cash equivalents in the consolidated statement of financial position.
Trade receivables and intra group balances are initially recognised at fair value. Impairment requirements use an expected credit loss
model to recognise an allowance. For receivables a simplified approach to measuring expected credit losses using a lifetime expected
loss allowance is available and has been adopted by the Group/Company. During this process the probability of the non-payment of
the receivables is assessed. This probability is then multiplied by the amount of the expected loss arising from default to determine
the lifetime expected credit loss for the receivables. For trade receivables, which are reported net, such provisions are recorded
in a separate provision account with the loss being reported within the consolidated statement of comprehensive income. On
confirmation that the trade and intra group receivable will not be collectable, the gross carrying value of the asset is written off
against the associated provision.
Trade receivables will be derecognised when the balance has been settled to the Group or where the balance has been assigned to
another party, when such party has been settled.
42
FINANCIAL STATEMENTSGoldplat PLC / Annual Report and Accounts 2021 Impairment provisions for receivables from related parties and loans to related parties are recognised on a forward looking expected
credit loss model. The methodology used to determine the amount of the provision is based on whether there has been a significant
increase in credit risk since initial recognition of the financial asset.
Financial liabilities
Financial liabilities are recognised in the Group’s/Company’s balance sheet when the Group/Company becomes party to a contractual
provision of the instrument.
Trade and other payables, including invoice financing creditors are recognised at their cost which approximates to their fair value.
(i) Non-derivative financial liabilities
The Group initially recognises debt securities issued on the date that they are originated. All other financial liabilities (including
liabilities designated at fair value through profit or loss) are recognised initially on the trade date, which is the date that the Group
becomes a party to the contractual provisions of the instrument.
The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expire.
The Group classifies non-derivative financial liabilities into the other financial liabilities category. Such financial liabilities are
recognised initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition, these financial
liabilities are measured at amortised cost using the effective interest method. Other financial liabilities comprise loans and
borrowings, finance lease obligations, and trade and other payables.
(ii) Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as
a deduction from equity, net of any tax effects.
Other financial assets
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 significance of the inputs used in the valuation. The financial assets from
the Kilimapesa sale has significant inputs and is therefore included in level 3.
2.6 Non-current assets or disposal groups classified as held for sale
Non-current assets and disposal groups are classified as held for sale when:
• They are available for immediate sale
• Management is committed to a plan to sell
• It is unlikely that significant changes to the plan will be made or that the plan will be withdrawn
• An active programme to locate a buyer has been initiated
• The asset or disposal group is being marketed at a reasonable price in relation to its fair value; and
• A sale is expected to complete within 12 months from the date of classification
On initial classification as held-for-sale, generally, non-current assets and disposal groups are measured at the lower of the carrying
amount and fair value less costs to sell, with any adjustments taken to profit or loss (or other comprehensive income in the case of
a revalued asset). The same applies to gains and losses on subsequent remeasurement. However, certain items, such as financial
assets within the scope of IAS 39: Financial Instruments: Recognition and Measurement and investment property within the scope of
IAS 40: Investment Properties, continue to be measured in accordance with those standards.
Impairment losses subsequent to classification of assets as held-for-sale are recognised in profit or loss. Increases in fair value less
costs to sell assets that have been classified as held-for-sale are recognised in profit or loss to the extent that the increase is not in
excess of any cumulative impairment loss previously recognised in respect of the asset
Gains and losses on remeasurement and impairment losses subsequent to classification as disposal groups and non-current assets
held-for-sale are shown within continuing operations in profit or loss, unless they qualify as discontinued operations. Disposal groups
and non-current assets held-for-sale are presented separately from other assets and liabilities on the statement of financial position.
Prior periods are not reclassified.
2.7 Tax
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the Group statement of profit or
loss and other comprehensive income except to the extent that it relates to items recognised directly in equity, in which case it is
recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the
reporting date and any adjustment to tax payable in respect of previous years.
43
Operations and Finance ReportGoldplat PLC / Annual Report and Accounts 2021Chairman's StatementThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements Accounting Policies Continued
Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amount
of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes
Leases
Identifying leases
The Group accounts for a contract, or a portion of a contract, as a lease when it conveys the right to use an asset for a period of time
in exchange for consideration. Leases are those contracts that satisfy the following criteria:
(a)
(b)
(c)
There is an identified asset;
The Group obtains substantially all the economic benefits from use of the asset; and
The Group has the right to direct use of the asset.
The Group considers whether the supplier has substantive substitution rights. If the supplier does have those rights, the contract is
not identified as giving rise to a lease.
In determining whether the Group obtains substantially all the economic benefits from use of the asset, the Group considers only the
economic benefits that arise use of the asset, not those incidental to legal ownership or other potential benefits.
In determining whether the Group has the right to direct use of the asset, the Group considers whether it directs how and for
what purpose the asset is used throughout the period of use. If there are no significant decisions to be made because they are
pre-determined due to the nature of the asset, the Group considers whether it was involved in the design of the asset in a way that
predetermines how and for what purpose the asset will be used throughout the period of use. If the contract or portion of a contract
does not satisfy these criteria, the Group applies other applicable IFRSs rather than IFRS 16
2.8 Provisions
A provision is recognised in the statement of financial position if, as a result of a past event, the Group has a present legal or
constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to
settle the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax
rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability.
The unwinding of the discount is recognised as finance cost.
Environmental obligation
In accordance with the Group’s environmental policy and applicable legal requirements, a provision for site restoration in respect of
contaminated land is recognised when the land is contaminated.
The estimated long-term environmental obligations, comprising rehabilitation and mine closure, are based on the Group’s
environmental management plans in compliance with current environmental and regulatory requirements. The amounts disclosed
in the financial statements as environmental assets and obligations include rehabilitation. The cost of rehabilitation projects
undertaken, which has been included in the provision estimate, are charged to the provision as incurred. The cost of current
programs to prevent and control future liabilities are charged to the Group statement of profit or loss and other comprehensive
income as incurred.
2.9 Revenue
The Group has adopted IFRS 15 from 1 July 2018. The standard provides a single comprehensive model for revenue recognition
Revenue from precious metal sales is recognised when transfer of control takes place when the product has been delivered under
the terms of the contract at the refiner or smelter premises. The sales price is estimated on a provisional basis as 95% of market price
at the end of the month in which the material is delivered to the refiner. Management estimate is based on evaluation of historical
data to ensure on average the revenue recognised is in line with what can reasonably expected. Management does review this on an
annual basis and will adjust these estimates based on historical data, if and when required. The estimates used is in line with prior
years.
