Goldplat plc : Goldplat plc : Interim Results and Notice of General Meeting

 Goldplat plc : Goldplat plc : Interim Results and Notice of General Meeting

    Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration
                                 4 March 2013
                  Goldplat plc ('Goldplat' or 'the Company')
                Interim Results and Notice of General Meeting

Goldplat plc, the AIM listed gold producer, is pleased to announce its interim
results for the six months ended 31 December 2012.

Overview

  *Continuing to build a cash generative, profitable, debt free gold  company 
    in Africa 

  *Strong operational performance driven by the market leading gold  recovery 
    operations in South Africa and Ghana

       *Gross profit increased 13% to £2.97m (H1 2012: £2.62m)

       *Operating Profit increased 3% to £2.06m (H1 2012: £2.00m)

       *Gold sales increased 38% to £15.48m (H1 2012: £11.18m)

       *Profit before tax decreased 34% to £1.56m (H1 2012: £2.37m)

  *Gold production increased 16% to 17,918 ounces (H1 2012: 15,404 ounces)

  *Kilimapesa planned output reduced to  5,000 ounces per annum resulting  in 
    an impairment charge of £2.38m 

  *Undertaken a  strategic  review -  refocus  Goldplat's business  model  to 
    concentrate on the growth of the core profitable gold recovery  businesses 
    and will look to develop larger  +30,000 ounces per annum gold  production 
    projects in Africa

  *Healthy cash position of £1.95m

  *Initiating share buy-back authorisation 

Goldplat CEO Russell Lamming  said, "We have a  profitable core gold  recovery 
business in Africa  which generates significant  cash on an  annual basis,  as 
reflected in the reporting of a  £2.06 million operating profit for the  first 
six months of  FY 2013.  Due to  earnings visibility  and profitability,  and 
following a review of all our operations since I took over the role as CEO  in 
September 2012, we  have prioritised the  recovery business where  we see  the 
potential for continued  strong revenue  growth and stable  margins. We  will 
continue to optimise  our South African  gold recovery operation,  consolidate 
and grow the west  African footprint we have  successfully developed in  Ghana 
and look to replicate the  business model in east  Africa, where there is  the 
potential to take  advantage of the  capital invested at  the Kilimapesa  Gold 
Mine in Kenya to build another regional recovery operation. 

"Accordingly we have de-prioritised our current gold exploration portfolio  in 
Africa, where the resource base of  931,071 ounces of gold across three  small 
projects in Kenya, Ghana and Burkina Faso does not complement our  longer-term 
strategic  outlook  of  developing  larger  +30,000  ounces  per  annum   gold 
production projects  in  Africa. As  such,  we  have taken  the  decision  to 
write-down a portion  of the  pre-production expenses at  the Kilimapesa  Gold 
Mine and will  evaluate opportunities  to realise value  from our  exploration 
portfolio in Ghana and Burkina Faso. 

"Our cash position remains healthy at £1.95m following the payment of a maiden
dividend,  planned  capital  investment  at  our  operations  and  significant 
receivables from blue chip strategic partners. We believe that the  Company's 
equity is undervalued, a belief which is reinforced by our robust annuity type
cashflow and strong  growth potential  of our  gold recovery  operations in  a 
niche market, where the Company enjoys market dominance. Therefore it is  our 
intention to seek authorisation to initiate a share buy-back scheme."

Chairman's Statement

It gives me great pleasure to report on another strong operational performance
by Goldplat, driven by  our two gold recovery  operations in South Africa  and 
Ghana. Accordingly, we continue to build on our niche market dominance, which
has enabled  us  to create  a  cash  generative, profitable,  debt  free  gold 
recovery company. Despite the operational  performance of Kilimapesa and  the 
uncertainty  in  the   mining  legislation  in   Kenya,  with  the   sustained 
profitability of our core gold recovery business and the potential for further
growth of our revenues, I believe the  Company is in a favourable position  to 
enjoy steady growth throughout the remainder of the financial year and beyond.

During the period, the  strong historic and  current operating performance  of 
our gold  recovery  businesses,  coupled  with the  poor  performance  of  the 
Kilimapesa Gold Mine and disappointing  exploration results in Ghana  (Anumso) 
and Burkina Faso (Nyieme), prompted a review of Goldplat's activities, led  by 
our new CEO Russell Lamming. This has resulted in the initiation of a plan to
refocus our business model and concentrate  on the expansion of our core  gold 
recovery businesses, where we believe we have an exciting future. Accordingly
we are  looking  at  alternative  ways  to  realise  value  from  our  current 
exploration and development portfolio.

Financials

Sales for the  six months  ended 31 December  2012 increased  to £15.48m  from 
£11.18m. Gross profit increased to £2.97m from £2.62m, despite charging a loss
from the  Kilimapesa gold  mine of  £415,000. The  inevitable duplication  of 
costs during the change of CEOs inevitably increased administrative costs, but
nevertheless operating  profits,  the  measure of  performance  which  we  can 
control, have increased to £2.06m  from £2.00m, which demonstrates once  again 
the strength of  our underlying  gold recovery business.  Finance costs  have 
gone from a positive contribution in  the comparative period of £363,000 to  a 
negative of £343,000.  These costs largely  reflect exchange rate  movements, 
and the recent reduction in the value of sterling is likely to mean that these
costs will reverse in the second half of the year.

