GOLDPLAT PLC

Earnings Release • Dec 15, 2025

National Storage Mechanism | Additional information

RNS Number : 4758L

Goldplat plc

15 December 2025

Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration

15 December 2025

Goldplat plc

('Goldplat', the 'Group' or 'the Company')

Audited Results for the year ended 30 June 2025

Goldplat plc, (AIM:GDP) the AIM listed Mining Services Group, with international gold recovery operations located in South Africa and Ghana, servicing the African and South American Mining Industry, is pleased to announce its audited results for the year ended 30 June 2025.

Goldplat continued to achieve profitable trading results and maintain a good cash balance during the year ended 30 June 2025, considering the changes in the operating environment in Ghana.

·      Revenue decreased by 22% to £56.7m (2024: £72.7m)

·      Operating profit decreased by 61.8% to £3.7m (2024: £9.8m)

·      Adjusted profit before tax* decreased by 55.2% to £2.7m (2024: £6.0m)

·      Profit for the year decreased by 73.2% to £1.2m (2024: £4.3m)

·      Robust cash generation with net cash flows from operating activities of £6.0m (2024: £3.9m)

·      Cash and cash equivalents increased to £6.1m (2024: £3.9m)

·      EPS decreased by 76.1% to 0.60p (2024:2.51p)

* The adjusted profit before tax excludes the Kilimapesa impairment of £714k.

Werner Klingenberg, CEO of Goldplat commented: "Considering the operational challenges during the year, specifically business model changes required in Ghana, I am pleased with the trading results achieved by the Group this year and the Board are confident in the foundational work which continues to be done.

Looking forward to the next financial year, I believe Goldplat can build on current operational performances, through increase of supply and progressing processing of the TSF and we look forward to reporting on our progress throughout 2026."

The Company's annual report and accounts will be available on the Company's website at http://www.goldplat.com/downloads  and hard copies will be posted by 19 December 2025 to shareholders that have elected to receive printed copies.

As announced on 3 December 2025, Resolution 1 to be put to shareholders at the Annual General Meeting of the Company being held on 29 December 2025, to receive the report of the Directors of the Company and the audited financial statements of the Company for the year ended 30 June 2025, will be adjourned in order to give shareholders the requisite notice. The date of the adjourned meeting will be confirmed in due course.

For further information visit www.goldplat.com, follow on X @GoldPlatGDP or contact:

Werner Klingenberg	Goldplat plc (CEO)	Tel: +27 (0) 82 051 1071
Colin Aaronson / Samantha Harrison	Grant Thornton UK LLP (Nominated Adviser)	Tel: +44 (0) 20 7383 5100
James Bavister / Andrew de Andrade	Zeus (Broker)	Tel: +44 (0) 203 829 5000
Tim Thompson / Alison Allfrey / Fergus Mellon	Flagstaff Strategic and Investor Communications	Tel: +44 (0) 207 129 1474 [email protected]

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Chairman's Statement

Goldplat PLC's precious metals processing facilities continued to achieve profitable trading results during the year ended 30 June 2025.

Our portfolio of core assets consists of two gold recovery operations, in South Africa and Ghana, servicing the African and South American markets, with plans to extend recovery operations to Brazil. These operations recover gold and platinum group metals ('PGM') from by-products of current and historical mining processing, thereby providing mines with an environmentally friendly and cost-efficient way of removing waste material.

Goldplat PLC ("the Company" or "Goldplat") and its subsidiaries, together referred to as "the Group", delivered another profitable year with a profit of GBP1,156,000 (2024 - GBP4,322,000) supported by a higher average gold price during the year of USD2,812/oz (2024 - USD2,076/oz). 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 Ghanian 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.

This resulted in a return on invested capital (Profit after Taxation divided by Total Equity) of 4.9% (2024 - 21.1%). Cash generation across the Group continued to be robust with net cash flows from operating activities of GBP6,014,000 (2024 - GBP3,872,000) and net year end cash of GBP6,086,000 (2023 - GBP3,886,000).

The results achieved continue to indicate the resilience of our operations and team as well as the diversity in our markets and products with the changes in business model in Ghana and continued reduction in supply in South Africa being offset by strong supply out of South America.

We remain focused on long term visibility of earnings in the recovery businesses by increasing visibility of resources through the strengthening of partnership relationships and improved processing methods. At the same time, we are positioning ourselves as a service group focused on key elements of primary producers' Environmental, Social and Governance (ESG) initiatives. Our key focus will remain on extracting value from gold bearing by-products whilst we investigate broadening the commodity spaces in which we operate and add value.

After the financial period the Company started to return cash in the form of dividends to shareholders and as indicated previously, the Company will continue to return cash in excess of operating and development requirements to shareholders. We will continue to evaluate this position on a quarterly basis, and when appropriate, will distribute cash through either share repurchases or dividends, whichever the Board believes will add the most value to our shareholders at the point in time.