Adjustments to the sales value occur based on the metal content which represent variable transaction price components up to the
date of final pricing. Final pricing is based on the monthly average market price in the month of the settlement. The period between
the final invoice and provisional invoice is typically three months. The revenue adjustment mechanism embedded within provisional
priced sales arrangements has the characteristics of a commodity derivative. Accordingly, the fair value of the final sales price
adjustment is reestimated continuously and changes in fair value recognised , when and in the period it occurs, as an adjustment to
the revenue in profit or loss and trade receivables in the statement of financial position.
There is limited judgement needed in identifying the point control passes: once physical delivery of the products to the agreed
location has occurred, the Group no longer has physical possession, has a right to payment on agreed terms and it is considered that
the Group has satisfied the performance obligation.
44
FINANCIAL STATEMENTSGoldplat PLC / Annual Report and Accounts 2021 2.10 Employee benefits
Share-based payment transactions
Equity-settled share-based payments to employees and others providing similar services are measured at the fair value at the grant
date. The fair value excludes the effect of non-market based vesting conditions. Details regarding the determination of the fair value
of equity-settled share-based payments are set out in note 26.
2.11 Finance income and finance costs
Interest income is accrued on a time basis, by reference to the principal outstanding and the applicable effective interest rate.
Finance costs comprise interest payable on borrowings calculated using the effective interest rate method, interest receivable on
funds invested and foreign exchange gains and losses that are recognised in profit or loss.
2.12 Discontinued operations
Discontinued operations are presented in the consolidated statement of comprehensive income as a single line which comprises the
post-tax profit or loss of the discontinued operation along with the post-tax gain or loss recognised on the re- measurement to fair
value less costs to sell or on disposal of the assets or disposal groups constituting discontinued operations.
2.13 Dividends paid out to non-controlling interest
For business combinations completed prior to 1 January 2010, the Group initially recognised any non-controlling interest in the
acquiree at the non-controlling interest’s proportionate share of the acquiree’s net assets. For business combinations completed
on or after 1 January 2010 the Group has the choice, on a transaction by transaction basis, to initially recognise any non-controlling
interest in the acquiree which is a present ownership interest and entitles its holders to a proportionate share of the entity’s net
assets in the event of liquidation at either acquisition date fair value or, at the present ownership instruments’ proportionate share in
the recognised amounts of the acquiree’s identifiable net assets. Other components of non-controlling interest such as outstanding
share options are generally measured at fair value. The group has not elected to take the option to use fair value in acquisitions
completed to date.
From 1 January 2010, the total comprehensive income of non-wholly owned subsidiaries is attributed to owners of the parent and to
the non-controlling interests in proportion to their relative ownership interests. Before this date, unfunded losses in such subsidiaries
were attributed entirely to the group. In accordance with the transitional requirements of IAS 27 (2008), the carrying value of
non-controlling interests at the effective date of the amendment has not been restated.
3. Changes in accounting policies and disclosures
New standards and interpretations not yet adopted
The company has not applied the following new, revised or amended pronouncements that have been issued by the IASB as they are
not yet effective for the annual financial year beginning 1 July 2020 (the list does not include information about new requirements
that affect interim financial reporting or first-time adopters of IFRS since they are not relevant to the company). The directors
anticipate that the new standards, amendments and interpretations will be adopted in the company's consolidated and separate
financial statements when they become effective. The company has assessed, where practicable, the potential impact of all these new
standards, amendments and interpretations that will be effective in future periods.
45
Operations and Finance ReportGoldplat PLC / Annual Report and Accounts 2021Chairman's StatementThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements Notes to the Consolidated and Separate Financial Statements
4. Property, plant and equipment
Balances at year end and
movements for the year
Buildings
Leasehold
property
Machinery
Motor
vehicles
Office
equipment
Environ-
mental
asset
Total
Reconciliation for the year ended
30 June 2021 - Group
Balance at 1 July 2020
At cost
Accumulated depreciation
Net book value
Movements for the year ended
30 June 2021
Additions from acquisitions
Depreciation
Disposals
Reclassification due to adoption of
IFRS 16
Effect of movements in exchange rates
Property, plant and equipment at
the end of the year
Closing balance at 30 June 2021
At cost
Accumulated depreciation
Net book value
Reconciliation for the year ended
30 June 2020 - Group
Balance at 1 July 2019
At cost
Accumulated depreciation
Net book value
Movements for the year ended
30 June 2020
Additions from acquisitions
Depreciation
Reclassification due to adoption of
IFRS 16
Disposals
Impairment
Decrease through classified as held
for sale
Effect of movements in exchange rates
Property, plant and equipment at
the end of the year
Closing balance at 30 June 2020
At cost
Accumulated depreciation
Net book value
46
360
(170)
190
–
(18)
(3)
–
(5)
164
354
(190)
164
233
(154)
79
5,640
(2,565)
3,075
–
–
–
–
(5)
74
866
(408)
(7)
–
38
3,564
218
(144)
74
6,205
(2,641)
3,564
698
(503)
195
99
(51)
(8)
7
16
258
737
(479)
258
66
(49)
17
14
(4)
(9)
–
1
19
64
(45)
19
530
(186)
344
153
(37)
–
–
29
489
727
(238)
489
Buildings
Leasehold
property
Machinery
Motor
vehicles
Office
equipment
Environ-
mental
asset
524
(212)
312
–
(23)
–
–
–
(66)
(33)
190
360
(170)
190
503
(5)
498
–
–
–
(148)
(264)
(7)
79
233
(154)
79
9,769
(3,539)
6,230
356
(735)
(342)
(4)
–
(1,987)
(443)
3,075
5,640
(2,565)
3,075
1,226
(808)
418
–
(70)
(71)
(12)
–
(20)
(50)
195
698
(503)
195
114
(79)
35
–
(8)
–
(1)
(3)
(2)
(4)
17
66
(49)
17
632
(176)
456
–
(38)
–
–
–
–
(74)
344
530
(186)
344
7,527
(3,627)
3,900
1,132
(518)
(27)
7
74
4,568
8,305
(3,737)
4,568
Total
12,768
(4,819)
7,949
356
(874)
(413)
(17)
(151)
(2,339)
(611)
3,900
7,527
(3,627)
3,900
FINANCIAL STATEMENTSGoldplat PLC / Annual Report and Accounts 2021 5. Intangible assets
5.1 Reconciliation of changes in intangible assets
Reconciliation for the year ended 30 June 2021 - Group
Balance at 1 July 2020
At cost
Accumulated amortisation and impairment
Net book value
Movements for the year ended 30 June 2021
Impairment loss recognised in profit or loss
Intangible assets at the end of the year
Closing balance at 30 June 2021
At cost
Accumulated impairment
Net book value
Reconciliation for the year ended 30 June 2020 - Group
Balance at 1 July 2019
At cost
Accumulated amortisation
Net book value
Movements for the year ended 30 June 2020
Disposals
Amortisation
Impairment
Effect of movements in exchange rates
Intangible assets at the end of the year
Closing balance at 30 June 2020
At cost
Accumulated amortisation and impairment
Net book value
5.2 Impairment assessment
Mining rights
and
preproduction
expenditure
Exploration
and
development
Goodwill
5,631
(967)
4,664
–
4,664
5,631
(967)
4,664
5,631
–
5,631
–
–
(967)
–
4,664
5,631
(967)
4,664
145
(145)
–
–
–
–
–
–
2,641
(1,607)
1,034
(706)
(179)
(145)
(4)
–
145
(145)
–
–
–
–
–
–
–
–
–
1,479
(680)
799
(738)
(53)
–
(8)
–
–
–
–
Total
5,776
(1,112)
4,664
–
4,664
5,631
(967)
4,664
9,751
(2,287)
7,464
(1,444)
(232)
(1,112)
(12)
4,664
5,776
(1,112)
4,664
Goodwill has been assessed during the current year for any impairment and it was concluded that the goodwill is fairly valued. The
recoverable amounts of the CGU's were assessed by performing a valuation and it was concluded that the recoverable amounts
exceeded the goodwill value indicating no further impairment is required to be recognised.