At Kilimapesa we have reviewed our expansion plans in the light of the factors
set out  below,  and  reduced  our  planned  production  levels.  Under  these 
circumstances we have prudently decided to  write off pre production costs  at 
Kilimapesa of £2.38m  as an impairment  charge, which can  be reinstated  when 
profitability is established. This charge means that there is an overall  loss 
for the period. Cash remains healthy at £1.95m.

Gold Recovery Operations

The Company's gold  recovery operations  in South  Africa and  Ghana have  had 
another robust  half year  and remain  market leaders  in Africa  and in  turn 
underpin the current value of Goldplat.

Goldplat Recovery (Pty) Limited - South Africa ('GPL')

Our South African gold recovery operation has continued to perform strongly in
H1 of FY13. Gold  production for the period  totalled 9,097 ounces from  this 
operation.  GPL  also  has  operational  flexibility  derived  from  building 
significant stockpiles of raw materials on  site, which reduced any impact  of 
the transport and mine strikes prevalent in South Africa during the period.

Over the past six months the  Company has invested in new processing  capacity 
at GPL, including a new tailings retreatment carbon in leach ('CIL') plant and
an additional rotary  kiln. The  CIL plant will  reprocess selected  tailings 
from GPL's own operation, estimated to  comprise five years of production  and 
the rotary kiln to process the significant stockpile of high-grade  woodchips, 
currently estimated at seven years of installed capacity. Construction of the
CIL plant is complete with commissioning expected during March 2013, with  the 
additional woodchip processing capacity expected to come on line in July 2013.
These initiatives  will increase  processing capacity  and positively  impact 
GRL's bottom line.

In addition to  the increased capacity  at GRL, the  Company has approved  the 
development of Central Rand Gold's ('CRG') Crown  East No 4 shaft as a  supply 
of high-grade material to  supplement the underground CIL  plant at GPL.  The 
operation has  initially been  designed to  produce 200  tonnes per  month  of 
material grading at approximately 15  g/t. This operation will be  undertaken 
by a third  party mining  contractor and  CRG will be  paid a  5% net  smelter 
return on all gold produced from the operation.

Gold Recovery Ghana Limited - Ghana ('GRG')

GRG's gold recovery operation, which enjoys a tax free status until 2016,  has 
performed strongly in H1 2013. Gold production for H1 2013 from GRG  totalled 
8,821 ounces. The GRG recovery operation comprises three profit centres;  (i) 
the toll treatment contract it has in place with Adamus Resources  ('Adamus'), 
where tailings purchased  by GRG  from artisanal  and small  scale miners  are 
processed off-site, (ii)  the CIL Section  at Tema and  (iii) the  Incinerator 
Section at Tema  that recovers gold  from fine carbon  and rubber mill  liners 
procured from Goldfield  Limited, AngloGold  Ashanti Limited  and Golden  Star 
Resources Limited. 

The toll treatment contract with  Adamus, which contributes approximately  55% 
of GRG's  operating profit,  has  performed well  although margins  have  been 
squeezed through the increase  in procurement costs of  tailings in the  area, 
and an  increase  in transport  costs  and  tolling costs.  The  Company  has 
introduced measures  to  mitigate  these  factors  by  sourcing  higher  grade 
material closer to Adamus's  Nzema plant to reduce  the transport costs.  The 
same measures are being taken for the material processed through the Tema  CIL 
plant, which contributes approximately 35% of GRG's operating profit.

GRG's incinerator section at Tema comprises two fluidised bed incinerators,  a 
spiral section and  a static furnace  which treats by  products from the  gold 
mining industry,  including high-grade  fine carbon  and rubber  mill  liners. 
This section contributes approximately 10% of GRG's operating profits; it  is 
the Company's intention to grow this  section as a centralised processing  hub 
for the high-grade by-products available in west Africa. In conjunction  with 
the gold  mining majors,  the Company  is currently  seeking authorisation  to 
transport gold bearing material across international borders. 

Burkina Faso: Midas Gold SARL ('Midas')

Research undertaken by Goldplat in Burkina  Faso has indicated that there  are 
significant volumes  of tailings  from  artisanal and  small scale  miners  at 
attractive grades available for processing. With this in mind, the Company is
in the  process  of applying  for  the environmental  and  operating  licences 
required to establish a  new processing unit  in Burkina Faso  in the name  of 
Midas Gold  SARL. In  parallel, the  Company has  initiated discussions  with 
mines in Burkina Faso  to potentially enter  into toll treatment  arrangements 
similar to the Adamus contract in Ghana. 

Mining and Exploration

Although the  Company  announced a  25%  increase in  JORC  compliant  Mineral 
Resources from 742,392 oz Au to 931,071 oz Au across its Kenyan, Ghanaian  and 
Burkina Faso gold mining and development portfolio (the mining and exploration
portfolio within the Goldplat  group), the Company has  taken the decision  to 
reassess  the  exploration   portfolio  in  terms   of  strategic   direction. 
Accordingly, it is focussed on ascertaining the best way to crystallise value
for shareholders  from these  assets without  this division  being of  primary 
importance. However, it must be noted, that the Company will continue to look
opportunistically for  larger  brownfield,  near  production  gold  assets  in 
Africa, to develop as a stand-alone gold mining operation (producing a minimum
of 30,000 ounces for a ten  year mine life), which complements our  profitable 
gold recovery operations.

