Goldplat PLC's annual report for the year ended 30 June 2025 presents a year of operational and financial challenge, marked by a significant reduction in profitability.
The company reported a profit after tax attributable to owners of GBP1,01 million ($1.35 million), a decrease from GBP4,208,000 ($5.6 million) the prior year, primarily driven by a business model change in Ghana and an impairment charge.
Key operational assets include a JORC-defined resource of 81,959 ounces of gold at its South African Tailings Storage Facility.
The South African operation, Goldplat Recovery, operates under a precious metals refining license valid until November 2040.
A notable financial adjustment was the full impairment of the GBP714,000 ($955, 893) Kilimapesa royalty receivable.
Capital expenditure for the year totalled GBP1,533,000 ($2 million), focused on plant upgrades in Ghana and South Africa.
Revenue was segmented across South African, West African, and South American recovery operations.
Furthermore, the Anumso Gold Project in Ghana remains discontinued with outstanding mineral right fees of GBP369,000 ($494,223) accrued.
Below are excerpts from the report gleaned by Rough&Polished.
What were the key financial, operational, and health & safety highlights for the year ended 30 June 2025?
Financially, the company reported a revenue of GBP 56.7 million ($75.9 million), an operating profit of GBP 3.7 million ($4.9 million), and net cash flow from operations of GBP 6 million ($8 million). Operational highlights include the production of 25,643 ounces of gold, sales of 26,154 ounces, and a capital expenditure of GBP 1,533,000 ($2 million). The health and safety record was commendable with zero fatalities, and lost time injury frequency rates of 1.17 for South Africa and 3.30 for Ghana. Environmental metrics show a water consumption of 192.6 mega litres and electricity usage of 40.097 GWh. On the social front, the company employs 464 individuals and invested GBP 111,000 ($148,645) in training and GBP 16,844 ($22,556) in social development. Finally, governance highlights include the payment of GBP 1.1 million ($1.47 million) in tax, with no fines or penalties relating to ESG incidents or breaches.
What was the profit after tax attributable to owners of the company for the year, and what were the main reasons for the change from the prior year?
The profit after tax attributable to owners of the company was GBP1,015,000 ($1.35 million) compared to last year’s GBP4,208,000 ($5.6 million). The reduction in profit from the previous year was mainly driven by changes in our Ghana operations, where the previous year's results were supported by strong supply, during the current period the Ghanaian operation went through a change in business model to address the preference of the authorities in Ghana being on local beneficiation of concentrate requiring additional plant to process the gold bearing material on site as well as changes to the existing plant. The profit was further impacted by the impairment of the receivable on the sale of Kilimapesa to the value of GBP714,000 ($956,301).
What is the JORC-defined resource estimate for the Tailings Storage Facility (TSF) in South Africa?
Goldplat has a JORC defined resource over part of its active TSF at its operation in South Africa of 1.43 million tonnes at 1.78g/t for 81,959 ounces of gold.
What major license does Gold Recovery in South Africa operate under, and what is its expiry date?
Gold Recovery is conducting its operations under a Precious Metals Refining License which expires in November 2040.
What was the carrying amount of the Kilimapesa royalty receivable at year end, and why was it impaired?
As at year end, the carrying amount of the Kilimapesa royalty receivable was fully impaired. The carrying amount of the Kilimapesa royalty receivable was fully impaired due to significant deterioration in the counterparty’s creditworthiness and the expected non-recovery of the full contractual amount.
What was the net impact of foreign exchange translation on the Group's equity during the year?
During the year the group experienced a gain in foreign exchange translation reserve of GBP2,176,000 ($2.91 million). This was primarily made up of a foreign exchange translation gain in GRG of GBP2,786,000 ($3.73 million) as a result of the appreciation of the GHS during the year against the GBP by 26.3%; and a foreign exchange translation loss in GPL of GBP590,000 ($790, 359) as a result of devaluation of the South African Rand during the year against the GBP by 5.8%.
How much capital expenditure was incurred during the year, and what were the main areas of spending?
During the year we spent GBP1,533,000 ($2.05 million) on the acquisition and construction of plant and equipment, mainly at GRG in Ghana. We incurred GBP476,000 ($637,611) in GPL, with the main contributors to the capital expenditure in the current year being capital incurred on the Kiln number 1 project of GBP248,000 ($332, 208). We incurred GBP980,000 ($1.31 million) in GRG, of which GBP763,000 ($1 million) related to the new milling, gravity and flotation circuits required by the business model change.
What is the status of the Anumso Gold Project in Ghana?
The gold mining license under the Anumso Gold (AGT) project expired during March 2021 and was not renewed as was the intention of the Company and the joint venture partner, Desert Gold Ventures Inc. The investment in AG was disclosed as a discontinued operation during the 2021 year. In that year we were informed that mineral right fees since 2013 were outstanding, which is still being disputed. None of the joint venture partners intend to capitalise the AG project to settle the claim and current AG liabilities exceed its assets by the minerals right fees outstanding. The Company’s share of outstanding minerals right fees is GBP369,000 ($494,287) and this has been accrued in prior years.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