47
Operations and Finance ReportGoldplat PLC / Annual Report and Accounts 2021Chairman's StatementThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements 6. Investments in subsidiaries, joint ventures and associates
6.1 Investments in subsidiaries
Details of the group's material subsidiaries at the end of the reporting period are as follows:
Name of subsidiary
Holding
Address
Gold Mineral Resources Limited
Goldplat Recovery (Pty) Ltd
Goldplat Ghana Limited
Nyieme Gold SARL
Midas Gold SARL
100%
74%
100%
100%
100%
Trafalgar Court, Admiral Park, St Peter Port, Guernsey
Daveyton Road, New Modder, Benoni, 1501, South Africa
BCB Legacy House, 1 Nii Amugi Avenue, East Adabraka, Accra,
Ghana
Trafalgar Court, Admiral Park, St Peter Port, Guernsey
Trafalgar Court, Admiral Park, St Peter Port, Guernsey
6.2 Amounts per the statements of financial position
Investments in subsidiaries, joint ventures and associates
Figures in £'000
Opening balance
Investment in GPR purchased
Impairment
Investment in joint venture
Group
2021
Group
2020
1
–
–
1
1
–
–
1
Company
Company
2021
9,425
14,500
(3,657)
20,268
2020
9,425
–
–
9,425
During the current financial year, one of the group subsidiaries - Goldplat Recovery (Pty) Ltd (GPR) that is 74% owned was sold from
Gold Mineral Resources (GMR) to Goldplat PLC (PLC). The purchase price of GBP14.5 million was agreed upon and then investment
was recognised in the books of Goldplat PLC.
The value of the investment by Plc in GMR and GPR was assessed separately due to these being two different cashflow units being
held by Plc. In the past all subsidiaries have been held under GMR and the net present value of these cashflow units combined under
GMR was assessed against investment value in Plc. The net present value of the assessment of GPR supported the investment in GPR,
however the investment in GMR was not supported by the net present value of expected cashflows and investment was impaired by
GBP3,657,000. The investment in GMR still included a goodwill porting related to GPR of GBP2,136,000, which form part of the reason
for the impaired of investment in GMR.
7. Receivable on Kilimapesa sale
Receivable on Kilimapesa sale incorporates the following balances:
Figures in £'000
Receivable from Kilimapesa sale
Group
2021
664
Group
2020
–
Company
Company
2021
–
2020
–
The receivable relate to the 1% net smelter royalty on production of Kilimapesa to the maximum of USD1,500,000.
Figures in £'000
Non-current assets
Current assets
Group
2021
606
58
664
Group
2020
Company
Company
2021
2020
–
–
–
–
–
–
–
–
–
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 significance of the inputs used in the valuation. The financial assets from
the Kilimapesa sale has significant inputs and is therefore included in level 3.
Included in the sales price of Kilimapesa USD1,500,000 in future royalties based on the amount of gold sold by the purchaser. The
below valuation was done in order to calculate the GBP644,000 financial asset.
48
FINANCIAL STATEMENTSGoldplat PLC / Annual Report and Accounts 2021Notes to the Consolidated and Separate Financial Statements Continued Valuation technique used
Key unobservable inputs
Fair value is determined by making the
following assumptions:
• The estimated gold sold per year
• The average gold price
• The selling costs
• 1% royalties are payable annually
Discount rate of 13% has been applied
Gold sales:
• 2022: 5,000 oz
• 2023: 10,000 oz
• 2024: 15,000 oz
• 2025: 20,000 oz
• 2026: 20,000 oz
• 2027: 20,000 oz
• 2028: 3,170 oz (balancing figure to get
to USD1,500,000 in royalties
The average gold price of 1,750 USD/oz
is used
Based on historical figures provided, an
average selling cost of 8% is applied
Relationship between unobservable
inputs to fair value
The higher the discount rate, the lower
the fair value.
The higher the production level, the
higher the fair value
The higher the gold price, the higher the
value
The higher the costs, the lower the value
8. Other loans and receivables
Other loans and receivables comprise the following balances
Figures in £'000
Amabubesi (Pty) Ltd
Group
2021
636
Group
2020
661
Company
Company
2021
–
2020
–
The loan receivable in Goldplat Recovery (Pty) Limited, in compliance with Black Economic Empowerment legislation in South Africa,
are recoverable from future dividends. They have been included at historical cost due to the uncertainty surrounding the variables
required to calculate this asset at amortised cost. The directors consider that the carrying amount represents the fair value of the
assets.
Subsequent to year end, the full amount was recovered after a dividends was declared.