Kilimapesa Gold - Kenya

Goldplat's wholly owned Kilimapesa  gold mine is  located in the  historically 
productive Migori Archaean Greenstone Belt in western Kenya. Kilimapesa has a
mineral resource of 8,715,291  tonnes at 2.40  g/t Au for 671,446  oz Au at  a 
cut-off of 1 g/t. Having  received a 21 year  Mining Lease in November  2011, 
the first gold project to be given  a mining licence in the country since  its 
independence in 1963, the Company completed the construction and commissioning
of a  25 tonne  per day  processing facility,  including an  elution plant  to 
enable Kilimapesa to smelt and produce gold doré on site. Kilimapesa's  first 
gold pour was in January 2012. 

During the fourth quarter  of 2012, Goldplat undertook  an internal review  of 
the Kilimapesa gold mine to address the operational issues resulting in losses
being incurred  during  the period.  As  a result  of  this, the  mining  and 
processing operation  has  been  redesigned  to process  125  tonnes  per  day 
producing 5,000  ounces Au  per annum  at full  production. The  mine  design 
includes a semi-mechanised  footwall tramming level  to increase  efficiencies 
and the plant's milling and leaching capacity will be increased by 100  tonnes 
per day. The Company estimates that full production of 5,000 ounces per  annum 
will be achieved, on a quarterly basis, in Q4 FY14. 

The Company continues to have strong relations with the Government of Kenya as
shown by the recent authorisation to  export gold concentrates granted by  the 
office of the  Minister of  the Environment  and Mineral  Resources. We  have 
continuous dialogue with the Kenyan government to address Legal Notice No. 118
under the  Mining  Act  that seeks  to  mandate  a 35%  minimum  local  equity 
participation in mining licenses.  In the event of  an equitable solution  to 
this legislation and the operation ramping  up to full production as  planned, 
the Kilimapesa exploration licence, which  includes the 140,000 ounce Red  Ray 
deposit, has the potential to increase gold production further.

On a wider level, with the infrastructure, sunk costs and processing  ability, 
we are examining the possibility of creating a third recovery operation at the
site in order to maximise revenues.  The potential to create an East  African 
hub is evident and we believe, with our expertise in gold recovery in  Africa, 
we can increase revenues going forward if internal studies prove positive. We
look forward to reporting further on this in due course.

Anumso Gold Exploration - Ghana

Goldplat's 29 sq km Anumso Gold Exploration licence is located in the  Amansie 
East and Asante Akim South Districts of the Ashanti Region of the Republic  of 
Ghana. A  32 hole,  6,125m  diamond drilling  programme  at Anumso  has  been 
completed over a 4km strike which had been identified on the eastern Tarkwaian
conglomerate between the villages  of Banka and Tokwae.  In December 2012  we 
declared a  maiden  JORC-Compliant ore  resource  of 2,545,000  tonnes  at  an 
average grade of 2.04 g/t giving 166,865 oz Au at a 1 g/t cut-off grade. 

With this  in  mind, the  Company  is currently  undertaking  a  prospectivity 
assessment of the licence area to ascertain if this resource has the potential
to meet the mine development investment criteria of the Company.

Nyieme Licence - Burkina Faso

The 246 sq km Nyieme project is located in the prospective Birimian Greenstone
Belt in southern Burkina Faso, West Africa. A 3,100 metre drilling  programme 
was undertaken in 2011, which defined  a resource of 1,395,000 tonnes at  2.06 
g/t gold for 92,589 ounces. 

Goldplat recently  completed optimisation  studies of  the Nyieme  deposit  to 
assess the  suitability  of the  orebody  to  provide feed  material  for  the 
proposed Dano Gold Recovery plant to be located in the vicinity of the  Nyieme 
project. The optimisation studies were not successful, therefore the  Company 
is now looking at alternative solutions to realise value at this project.

Share Buy-Back

We continue to believe that Goldplat's share price does not fully reflect  the 
underlying value of its assets and profit potential. For that reason we  will 
be asking shareholders  to approve  a share buy  back authority  at a  General 
Meeting to be  held on 22  March 2013 at  the Hilton Hotel,  Seven Hills  Road 
South, Cobham,  Surrey KT11  1EW  at 12.30  p.m.  A circular  to  shareholders 
convening the  General  Meeting  seeking  Shareholder  approval  to  have  the 
authority to buy-back Ordinary Shares up to  a maximum of 10 per cent. of  the 
issued ordinary share capital  of the Company is  expected to be posted  today 
and will be available shortly on the Company's website at www.goldplat.com.

Background to and reasons for the Share Buy-Back

The Board, having considered a number of options, consulted with its advisers,
and having taken into account the views of a number of existing  shareholders, 
believes it to be in  the best interests of shareholders  as a whole, for  the 
Company to have authority to purchase its Ordinary Shares in the market.

The Board is mindful of the financial impact a share buy-back may have on  the 
Company. It has  conducted a thorough  exercise with regards  to the  capital 
requirements of the  Group, its  prospects and its  funding available,  whilst 
also taking into account the merits of providing greater short term  liquidity 
for Ordinary Shares. The Board will only proceed to make market purchases  at 
prices which  make sense  for the  Company  as a  whole and  there can  be  no 
certainty that any of the buyback  authority sought under the Resolution  will 
be utilised. The Directors have confirmed that none of them will, nor do  they 
have any current  intention to,  sell any of  the Ordinary  Shares which  they 
beneficially own  to  the Company  should  the Company  utilise  the  Buy-Back 
Authority.

