- Goldplat reported an operating profit of £245,000 for the interim period against a loss of £827,000 for the same time last year on increased revenues of £10.67m against £8.054m previously.
- Including net finance income the company reported net income of £395,000 against a loss of £377,000 the same time last year.
- Profit after tax was £192,000 against a loss of £417,000 last year.
- GPL (South African Recovery) performed well with the installation of a 4 tonne elution plant helping to clear the backlog of stock.
- GPL accounted for 56% of the gold sold with 11,831 oz of gold produced.
- GPL benefitted from a range of self funded capital projects including a new electric boiler, a new woodchip wash plant, a replacement mill for the low grade circuit and a new pumping station for the tailings treatment.
- GRG (Ghana Recovery) produced 4,694 oz from the fine carbon business – the sole revenue stream currently for Ghana.
- A pre-payment agreement with Auramet International enabled the division to clear up payments to clients and speed up deliveries held up with customers.
- During the period a shot blast facility was built and commissioned for the processing of steel mill liners and production of concentrate for export.
- At Kilimapesa, 932 oz of gold was produced down 14% on the same time last year.
- Mining and exploration reported an operating loss of £477,000 for the period against £368,000 the same time last year.
- Work is continuing on a small scale development of the mine with re-opening of Adit D and the de-watering of the Teng-Teng mine which is part of the Kilimapesa exploration permit.
- As recently announced a JORC resource of 81,959 oz of gold has been reported in the tailings facility at GPL.
- Cash and cash equivalents stand at £729,000 up from £630,000 at the end of FY 2015.
SP Angel Conclusion: These are good numbers from Goldplat which is now back to profitability – GPL continues to perform well with a number of small capital projects contributing to improved profitability with the new elution capacity being key. GRG has used to the pre-payment facility with Auramet to pay customers and freed up future deliveries being held up at customers.
These results should provide confidence that Goldplat is re-building the profitability of its recovery operations.
*SP Angel act as Nomad and Broker to Goldplat
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