9. Loan to group company
Loan to group company comprises the following balances
Figures in £'000
Funds advanced to Gold Mineral Resources Limited
10. Inventories
Inventories comprise:
Figures in £'000
Raw materials
Consumable stores
Precious metals on hand and in process
Group
2021
–
Group
2021
3,424
706
4,303
8,433
Group
2020
–
Group
2020
1,990
643
3,799
6,432
Company
Company
2021
–
2020
4,494
Company
Company
2021
2020
–
–
–
–
–
–
–
–
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.
49
Operations and Finance ReportGoldplat PLC / Annual Report and Accounts 2021Chairman's StatementThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements 11. Trade and other receivables
Trade and other receivables comprise:
Figures in £'000
Trade receivables
Sundry debtors
Prepaid expenses
Other receivables
Value added tax
12. Cash and cash equivalents
Cash and cash equivalents included in current assets:
Figures in £'000
Cash
Balances with banks
Group
2021
11,986
12
157
618
230
Group
2020
3,850
12
45
374
195
13,003
4,476
Company
Company
2021
129
–
39
–
10
178
2020
–
–
15
–
9
24
Group
2021
Group
2020
Company
Company
2021
2020
3,459
3,140
22
10
13. Non-current asset held for sale and discontinued operations
Summary of discontinued operations:
Kilimapesa Gold (Pty) Ltd
Anumso Gold SARL
Loss from discontinued operations
201
369
570
13.1 Kilimapesa Gold (Pty) Ltd
In 2019 the board announced its intention to dispose of Kilimapesa Gold (Pty) Ltd (KPG) and began marketing the company during
the same period. On 31 July 2020, a binding terms sheet was signed with Mayflower Capital Investments (Pty) Ltd for the sale of 100%
of the share capital of KPG which resulted in the investment being recognised as held for sale in the annual financial statements as at
30 June 2020. The full amount of non-current assets and liabilities held for sale recognised in the prior year has been disposed in the
current year (Assets - GBP3,380,000 & Liabilities - GBP1,449,000)
The investment was sold during April 2021 and has therefore been derecognised. The loss on disposal included in the statement of
profit/loss and other comprehensive income comprises of:
Loss from Kilimapesa operations for the 10 months ended April 2021
Reversal of exchange reserve due to disposal
Gain on disposal of held for sale asset
Total loss from discontinued operations
13.2 Anumso Gold SARL
(938)
(228)
965
(201)
During the period the mining license held by Anumso Gold Limited expired and as intended by the Company and the joint venture
partner in Anumso Gold Limited, Desert Gold Ventures Inc, was not renewed. During the period we have been informed that mineral
right fees since 2013 is outstanding, the playability of which is being disputed. None of the joint venture partners has the intention to
capitalise Anumso Gold Limited to settle the claim and current Anumso Gold Limited liabilities exceed its assets by the mineral right
fees outstanding.
50
FINANCIAL STATEMENTSGoldplat PLC / Annual Report and Accounts 2021Notes to the Consolidated and Separate Financial Statements Continued 14. Share capital
14.1 Authorised and issued share capital
Figures in £'000
Issued
Ordinary shares
Share premium
Group
2021
1,698
1,698
11,491
13,189
Group
2020
1,675
1,675
11,441
13,116
Company
Company
2021
2020
1,698
1,698
11,491
13,189
1,675
1,675
11,441
13,116
14.2 Additional disclosures
During the current year, additional shares were issued to current shareholders resulting in an increase in share capital and premium.
The transactions are detailed below:
Director
Hansie van Vreden
Gerard Kisbey Green
15. Reserves
Date
3-Jul-20
3-Jul-20
Share
Capital
Movement
Share
Premium
Movement
10,000
13,333
21,250
28,333
Nature and purpose of reserves Ordinary shares
All shares rank equally with regard to the Company’s residual assets. The holders of ordinary shares are entitled to receive dividends
as declared from time to time and are entitled to one vote per share at meetings of the Company.
Share premium
Represents excess paid above nominal value on historical shares issued.
Exchange reserve
The exchange reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign
operations.
Non-controlling interest
Relates to the portion of equity owned by minority shareholders.
16. Provisions
Provisions comprise:
Figures in £'000
Environmental obligation
Group
2021
787
Group
2020
549
Company
Company
2021
–
2020
–
In terms of section 54 of the regulations of the Minerals Resource and Petroleum Act of 2002, in South Africa, a Quantum of
Financial Provisioning is required for activities performed under mining lease. 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 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. During the current year, the provision held in GPR was reassessed by using an external expert
and it was concluded that due to the additional capital expenditure that has taken place over the financial period, the provision had
to be increased to account for the additional capital incurred.
51
Operations and Finance ReportGoldplat PLC / Annual Report and Accounts 2021Chairman's StatementThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements 17. Deferred tax
Reconciliation of deferred tax movements
Group
Opening balance at 1 July 2020
Current charge - temporary difference
Effect of foreign exchange movements
Closing balance at 30 June 2021
Opening balance at 1 July 2019
Current charge - temporary difference
Effect of foreign exchange movements
Closing balance at 30 June 2020
Comprising:
2021
Capital allowances
Unrelieved tax losses and provisions
2020
Capital allowances
Unrelieved tax losses and provisions
18. Lease liabilities
18.1 Lease liabilities comprise:
Figures in £'000
Lease obligation
Plant, machinery and motor vehicles
Opening balance on 1 July
Additions
Interest expense
Lease payment
Disposal group classified as held for sale or other disposals
Foreign exchange movements
Closing balance on 30 June
Non-current liabilities
Current liabilities
18.2 Right of use asset
Figures in £'000
Plant, machinery and motor vehicles
Opening balance on 1 July
Additions
Amortisation
Disposal group classified as held for sale or other disposals
Foreign exchange movements
Closing balance on 30 June
52
Deferred tax
(919)
199
(72)
(792)
(362)
(572)
15
(919)
2021
1,032
(240)
792
940
(21)
919
Company
Company
2021
2020
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
Group
2021
Group
2020
356
259
(59)
(7)
25
574
413
362
(85)
(329)
(5)
356
Group
2021
403
351
247
21
(296)
–
80
403
110
293
403
Group
2020
351
364
362
34
(191)
(235)
17
351
145
206
351
FINANCIAL STATEMENTSGoldplat PLC / Annual Report and Accounts 2021Notes to the Consolidated and Separate Financial Statements Continued The average lease term is 2 years. For the year ended 30 June 2021, the average effective borrowing rate was 7.25%. Interest rates are
variable over the lease term and vary according to the South African prime interest rate. The Group’s lease liabilities are secured over
the leased assets.