General Buy-Back Authority

The Board  would,  in  appropriate  circumstances, like  for  the  Company  to 
buy-back Ordinary Shares in the market. The Board proposes to seek Shareholder
approval to have the authority to buy-back Ordinary Shares, up to a maximum of
16,837,000 Ordinary Shares representing  10 per cent.  of the issued  ordinary 
share capital of the Company as at 4 March 2013, in the future. If approved by
shareholders, the  Buy-Back Authority  would be  exercisable until  18  months 
after the date  of the  GM and it  is the  current intention of  the Board  to 
thereafter renew this authority annually  subject to any considerations  under 
the Takeover Code. The maximum price  payable for the purchase by the  Company 
of its Ordinary Shares will be limited to 5 per cent. above the average of the
middle market quotations of  such Ordinary Shares, as  derived from the  Daily 
Official List of the London Stock  Exchange, for the five Business Days  prior 
to the purchase. The minimum price permitted to be paid by the Company for the
purchase of any Ordinary Shares will be  1p per share (being the amount  equal 
to the nominal value of an Ordinary Share).

The Directors would use the  Buy-Back Authority with discretion and  purchases 
would only be made from the Company's distributable reserves not required  for 
other purposes  and  in the  light  of  market conditions  prevailing  at  the 
relevant  time.  As  previously  stated,  the  Company  intends  to  pursue  a 
progressive dividend policy based initially on the profits and cash generation
from its  gold recovery  business.  In reaching  a  decision to  purchase  any 
Ordinary Shares,  the  Directors would  take  account of  the  Company's  cash 
resources and capital  requirements and the  effect of such  purchases on  the 
Company's business and  dividend payments. Additionally,  the Directors  would 
only make market purchases  if satisfied that any  such purchases would be  in 
the interests of Shareholders generally. No announcement will be made by  the 
Company in advance of market purchases, but any purchases made by the  Company 
would be announced  by 7.30 a.m.  on the Business  Day following any  buy-back 
transaction.

Any Ordinary  Shares which  are bought  back by  the Company  pursuant to  any 
exercise of the Buy- Back Authority  will be financed from the Company's  cash 
resources or through bank facilities available at such time.

Pursuant to section 724 of the Act the Company is entitled, on buying back its
own shares, to hold such shares in treasury for subsequent sale, transfer  for 
the purposes of or pursuant to  employee share schemes, or cancellation as  an 
alternative to cancelling them immediately. The Directors currently intend  to 
hold any Ordinary Shares  purchased under the  Buy-Back Authority in  treasury 
pursuant to such powers.

Recommendation

The Directors believe that the market purchase by the Company of its  Ordinary 
Shares under the Buy-Back Authority is  in the best interests of  shareholders 
as a whole and  that it may be  appropriate in the future  for the Company  to 
buy-back its Ordinary Shares under the Buy-Back Authority.

The Directors therefore unanimously recommend that  you vote in favour of  the 
Resolution in the Notice of  GM as they intend to  do in respect of their  own 
interests  in   2,000,000   Ordinary   Shares   in   aggregate,   representing 
approximately 1.19 per cent. of the Ordinary Shares currently in issue.

Outlook

Based on the consistent operating performances and the growth potential of the
Company's recovery business in South Africa and Ghana, the future continues to
look highly promising, with potential to grow profits in west Africa and start
to replicate the success of the Ghanaian operation in east Africa.

In the  longer  term, the  Company's  robust cashflows  and  strong,  ungeared 
balance sheet places Goldplat in an  enviable position to take advantage of  a 
tough funding environment for  gold explorers. With a  new strategy in  place 
focussed on  the  growth  of  the  recovery  businesses  and  replicating  our 
successes in both  South Africa  and Ghana,  I am  confident about  Goldplat's 
future potential. Indeed I  would like to emphasise  that the Directors  will 
continue to  work  diligently to  create  value  uplift and  in  turn  enhance 
shareholder value.

Finally, on  behalf  of  the Board  I  would  like thank  our  management  and 
employees for their hard work and our shareholders for their continued support
and I look forward to updating you  on our developments as we progress  during 
the year.

Brian Moritz
Chairman
4 March 2013

For further information visit www.goldplat.com or contact:

Russell Lamming, CEO           Goldplat plc             Tel: +44 (0) 781 0870
                                                        587
Ewan Leggat/Katy Birkin     S P Angel           Tel: +44 (0) 20
                                                      34632260
Felicity Edwards               St Brides Media &        Tel: +44 (0) 20 7236
                               Finance Ltd              1177

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHES ENDED 31 DECEMBER 2012

                                    Notes     6 months     6 months  12 months
                                             31-Dec-12    31-Dec-11  30-Jun-12
                                           (unaudited)  (unaudited)  (audited)
                                                 £'000        £'000      £'000
Continuing operations
Revenue                                         15,481       11,183     26,225
Cost of sales                                 (12,516)      (8,559)   (20,178)
Gross profit                                     2,965        2,624      6,047
Administrative expenses                          (908)        (621)    (1,520)
Results from operating                           2,057        2,003      4,527
activities
Share based payments                             (155)            -          -
Finance income                                      61          605        925
Finance costs                                    (404)        (242)      (208)
Net finance cost                                 (343)          363        717
Profit before tax                                1,559        2,366      5,244
Impairment of Kilimapesa                       (2,373)            -          -
Taxation                                6        (419)        (436)      (600)
(Loss)/Profit for the period                   (1,233)        1,930      4,644
Other comprehensive income
Exchange translation                             (394)        (701)    (1,625)
Other comprehensive loss for the period,         (394)        (701)    (1,625)
net of tax
Total comprehensive (loss)/income              (1,627)        1,229      3,019
for the period
(Loss)/Profit attributable to:
Owners of the Company                          (1,460)        1,828      4,467
Non-controlling interests                          227          102        177
(Loss)/Profit for the period                   (1,233)        1,930      4,644
Total comprehensive (loss)/income
attributable to:
Owners of the Company                          (1,854)        1,127      2,842
Non-controlling interests                          227          102        177
Total comprehensive (loss)/income              (1,627)        1,229      3,019
for the period
Earnings per share - continuing
operations
Basic earnings per share                        (0.73)         1.15       2.77
(pence)
Diluted earnings per share                      (0.73)         1.06       2.53
(pence)

