Goldplat plc LON:GDP, the AIM listed gold producer, has given DirectorsTalk its preliminary
results for the year ended 30 June 2016 ('FY 2016').
Overview
-- Goldplat continued to strengthen its market-leading gold recovery
operations in South Africa and Ghana, whilst making progress on the
geographical diversification of these businesses into Africa, as well as
into South America
-- Management approved plans for a plant expansion at Kilimapesa, with the
aim of increasing production rates and operational profitability during
the 2017 financial year
-- The Company produced 37,666 ounces of gold during the year (FY 2015:
30,524 ounces)
-- Significant increase in production from recovery operations to
35,661 ounces (FY 2015: 28,246 ounces)
-- Kilimapesa mine produced 2,005 ounces (FY 2015: 2,278 ounces)
-- Actual sales were 40,763 ounces (FY 2015: 24,904 ounces)
-- Gold sold for own account was 27,538 ounces (FY 2015: 21,181
ounces)
-- Gold transferred to clients was 13,225 ounces (FY 2015: 3,723
ounces)
-- Multiple cost improvement initiatives and investment in infrastructure to
improve operational efficiencies, resulting in increased profitability
and return to positive cash flow
-- The management team was strengthened across all operations to align
skills and experience with Company strategy in order to build on
profitability and spearhead new development opportunities
-- A new Chairman, Matthew Robinson, was identified, and is to be proposed
at the upcoming AGM
Financials
-- Operating profit of GBP1,172,000 (2015: loss of GBP711,000)
-- Profit before tax of GBP1,942,000 (2015: loss of GBP796,000)
-- South African recovery business continued to perform well and increased
its operating profits to GBP1,777,000 (FY 2015: GBP1,090,000)
-- Gold Recovery Ghana showed the strongest turnaround performance, turning
an operational loss in FY 2015 of GBP641,000 into an operational profit
of GBP437,000 for FY 2016
-- Kilimapesa gold mine reported a net loss of GBP711,000 for the year (FY
2015: loss of GBP753,000) - operational constraints are now being
addressed with mining and treatment capacity being increased during H1 FY
2017, which aims to return the mine to profitability
-- Net cash position of GBP2,056,000 as at 30 June 2016 (2015: GBP630,000)
-- Increase in revenue of 21% whilst cost of sales increased by 10% year on
year
-- Gold sold on own account increased by 30% to 27,538 ounces (FY 2015:
21,181 ounces), which is reflected in increased Group sales
Gold gains on weaker dollar
8th February 2021
Gold prices edged higher on Monday, as softer U.S. jobs data cemented hopes of further fiscal stimulus and pressured the dollar, although bullion’s gains were capped by higher Treasury yields. Spot gold was up 0.2% at