19. Trade and other payables
Trade and other payables comprise:
Figures in £'000
Trade creditors
Anumso license accrual
Accrued liabilities
Invoice financing creditor
Total trade and other payables
20. Financial assets
Carrying amount of financial assets by category
Year ended 30 June 2021 - Group
Receivable on Kilimapesa sale (Note 7)
Other loans and receivables (Note 8)
Trade and other receivables excluding non-financial assets (Note 11)
Cash and cash equivalents (Note 12)
21. Revenue
Revenue comprises:
Figures in £'000
Sale of precious metals - Recovery operations
Processing fees charged to customers
Total revenue
22. Employee benefits expense
Employee benefits expense comprises:
Figures in £'000
Wages and salaries
Performance based payments
National insurance and unemployment fund
Skills development levy
Medical aid contributions
Group life contributions
Provident funds
The average number of employees (including directors) during the period was:
Directors
Administrative personnel
Production personnel
Designated
at fair value
through profit
or loss
At amortised
cost
Group
2021
2,425
369
5,741
6,910
15,445
Group
2020
1,573
–
4,504
1,388
7,465
–
636
–
–
636
Group
2020
24,495
314
24,809
Group
2021
34,855
545
35,400
Company
Company
2021
2020
72
–
–
41
113
664
–
13,003
3,459
17,126
65
–
–
119
184
Total
664
636
13,003
3,459
17,762
Company
Company
2021
–
413
413
Group
2021
3 938
257
19
29
31
61
61
7
22
342
371
2020
–
319
319
Group
2020
3,038
233
16
27
43
39
50
7
19
292
318
53
Operations and Finance ReportGoldplat PLC / Annual Report and Accounts 2021Chairman's StatementThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements Emoluments disclosed above include the following amounts paid to the highest director:
Executive
Non-executive
Total
407
9
416
404
10
414
103
103
83
83
2021
168
2021
4,396
518
94
40
–
519
11
407
103
9
519
404
83
10
497
2020
164
2020
3,446
874
57
35
295
497
6
Group
2021
–
–
–
–
Group
2021
235
21
110
543
909
Group
2020
26
–
1,041
1,067
Company
Company
2021
2020
–
107
–
107
–
–
–
–
Group
2020
Company
Company
2021
2020
275
10
125
326
736
–
–
–
8
8
–
–
–
9
9
Directors emoluments
2021
Wages and salaries
Fees
Other benefits
Total
2020
Wages and salaries
Fees
Other benefits
Total
Emoluments for qualifying services
23. Expenses by Nature
Expenses by nature
Employee benefit expense
Depreciation expense
Auditor's remuneration
- Audit of parent and consolidation
- Audit of subsidiaries
Impairment
Directors' remuneration
Loss on disposal of property, plant and equipment
24. Finance income
Finance income comprises:
Figures in £'000
Interest received
Dividends received
Foreign exchange gain
Total finance income
25. Finance costs
Finance costs included in profit or loss:
Figures in £'000
Bank overdraft and creditors
Interest on finance leases
Interest expense on borrowings
Foreign exchange movement
Total finance costs
54
FINANCIAL STATEMENTSGoldplat PLC / Annual Report and Accounts 2021Notes to the Consolidated and Separate Financial Statements Continued 26. Income tax expense - continuing operations
26.1 Income tax recognised in profit or loss:
Figures in £'000
Current tax
Current year
Foreign withholding tax - Current
Total current tax
Deferred tax
Originating and reversing temporary differences
Deferred tax rate adjustment
Total deferred tax
Total income tax expense from continuing operations
Group
2021
Group
2020
Company
Company
2021
2020
1,006
80
1,086
(10)
(173)
(183)
903
1,562
226
1,788
573
–
573
2,361
–
5
5
–
–
–
5
–
–
–
–
–
–
–
26.2 The income tax for the year can be reconciled to the accounting profit / (loss) as follows:
Company
Company
Figures in £'000
Profit / (loss) before tax from continuing operations
Income tax calculated at 19.0%
Tax effect of
Expenses not deductible for tax purposes
Effect of higher tax levied on overseas subsidiaries
Tax losses incurred during period by overseas subsidiaries for which
no deferred tax asset recognised
Adjustment to prior period tax rate
Secondary tax on dividends paid from South Africa
Under provision for provisional tax
Tax charge
Group
2021
3,652
694
22
30
233
(174)
80
18
903
Group
2020
5,666
1,077
6
641
294
117
226
–
2021
(3,535)
(672)
–
–
–
–
–
–
2,361
(672)
2020
24
5
–
–
–
–
–
–
5
27. Earnings per share
27.1 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:
Figures in £'000
Earnings used in the calculation of basic earnings per share for
continuing operations
Weighted average number of ordinary shares used in the calculation
of basic earnings per share
Group
2021
Group
2020
Company
Company
2021
2020
2,249
2,133
(3,540)
169,774
167,441
–
24
–
55
Operations and Finance ReportGoldplat PLC / Annual Report and Accounts 2021Chairman's StatementThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements
Notes to the Consolidated and Separate Financial Statements
Continued
27.2 Diluted earnings per share
The earnings used in the calculation of diluted earnings per share are as follows:
Group
2021
2,249
(570)
Group
2020
Company
Company
2021
2020
2,133
(3,540)
(5,270)
Figures in £'000
Earnings used in the calculation of basic earnings per share for
continuing operations
Earnings used in the calculation of basic earnings per share from
discontinuing operations
The weighted average number of ordinary shares for the purpose of
diluted earnings per share reconciles to the weighted average number
of ordinary shares used in the calculation of basic earnings per share
as follows:
Weighted average number of ordinary shares used in the calculation
of basic earnings per share
Adjusted for – Dilutive effect of share options
Weighted average number of ordinary shares used in the
calculation of diluted earnings per share
170,561
170,561
169,774
787
167,441
3,120
24
–
–
–
–
–
–
–
–
28. Segment information
28.1 General information
For each segment, the Group's CEO (the chief operating decision maker) reviews internal management reports on at least a quarterly
basis. The following summary describes the operations in each of the Group's reportable segments.
• South African Recovery operations. Includes the recovery of precious metals from metallurgical challenging materials and the
processing of ore, sourced from other mining operations in South Africa. These products often represent an environmental
challenge to the primary producer and are processed in a responsible manner by the company.