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2012

                                    Notes    31-Dec-12    31-Dec-11  30-Jun-12
                                           (unaudited)  (unaudited)  (audited)
                                                 £'000        £'000      £'000
Assets
Property, plant and equipment           7        4,482        4,763      4,112
Intangible assets and goodwill          8        8,639        6,859      8,909
Pre-production expenditure              9        1,407        3,677      3,205
Proceeds from sale of shares in                     76          225        219
subsidiary
Non-current assets                              14,604       15,524     16,445
Inventories                                      3,306        3,832      4,524
Trade and other receivables                      7,131        4,018      5,863
Cash and cash equivalents              10        1,951        4,620      4,575
Current assets                                  12,388       12,470     14,962
Total assets                                    26,992       27,994     31,407
Equity
Share capital                          11        1,684        1,671      1,679
Share premium                                   11,494       11,401     11,449
Exchange reserve                               (1,836)        (518)    (1,442)
Retained earnings                                9,720        9,396     12,035
Equity attributable to owners of                21,062       21,950     23,721
the Company
Non-controlling interests                          837          665        742
Total equity                                    21,899       22,615     24,463
Liabilities
Obligations under finance leases       12           16           65         39
Provisions                             13          172          186        181
Deferred tax liabilities                           460          457        418
Non-current liabilities                            648          708        638
Current tax liabilities                             34           90         16
Loans and borrowings                   12            -           49          2
Obligations under finance leases       12          107          136        109
Trade and other payables                         4,304        4,396      6,179
Current liabilities                              4,445        4,671      6,306
Total liabilities                                5,093        5,379      6,944
Total equity and liabilities                    26,992       27,994     31,407

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 DECEMBER 2011

                   Attributable to owners of the Company
                  Share   Share Exchange Retained  Total Non-controlling  Total
                capital premium  reserve earnings £ '000       interests equity
                  £'000   £'000    £'000    £'000                  £'000  £'000
Balance at 1      1,671 11,401       183    7,568 20,823             676 21,499
July 2011, as
previously
reported
Total
comprehensive
income for the
period
Profit for the        -      -         -    1,828  1,828             102  1,930
period
Total other           -      -     (701)        -  (701)               -  (701)
comprehensive
income
Total                 -      -     (701)    1,828  1,127             102  1,229
comprehensive
income for the
period
Transactions
with owners of
the Company,
recognised
directly in
equity
Changes in
ownership
interests in
subsidiaries
Non-controlling       -      -         -        -      -           (113)  (113)
interests in
subsidiary
dividend
Total changes         -      -         -        -      -           (113)  (113)
in ownership
interests in
subsidiaries
Total                 -      -         -        -      -           (113)  (113)
transactions
with owners of
the Company
Balance at 31     1,671 11,401     (518)    9,396 21,950             665 22,615
December 2011
(unaudited)

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2012

                       Attributable to owners of the Company
              Notes   Share   Share Exchange Retained  Total Non-controlling  Total
                    capital premium  reserve earnings £ '000       interests equity
                      £'000   £'000    £'000    £'000                  £'000  £'000
Balance at 1          1,671  11,401    (518)    9,396 21,950             665 22,615
January 2012
Total
comprehensive
income for
the period
Profit for                -       -        -    2,639  2,639              75  2,714
the period
Total other               -       -    (924)        -  (924)               -  (924)
comprehensive
income
Total                     -       -    (924)    2,639  1,715              75  1,790
comprehensive
income for
the period
Transactions
with owners
of the
Company,
recognised
directly in
equity

Contributions by and
distributions
to owners of the Company
Issue of ordinary shares            8     48       -      -     56   -     56
Total contributions by and           8     48       -      -     56   -     56
distributions
to owners of the Company
Changes in ownership interests
in subsidiaries
Non-controlling interests in         -      -       -      -      -   2      2
subsidiary dividend
Total changes in ownership           -      -       -      -      -   2      2
interests in subsidiaries
Total transactions with owners       8     48       -      -     56   2     58
of the Company
Balance at 30 June 2012          1,679 11,449 (1,442) 12,035 23,721 742 24,463
(audited)

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 DECEMBER 2012



                              Attributable to owners of the Company
            Notes   Share   Share Exchange Retained   Total Non-controlling   Total
                  capital premium  reserve earnings  £ '000       interests  equity
                    £'000   £'000    £'000    £'000                   £'000   £'000
Balance at 1 July   1,679  11,449  (1,442)   12,035  23,721             742  24,463
2012
Total
comprehensive
income for
the period
Profit for              -       -        -  (1,460) (1,460)             227 (1,233)
the period
Total other             -       -    (394)        -   (394)               -   (394)
comprehensive
income
Total                   -       -    (394)  (1,460) (1,854)             227 (1,627)
comprehensive
income for
the period
Transactions
with owners
of the
Company,
recognised
directly in
equity
Dividends to   11       -       -        -  (1,010) (1,010)               - (1,010)
owners of the
Company
Share based    14       -       -        -      155     155               -     155
payment
transactions





Contributions by and
distributions
to owners of the Company
 Issue of ordinary shares        5     45       -     -     50     -     50
  12
 Total contributions by and         5     45       -     -     50     -     50
 distributions
 to owners of the Company
 Changes in ownership
 interests in subsidiaries
 Non-controlling interests in       -      -       -     -      - (132)  (132)
 subsidiary dividend
 Total changes in ownership         -      -       -     -      - (132)  (132)
 interests in subsidiaries
 Total transactions with            5     45       -     -     50 (132)   (82)
 owners of the Company
 Balance at 31 December 2012    1,684 11,494 (1,836) 9,720 21,062   837 21,899
 (unaudited)




CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2012

                                    Notes     6 months     6 months  12 months
                                             31-Dec-12    31-Dec-11  30-Jun-12
                                           (unaudited)  (unaudited)  (audited)
                                                 £'000        £'000      £'000
Cash flows from operating
activities
Results from operating                           2,057        2,003      4,527
activities
Adjustments for:
- Depreciation                                    175          156        401
- Amortisation of intangible                     (48)            -        111
assets
- Loss on sale of property, plant                   -           15          -
and equipment
  *Loss on disposal of mining                     190            -          -
    rights
- Reversal of gold inventory                        -            -        201
- Foreign exchange differences                  (216)           78    (1,035)
                                                 2,158        2,252      4,205
Changes in:
- inventories                                   1,218        (465)    (1,157)
- trade and other receivables                 (1,268)        2,566        721
- trade and other payables                    (1,889)         (81)      1,688
- provisions                                      (9)            -       (39)
Cash generated from operating                      210        4,272      5,418
activities
Interest received                                   61          605        925
Interest paid                                    (390)        (234)      (194)
Income taxes paid                                (359)        (646)      (666)
Net cash from operating                          (478)        3,997      5,483
activities
Cash flows from investing
activities
Proceeds from sale of property,                     12            6         38
plant and equipment
Acquisition of mining rights                     (366)            -    (2,085)
Acquisition of property, plant and               (673)      (1,001)    (1,164)
equipment
Pre-production expenditure                        (65)        (780)      (627)
Net cash used in investing                     (1,092)      (1,775)    (3,838)
activities
Cash flows from financing
activities
Proceeds from issue of share           11           50            -         56
capital
Proceeds from sale of interest in                    -          112          -
subsidiary undertaking
Dividends paid                    (1,010)            -          -
                    
         
Payment of finance lease               12         (92)         (69)      (138)
liabilities
Net cash flows (used in)/from                  (1,052)           43       (82)
financing activities
Net (decrease)/increase in cash                (2,622)        2,265      1,563
and cash equivalents
Cash and cash equivalents at                     4,573        3,010      3,010
beginning of period
Effect of exchange rate                              -        (704)          -
fluctuations on cash held
Cash and cash equivalents at end       10        1,951        4,571      4,573
of period

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL REPORT
FOR THE SIX MONTHS ENDED 31 DECEMBER 2012

1.  Reporting entity
Goldplat plc (the 'Company') is a company domiciled in England and Wales. The
address of the Company's  registered office is 55  Gower Street, London,  WC1E 
6HQ. The condensed consolidated interim financial report of the Company as at
and the  six months  ended 31  December  2012 comprises  the Company  and  its 
subsidiaries (together referred to as the 'Group') and the Group's interest in
associates. The Group primarily operates as a producer of precious metals  on 
the African continent.

2.  Basis of preparation

(a) Statement of compliance
This condensed  consolidated interim  financial report  has been  prepared  in 
accordance with  IAS 34  Interim  Financial Reporting.  Selected  explanatory 
notes are included to explain events and transactions that are significant  to 
an understanding of the changes in  financial performance and position of  the 
Group since the last  annual consolidated financial statements  as at and  for 
the year ended 30  June 2012. This  condensed consolidated interim  financial 
report does not include all the information required for full annual financial
statements prepared  in  accordance  with  International  Financial  Reporting 
Standards.

This condensed consolidated interim financial report was approved by the Board
of Directors on 1 March 2013.

(b) Judgements and estimates
Preparing the interim financial report requires Management to make judgements,
estimates and assumptions that affect  the application of accounting  policies 
and the  reported  amounts of  assets  and liabilities,  income  and  expense. 
Actual results may differ from these estimates.

In preparing this condensed consolidated interim financial report, significant
judgements made by Management in applying the Group's accounting policies  and 
key sources of estimation uncertainty were  the same as those that applied  to 
the consolidated financial  statements as at  and for the  year ended 30  June 
2012.

3.  Significant accounting policies
The accounting policies applied  by the Group  in this condensed  consolidated 
interim financial report are  the same as  those applied by  the Group in  its 
consolidated financial statements as at and for the year ended 30 June 2012.

4.  Financial instruments

Financial risk management
The Group's financial risk management  objectives and policies are  consistent 
with those disclosed in  the consolidated financial statements  as at and  for 
the year ended 30 June 2012.