• West African Recovery Operations. Includes the recovery of precious metals from metallurgical challenging materials and the
processing of ore, sourced from other mining operations in South Africa and Burkina Faso. The operations in Burkina Faso have
been discontinued during the period. These products often represent an environmental challenge to the primary producer and are
processed in a responsible manner by the company.
• Mining and exploration. Includes assets held for commercial exploitation of precious metals and exploration assets held where the
commercial viability of the ore resource has not yet been evaluated or is in the process of evaluation. During the period the assets
under this segment has been classified as discontinued operations.
• Administration - Includes activities conducted by holding companies in relation to the group and its subsidiaries.
There are varying levels of integration between the three reportable segments. This integration includes the sale of precious
metals from the Ghana recovery operation to the South African recovery operation, and the supply of goods and services by the
South African subsidiary to all group operations. Information regarding the results of each reportable segment is included below.
Performance is measured based on segment profit before tax, as included in the internal management reports that are viewed by the
Group's CEO. Segment profit is used to measure performance as management believes that such information is the most relevant in
evaluating the results of certain segments relative to other entities that operate within these industries.
56
FINANCIAL STATEMENTSGoldplat PLC / Annual Report and Accounts 2021 28.2 Segment revenues
Year ended 30 June 2021
South African Recovery Operations
West African Recovery Operations
Group revenue
Year ended 30 June 2020
South African Recovery Operations
West African Recovery Operations
Group revenue
28.3 Other incomes and expenses
Figures in £'000
Year ended 30 June 2021
South African Recovery Operations
West African Recovery Operations
Mining and Exploration
Administration
Reconciliation to group figures
Total other incomes and expenses
Year ended 30 June 2020
South African Recovery Operations
West African Recovery Operations
Mining and Exploration
Administration
Reconciliation to group figures
Total other incomes and expenses
(580)
28.4 Assets and liabilities
Year ended 30 June 2021
South African Recovery Operations
West African Recovery Operations
Administration
Reconciliation to group figures
Total assets and liabilities
Year ended 30 June 2020
South African Recovery Operations
West African Recovery Operations
Mining and Exploration
Administration
Reconciliation to group figures
Total assets and liabilities
Total segment
revenue
17,622
17,778
35,400
15,900
8,909
24,809
Depreciation
for continued
operations
Finance cost
for continued
operations
Reportable
segment
profit/(loss)
before tax
for continued
operations
Finance
income for
continued
operations
Taxation
Discontinued
operations
(379)
(140)
–
–
–
(519)
(430)
(150)
–
–
–
(991)
(193)
–
114
161
(909)
(189)
(480)
–
(313)
246
(736)
125
–
–
41
(166)
–
1,092
12
–
56
(93)
1,067
2,358
2,122
–
(3,987)
3,159
3,652
6,526
(39)
–
(952)
131
5,666
(435)
(383)
–
(85)
–
(903)
(2,018)
(117)
–
(226)
–
–
–
(570)
–
–
(570)
–
–
(4,303)
(967)
–
(2,361)
(5,270)
Segment total
assets
Segment total
liabilities
21,076
10,111
21,127
(16,312)
36,002
17,262
5,790
3,582
36,168
(35,589)
27,213
7,135
9,813
367
273
17,588
5,513
5,478
1,651
10,285
(10,830)
12,097
57
Operations and Finance ReportGoldplat PLC / Annual Report and Accounts 2021Chairman's StatementThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements Notes to the Consolidated and Separate Financial Statements
Continued
29. Contingent liabilities and commitments
29.1 Ghana tax
The Ghana Revenue Authority (GRA) has conducted an audit on the company for the years 2014 to 2018 and is provisionally claiming
a remaining GHS5,670,303.99 (GBP723,253) as a result of their review. We have objected this preliminary assessment and have
resolved a number of issues but have not been able to get closure on the matter neither have we received a final assessment. We
have been engaging with the GRA through our auditor and other legal/tax advisers. At the time of this report we are satisfied that we
have accounted for and accrued all taxation liabilities for which the company is liable.
29.2 Low value leases
Low value leases not recognised under IFRS 16 amounted to GBP6,000 for the financial period.
30. Related parties
Other related parties
Entity name
Gold Mineral Resources Limited
Goldplat Recovery (Pty) Ltd
Goldplat Ghana Limited
Anumso Gold Limited
Nyieme Gold SARL
Midas Gold SARL
Gold Recovery Brasil Recuperacao
Gold Recovery Peru SAC
GRG Tolling Ltd
Major inter-company transactions
Nature of transaction
Goldplat Recovery to Gold Recovery Ghana
Goods, equipment and services supplied
Goldplat Recovery to Gold Mineral Resources
Goods, equipment and services supplied
Goldplat Recovery to Gold Mineral Resources
Interest received
Goldplat Recovery to NMT Capital
Goldplat Recovery to NMT Group
Management fees
Managements fees
Goldplat Plc to Gold Mineral Resources
Management fees
Goldplat Plc
Directors
Related Party Transactions with Mr Sango Ntsaluba
Holding
100%
74%
100%
100%
100%
100%
100%
100%
100%
2021
332
136
(125)
4
9
413
98
Direct
Direct
Direct
Direct
Direct
Direct
Indirect
Indirect
Indirect
2020
103
45
(166)
25
12
322
83
Subsequent to the year-end, the directors decided to increase the Group's interest in GPL, its principal operating subsidiary, from 74%
to 90.63% through the buy-back by GPL of GPL shares from its minority shareholders. GPL has issued 4.90% shares in GPL (after the
share repurchase) to Aurelian, a company controlled by Mr Sango Ntsaluba, in order to maintain a BEE partner in GPL and to reduce
the cost to the Group of the share repurchase transaction.
After the completion of above transactions and cancellation of the repurchased shares, the Group held 90.63% of GPL (an increase
of 16.63%), Amabubesi held 4.47% and Aurelian 4.90%. Subsequent to above, Amabubesi's remaining shares were repurchased and
shares to the same amount and value issued to Aurelian. Aurelian is therefore the only minority partner in South Africa and holds
9.37% of GPL.