5.  Operating segments

Information about reportable segments

For the six months ended 31 December 2012 (unaudited)

                              Recovery  Mining and exploration  Administration
                            operations                   £'000           £'000
                                 £'000
External revenues               15,153                     328               -
Inter-segment revenues               6                       -               -
Total revenues                  15,159                     328
Reportable segment               2,826                   (415)           (852)
profit/(loss) before tax
Segment assets                  14,578                   6,360           6,054

For the six months ended 31 December 2011 (unaudited)

                              Recovery  Mining and exploration  Administration
                            operations                   £'000           £'000
                                 £'000
External revenues               11,183                       -               -
Inter-segment revenues              80                       -               -
Total revenues                  11,263                       -               -
Reportable segment               2,420                      70           (124)
profit/(loss) before tax
Segment assets                  13,078                   7,473           7,443

For the twelve months ended 30 June 2012 (audited)

                              Recovery  Mining and exploration  Administration
                            operations                   £'000           £'000
                                 £'000
External revenues               24,800                   1,425               -
Inter-segment revenues             168                       -               -
Total revenues                  24,968                   1,425               -
Reportable segment               5,208                     583           (547)
profit/(loss) before tax
Segment assets                  16,236                   8,629           6,542

Reconciliation of reportable segment profit or loss

                                              6 months     6 months  12 months
                                             31-Dec-12    31-Dec-11  30-Jun-12
                                           (unaudited)  (unaudited)  (audited)
                                                 £'000        £'000      £'000
Total profit/(loss) for reportable               1,559        2,366      5,244
segments before tax
Elimination of inter-segment profits                 -            -          -
Profit before tax                                1,559        2,366      5,244

5.  Seasonality of operations
The Group is not considered to be subject to seasonal fluctuations.

6.  Income tax expense
Income tax expense is  recognised based on management's  best estimate of  the 
weighted average annual income tax rate  expected for the full financial  year 
applied to the pre-tax income of the interim period. The Group's consolidated
effective tax rate  in respect  of continuing  operations for  the six  months 
ended 31 December 2012 was 24% (six months ended 31 December 2011: 18%; twelve
months ended 30 June 2012: 25.5%). 

7.  Property, plant and equipment

Acquisitions and disposals
During the six months ended 31 December 2012, the Group acquired assets with a
cost, excluding capitalised borrowing costs  of £740,000 (six months ended  31 
December 2011: £1,293,000; twelve months ended 30 June 2012: £1,231,000).

Assets with  a carrying  amount of  £12,000 were  disposed of  during the  six 
months ended 31  December 2012 (six  months ended 31  December 2011:  £22,000; 
twelve months ended 30 June 2012: £78,000), resulting in a loss on disposal of
£nil (six months ended 31 December 2011: loss £15,000; twelve months ended  30 
June 2012:  £nil),  which is  included  in 'administrative  expenses'  in  the 
condensed consolidated statement of comprehensive income.

8.  Intangible assets and goodwill

                                              6 months     6 months  12 months
                                             31 Dec 12    31 Dec 11  30 Jun 12
                                           (unaudited)  (unaudited)  (audited)
                                                 £'000        £'000      £'000
Cost
Balance at beginning of period                   8,943        6,920      6,920
Expenditure incurred                               366            -      2,085
Disposals                                        (202)            -          -
Transfers  from  property  ,  plant   and            -            -        139
equipment
Transfers to pre-production expenditure          (360)
Foreign exchange translation                      (57)         (61)      (201)
Balance at end of period                         8,690        6,859      8,943

Amortisation and impairment losses
Balance at beginning of period            34  -   -
Amortisation                              29  -  34
Amortisation on disposals               (12)  -   -
Balance at beginning and end of period    51  -  34

Carrying amounts
Balance at end of period        8,639  6,859  8,909
Balance at beginning of period  8,909  6,920  6,920

9.  Pre-production expenditure

                                           6 months     6 months  12 months
                                          31-Dec-12    31-Dec-11  30-Jun-12
                                        (unaudited)  (unaudited)  (audited)
                                              £'000        £'000      £'000
Cost
Balance at beginning of period                3,282        2,748      2,748
Additions                                        65          780        627
Reversal of inventory costs                       -            -      (201)
Transfers from intangible assets                360
Effect of movements in exchange rates            73          149        108
                                              3,780        3,677      3,282

Amortisation and impairment losses
Balance at beginning of period         77      -      -
Amortisation reversed                (77)      -     77
Impairment                          2,373
                                    2,373      -     77
Carrying amounts
Balance at end of period            1,407  3,677  3,205
Balance at beginning of period      3,205  2,748  2,748

10.  Cash and cash equivalents

                                              6 months     6 months  12 months
                                             31-Dec-12    31-Dec-11  30-Jun-12
                                           (unaudited)  (unaudited)  (audited)
                                                 £'000        £'000      £'000
Bank balances                                    1,908        4,550      4,528
Short term bank deposits                            43           70         47
                                                 1,951        4,620      4,575
Bank overdrafts used for cash management             -         (49)        (2)
purposes
Cash and cash equivalents in the                 1,951        4,571      4,573
statement of cash flows

11.  Capital and reserves

 Issue of ordinary shares                Number of ordinary shares
                                       6 months       6 months      12 months
                                      31-Dec-12      31-Dec-11      30-Jun-12
                                    (unaudited)    (unaudited)      (audited)
On issue at beginning of period     167,870,000    167,120,000    167,120,000
Issued for cash                         500,000              -        750,000
On issue at end of period           168,370,000    167,120,000    167,870,000
Authorised - par value £0.01     1,000,000,000  1,000,000,000  1,000,000,000

Issue of ordinary shares
During the period 500,000 ordinary shares were issued at an exercise price  of 
£0.10 per share relating to share options exercised in the period.