By virtue of their size and because Mr Ntsaluba is both a director of Goldplat and a major shareholder of Amabubesi and Dartingo,
both the share repurchases by GPL of 22.33% of shares held by Amabubesi and Dartingo and the subsequent issue by GPL of shares
to Aurelian constituted related party transactions under Rule 13 of the AIM Rules for Companies. The independent directors, being
the Goldplat board members with the exception of Mr Ntsaluba, consider, having consulted with the Company's Nominated Adviser,
Grant Thornton UK LLP, that the terms of the transactions were fair and reasonable insofar as Goldplat's shareholders are concerned.
The details of above transactions is described under the subsequent events note 31.
58
FINANCIAL STATEMENTSGoldplat PLC / Annual Report and Accounts 2021 31. Subsequent events
Share repurchase of minority shareholding in GPL
The directors decided after the period end, 20 July 2021, to increase the Group's interest in GPL, its principal operating subsidiary,
from 74% to 90.63% through the buy-back by GPL of GPL shares from its minority shareholders ("the Transaction").
GPL had two minority shareholders, Amabubesi Property Holdings Proprietary Limited ("Amabubesi") and Dartingo Trading 161
Proprietary Limited ("Dartingo"), who respectively held an 11% and a 15% interest in GPL. Following a notification received from the
two minority shareholders indicating their intention to dispose of their shareholdings, GPL did agree to repurchase all of the Dartingo
shareholding and 7.33% of the shares held by Amabubesi for ZAR 89.3 million (approximately £4.5 million).
Amabubesi and Dartingo are companies connected with Goldplat's Non-Executive Director, Mr Sango Ntsaluba. Subsequent to
the Transaction, GPL issued to Aurelian Capital Proprietary Limited ("Aurelian"), a company associated with Mr Ntsaluba, shares
amounting to 4.90% of GPL, at the same valuation as the share repurchase, for ZAR 16 million (approximately £807,000) as described
further below. As a result of the Transaction, Goldplat will own 90.63% of GPL and Mr Ntsaluba will own, directly and indirectly, 9.37%
of GPL.
The consideration for the repurchased shares of ZAR 89.3 million (approximately £4.5 million) was settled in two instalments. The
net cost to GPL of the Transaction was ZAR 73.4 million (approximately £3.7 million), and Goldplat's share of the net cost of the
Transaction to GPL was be 90.63%, effectively resulting in its additional 16.63% interest in GPL costing Goldplat ZAR 66.52 million
(approximately £3.35 million).
The Transaction valued GPL at ZAR 400 million (approximately £20.2 million).
Funding Arrangements
The Transaction were financed in part through a South African Rand denominated bank facility of ZAR 60 million (approximately
£3.02 million) provided by Nedbank, of which 50% was drawn within the 30 days and the remainder in 90 days. The remainder of the
consideration was settled through a set-off against the existing Amabubesi vendor loan of ZAR 12.6 million (approximately £635,000)
outstanding to the Group with the balance paid in cash.
The principal on the bank facility is repayable monthly over 36 months. The interest payable on the facility will be the South African
Prime Rate plus 1.75%.
As a condition of the facility from Nedbank, the Group's facility with Scipion, of £33,000, were settled in full and its securities over GPL
will be cancelled. Further to above, GPL did grant security over its debtors as well as a negative pledge over its moveable and any
immovable property and a general notarial bond over all movable assets of GPL will be registered. The Group entered into a limited
suretyship for ZAR 60 million (approximately £3.02 million), in favour of Nedbank.
Related Party Transactions with Mr Sango Ntsaluba
Conditional on the share repurchase from Amabubesi and Dartingo occurring, GPL has issued 4.90% shares in GPL (after the share
repurchase) to Aurelian, a company controlled by Mr Sango Ntsaluba, in order to maintain a BEE partner in GPL and to reduce the
cost to the Group of the share repurchase transaction. Aurelian settle the ZAR 16 million (approximately £807,000) consideration as
follows:
• ZAR 5 million (approximately £252,000) were settled in cash;
• A further ZAR 5 million (approximately £252,000) will be settled in cash in 180 days; and
• A vendor loan has been granted for a further ZAR 6 million (approximately £302,000), which will be repayable from distributions to
be declared by GPL in respect of 1.84% of the shares in GPL held by Aurelian.
After the completion of above transactions and cancellation of the repurchased shares, the Group held 90.63% of GPL (an increase
of 16.63%), Amabubesi held 4.47% and Aurelian 4.90%. Subsequent to above, Amabubesi's remaining shares were repurchased and
shares to the same amount and value issued to Aurelian. Aurelian is therefore the only minority partner in South Africa and holds
9.37% of GPL.
By virtue of their size and because Mr Ntsaluba is both a director of Goldplat and a major shareholder of Amabubesi and Dartingo,
both the share repurchases by GPL of 22.33% of shares held by Amabubesi and Dartingo and the subsequent issue by GPL of shares
to Aurelian constituted related party transactions under Rule 13 of the AIM Rules for Companies. The independent directors, being
the Goldplat board members with the exception of Mr Ntsaluba, consider, having consulted with the Company's Nominated Adviser,
Grant Thornton UK LLP, that the terms of the transactions were fair and reasonable insofar as Goldplat's shareholders are concerned.
59
Operations and Finance ReportGoldplat PLC / Annual Report and Accounts 2021Chairman's StatementThe BoardDirectors' ReportStrategic ReportIndependent Auditor's ReportFinancial Statements Notes to the Consolidated and Separate Financial Statements
Continued
32. Going concern
The directors 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 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.
During the period the Group we maintained all our suppliers in South Africa and Ghana for by-product material and also increased
our footprint in South American market. Further progress has been made in securing additional contracts in West Africa. With the
secured supplier base and more than 12 months of surface sources on site or on contract, management believes that it will be in a
position to operate sustainably for the foreseeable future.
A reverse stress test indicated that the business, alongside certain mitigating actions which are fully in control of the Directors, would
be capable of withstanding approximately a reduction in gross margin of 80% in continued operations. Subsequent to year-end,
GPL did enter into a South African Rand denominated bank facility of ZAR 60 million, provided by Nedbank and have drawn ZAR
60 million. As part of assessing the ability of the Group to continue as a going concern, management assessed GPL ability under a
reverse stress scenario, to continue to meet all relevant covenants included in the facility over the foreseeable future. Per this, GPL,
without assistance from the Group, will need to maintain gross margins of more than 50% of current levels to be in a position to meet
all covenants.