 Issue of ordinary shares             Ordinary share capital
                                     6 months     6 months  12 months
                                    31-Dec-12    31-Dec-11  30-Jun-12
                                  (unaudited)  (unaudited)  (audited)
                                                                £'000
On issue at beginning of period         1,679        1,671      1,671
Issued for cash                             5            -          8
On issue at end of period               1,684        1,671      1,679

Dividends
The following dividends were declared and paid by the Company.

                                              6 months     6 months  12 months
                                             31-Dec-12    31-Dec-11  30-Jun-12
                                           (unaudited)  (unaudited)  (audited)
                                                 £'000        £'000      £'000
0.60 pence per qualifying ordinary share         1,010            -          -
(six months ended 31 December 2011: nil
pence; twelve months ended 30 June 2012:
nil pence)

12.  Loans and borrowings

Six months ended 31 December 2012 (unaudited)

                         Currency Interest Face value Carrying amount  Year of
                                      rate      £'000           £'000 maturity
                                   nominal
Balance at 1 July 2012                                         150
New issues                                                       -
Repayments
Unsecured bank facility       ZAR       9%        (2)          (2)           -
Finance lease                 ZAR       9%       (25)         (25)           -
liabilities
Balance at 31 December                                         123
2012

Six months ended 31 December 2011 (unaudited)

                              Currency Interest  Face Carrying amount  Year of
                                           rate value           £'000 maturity
                                        nominal £'000
Balance at 1 July 2011                                          336
New issues                                                        -
Repayments
Unsecured bank facility            ZAR       9%  (68)          (68)          -
Finance lease liabilities          ZAR       9%  (18)          (18)          -
Balance at 31 December                                          250
2011

                         Currency Interest Face value Carrying amount  Year of
                                      rate      £'000           £'000 maturity
                                   nominal
Balance at 1 July                                              336
2011
New issues                                                       -
Repayments
Unsecured bank                ZAR       9%      (115)        (115)
facility
Finance lease                 ZAR       9%       (71)         (71)
liabilities
Balance at 30 June                                             150
2012

13.   Provisions

                                      6 months     6 months  12 months
                                     31 Dec 12    31 Dec 11  30 Jun 12
                                   (unaudited)  (unaudited)  (audited)
                                         £'000        £'000      £'000
Environmental obligation
Balance at beginning of period             181          220        220
Provisions made during the period          (5)         (14)       (20)
Unwinding of discount                        6            8         14
Foreign exchange translation              (10)         (28)       (33)
                                           172          186        181

The provision relates to a requirement to rehabilitate the land owned in South
Africa upon cessation of the mining lease.

14.   Share options and warrants
As at 31 December 2012, the Group had the following share options and warrants
in issue.

Share options (equity-settled)

Reconciliation of outstanding share options

                                      6 months ended        6 months ended
                                        31-Dec-12             31-Dec-11
                                       (unaudited)           (unaudited)
                                     Number of Exercise    Number of  Exercise
                                       options    price      options     price
Outstanding and exercisable         17,200,000   10.00p   17,200,000    10.00p
at beginning of period
Exercised in period                  (500,000)   10.00p
Option grant to Clearwater          13,500,000  12.825p            -         -
Investments Group Ltd 1 September
2012
Outstanding and exercisable at      30,200,000            17,200,000
end of period
                                                           12 months ended
                                                              30-Jun-12
                                                              (audited)
                                                           Number of  Exercise
                                                             options     price
Outstanding and exercisable                               17,200,000    10.00p
at beginning of period
Outstanding and exercisable at                            17,200,000
end of period

The weighted average remaining contractual life of the options outstanding  as 
at 31 December 2012 is 1 year 55  days (31 December 2011: 1 year 336 days;  30 
June 2012: 1 year 153 days).

Share options and warrants (continued)

Reconciliation of outstanding share warrants

                                6 months ended            6 months ended
                                  31-Dec-12                  31-Dec-11
                                 (unaudited)                (unaudited)
                             Number of      Exercise     Number of    Exercise
                               options         price       options       price
Outstanding and              1,671,200        10.00p             -
exercisable
at beginning of period
Granted in period                                        1,671,200      10.00p
Outstanding and              1,671,200                   1,671,200
exercisable at end
of period
                                                          12 months ended
                                                             30-Jun-12
                                                             (audited)
                                                         Number of    Exercise
                                                           options       price
Outstanding and                                          1,671,200      10.00p
exercisable
at beginning of period
Outstanding and                                          1,671,200
exercisable at end
of period

The weighted average remaining contractual life of the warrants outstanding as
at 31 December 2012  is 1 year 0  days (31 December 2011:  2 years 2 days;  30 
June 2012: 1 year 184 days).

15.  Related parties

Transactions with related parties take place on terms no more favourable  than 
transactions with unrelated parties.

During the six months ended 31 December 2012 the Group paid professional  fees 
to MSP  Secretaries  Limited, a  company  which B  Moritz  is a  director,  in 
relation to accounting services provided,  totalling £6,000. In addition  the 
Group paid professional fees to Share Registrars Limited, a subsidiary of  MSP 
Secretaries Limited, in  relation to  the maintenance of  the Company's  share 
register, totalling £7,000.

                                   **ENDS**

------------------------------------------------------------------------------

This announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
the
information contained therein.

Source: Goldplat plc via Thomson Reuters ONE
HUG#1682613
 
Press spacebar to pause and continue. Press esc to stop.