The loss of production due to the inability to operate will have a lower impact on gross margin in the short-term as most costs
associated with production are variable and should also reduce. In light of current trading and revised forecasts, the Directors have
assessed the possible downturn in operating margin and concluded the likelihood of such a reduction to be remote, such that it does
not impact the basis of preparation of the financial statements and concluded there is no material uncertainty in this regard.
In reaching this conclusion, the Group also assessed the impact the current Covid-19 pandemic might have on the business. Although
operations were required to shut down during the 2020 financial year, the mining industry's classification as an essential service
provider has meant that the company continues to operate with limited negative impact on its operations.
This ensured that we are able to source material from our mining suppliers, deliver it to our premises and process it. The
essential services classification meant that we are also able to export and sell the products we produce. The Covid-19 pandemic
however brought on new challenges to operating our facilities in South Africa and Ghana in a safe way for all our employees and
local communities. With the assistance of relevant regulatory authorities, the Directors believe sufficient procedures have been
implemented to assist in safeguarding our employees and local communities.
The going concern period reviewed by the directors was the 24 month period to December 2023.
33. Financial risk management
The Group's and Company's operations expose it to a variety of financial risks. Exposure to credit, interest rate and currency risks
arises in the normal course of the Group's and Company's business. The Group and Company has in place a risk management
programme that seeks to limit the adverse effect of such risks on its financial performance which is provided below.
33.1 Market risk
33.1.1 Foreign exchange risk and gold price
Exposure
The following applied to the financial years presented in these financial statements:
30 June 2021
Gold price - USD/oz
Rand/USD exchange rate
GBP / US Dollar exchange rate
GHC / US Dollar exchange rate
30 June 2020
Gold price - USD/oz
Rand/USD exchange rate
GBP / US Dollar exchange rate
GHC / US Dollar exchange rate
60
High
2 058
17.72
1.42
5.96
High
1 771
19.04
1.34
5.81
Low
1 330
13.48
1.24
5.69
Low
1 390
13.89
1.15
5.31
Average
1 847
15.42
1.35
5.76
Average
1 560
15.66
1.26
5.86
FINANCIAL STATEMENTSGoldplat PLC / Annual Report and Accounts 2021 Sensitivity analysis
30 June 2021
Gold price - USD/oz
Equivalent Rand price per kilogram
Equivalent GHC price per kilogram
Equivalent GBP price per kilogram
30 June 2020
Gold price - USD/oz
Equivalent Rand price per kilogram
Equivalent GHC price per kilogram
Equivalent GBP price per kilogram
The group's sensitivity to market risk
30 June 2021
Effect on the results and equity for the year based on these assumptions would have been:
- Gold Recovery Ghana Limited
- Goldplat Recovery (Pty) Limited
30 June 2020
Effect on the results and equity for the year based on these assumptions would have been:
- Gold Recovery Ghana Limited
- Goldplat Recovery (Pty) Limited
33.2 Credit risk
High case
scenario
Low case
scenario
2,058
1172 615
394 346
46 560
1,771
1084 058
330 820
42 520
1,330
576 307
243 273
34 523
1,390
620 511
237 049
38 688
High case
scenario
Low case
scenario
1 126
3 921
(2 309)
(5 195)
High case
scenario
Low case
scenario
1 803
6 041
(1 455)
(3 341)
Credit risk is the risk of financial loss to the Group or Company if a customer, counterparty to a financial instrument or counterparty
to the sale of subsidiary fails to meet its contractual obligations.
Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. The Group primarily deals
with reputable mining houses and is unlikely to suffer any losses from this risk. All bank balances are held by reputable banks.
33.2.1 Impairment of financial assets
The group has four types of financial assets that are subject to the expected credit loss model:
• trade receivables for sales of inventory
• financial assets relating to the sale of Kilimapesa Gold (Pty) Ltd
• debt investments carried at amortised cost, and
While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identified impairment loss was
immaterial.
33.3 Liquidity risk
Liquidity risk is the risk that the Group or Company will encounter difficulty in meeting the obligations associated with its financial
liabilities that are settled by delivering cash or another financial asset.
The Group reviews its facilities regularly to ensure it has adequate funds for operations and expansion plans.
61
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Goldplat PLC / Annual Report and Accounts 2021
Notes to the Consolidated and Separate Financial Statements
Continued
34. Cash flows from operating activities
Figures in £'000
Profit / (loss) for the year
Adjustments for:
Income tax expense
Finance income
Finance costs
Depreciation
Impairment of property, plant and equipment
Impairment of intangible assets
Impairment of JV
Amortisation of right of use assets
Amortisation
Provisions
Loss on sale of property, plant and equipment
Loss on sale of discontinued operation
Foreign exchange net loss/(gain)
Share-based payments
Change in operating assets and liabilities:
Adjustments for increase in inventories
Adjustments for (increase) / decrease in trade accounts receivable
Adjustments for increase / (decrease) in trade accounts payable
Net cash flows from operations
Group
2021
2,179
903
–
909
518
–
–
–
59
–
85
11
186
894
–
(2,001)
(7,446)
7,980
4,277
Group
2020
(1,965)
2,361
(1,237)
906
874
151
1,112
594
85
232
(84)
6
2,218
(767)
22
(1,226)
2,598
(1,106)
4,774
Company
Company
2021
(3,540)
5
(107)
8
–
–
–
–
–
–
–
–
–
–
3,657
–
(15)
(81)
(73)
2020
24
–
–
–
–
–
–
–
–
–
–
–
–
–
–
12
(7)
29
62
FINANCIAL STATEMENTSGoldplat PLC / Annual Report and Accounts 2021 General Information
Company Number
05340664
Directors
Registered Office
Auditors
Company Secretary
Registrars
Werner Klingenberg
Nigel Patrick Gordon Wyatt
Sango Ntsaluba
Gerard Kisbey-Green
Martin Ooi
Matthew Seymour Robinson
Salisbury House, London Wall
London, EC2M 5PS,
United Kingdom
BDO LLP
55 Baker Street
London
W1U 7EU
Stephen Ronaldson
Salisbury House, London Wall,
London EC2M 5PS
United Kingdom
Share Registrars Limited
The Courtyard
17 West Street
Farnham
Surrey GU9 7DR
Website
www.goldplat.com
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Goldplat PLC / Annual Report and Accounts 2021
63
Notes
64
Perivan 262556
Goldplat PLC / Annual Report and Accounts 2021 REGISTERED OFFICE
Salisbury House, London Wall,
London, EC2M 5PS,
United Kingdom
Email: info@goldplat.com
WWW.GOLDPLAT.COM
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