Goldplat has a pivotal role to play in the circular economy that extends from the extraction of minerals to re-processing of what would typically be dumped as waste materials, and to responsible mining and business practices that underpin Goldplat as a sustainable partner for large mining groups.

As referred to in the Strategic Report, the business has adopted certain sustainability reporting principles in the current year including profiling material matters through the application of double materiality and linking these material issues to strategic responses and performance metrics.

As a starting point, we have conducted materiality assessments to identify where our highest level of sustainability impact could be and in turn, linking these matters to our strategic response, policies and performance management. We are committed to creating measurable value for all our stakeholders towards a just and sustainable socio-economically future.

Goldplat will continue developing its integrated sustainability strategy and reporting practices. This process is ongoing, and the Board will continue to monitor our obligations and make sure that we meet or exceed expectations as we continue to create and preserve value for all our stakeholders.

We look forward to continuing to build on the successes of the past few years and increasingly realising and growing the intrinsic value of Goldplat. I wish to thank all Goldplat employees, as well as my fellow directors, our advisors, our shareholders, as well as all of our other stakeholders for their efforts as we look forward to the coming years with enthusiasm.

Gerard Kisbey-Green

Chairman

12 December 2025

CEO Report

Overview of operations

Goldplat is a mining services company, specialising in the recovery of gold and other precious metals, from by-products, contaminated soil and other precious metal bearing material from mining and other industries. Goldplat has a pivotal role to play in the circular economy that extends from the extraction of minerals to re‑processing of what would typically be dumped as waste materials. Goldplat has two market leading operations in South Africa and Ghana focused on providing an economic method for mines to dispose of waste materials while at the same time adhering to their environmental obligations.

Goldplat has been providing these services for more than 20 years, mainly to the mining industry in Africa, but more recently also in South America. 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's recovery operations recover circa 2,000 ounces (of gold and other metals) monthly through various circuits and under different contracts. The number of ounces is dependent on the type and volume of material supplied and the grade, recovery, margins and terms of contracts and can differ significantly based on the nature of the material supplied and processed. We estimate that at a minimum, 70% of material produced is exposed to the fluctuation in gold price, with the remainder of the production being offset by corresponding changes in raw materials costs. Due the factors mentioned above, margins tend to fluctuate month to month.

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 Southern Africa, West Africa, South America and further afield;

·    strengthening its license to operate in the jurisdictions in which it operates;

·    forming strategic partnerships with other industry participants;

·    leveraging its role in the circular economy including by diversifying into processing of platinum group metals ("PGM") and other commodities' contaminated material;

·    ensuring the sustainability of its operations from an environmental, social and governance perspective; and

·    optimising the value to be extracted from the processing of its 2.2-million-tonne 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.

The Group follows the responsible gold guidelines as set-out by the London Bullion Mark Association ("LBMA") and our processes are audited on a bi-annual basis, to provide further comfort to its suppliers, partners and customers. The last audit was completed in September 2025 and covered the period 1 January 2023 to 31 December 2024. Audit Report available on request.

Goldplat has a JORC defined resource (see the announcement dated 29 January 2016 for further information) 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.

Since the resource estimate was completed, more than 800,000 tonnes of material have been deposited on the TSF, at grades of circa 1.45g/t.

Operating results

The recovery operations continue to deliver profitable results, albeit 75.9% lower than previous financial period, with profit after tax attributable to owners of the Company of GBP1,015,000 (2024 - GBP4,208,000). These are considered the key performance measures of the Group.

The Group has been focused on the recovery operations to increase visibility of earnings through:

·    Growing its customer base and its raw material supply on site;

·    Securing its licenses to operate through maintaining licenses and contained conditions;

·    Getting necessary approvals for the processing of our TSF in South Africa;

·    Securing and extending our role in the circular economy by expanding our business into other commodities.

Growing the customer base

During the year the Group secured additional supply of material in Ghana from South America, whilst retaining all major woodchips and byproduct suppliers.

We received low-grade surface sources for processing through our CIL circuits in South Africa mainly from two suppliers during the period. Through the agreement with one of the suppliers in previous years, we have been able to create a greater visibility of supply of future material as well as reduce the amount of low-grade surface sources on site and their cash impact. The nature of the materials to be removed will vary in terms of the gold grade contained and the recoverability of the gold contained through our circuits. The analysis and processing of these materials to date have indicated that it will be viable to remove and process at current costs and price parameters. However, the potential supply from this one supplier which is for more than three years, remains dependent on grade of gold contained, recoverability of the gold contained, costs and price parameters. We are also engaging other suppliers to increase visibility of supply.

Securing pipeline and developing alternative reclamation resources	Units	2025			2024
Product type		South Africa	Ghana	South America	South Africa	Ghana	South America
Low-grade surface sources	Number	4	0	0	4	0	0
Woodchips	Number	12	0	0	8	0	0
By-products	Number	18	7	9	11	7	6

The percentage contribution from different feed products to operating margins in South Africa fluctuates from month to month and contribution from each has been changing. In the past, on average each product type contributed a third of the margins for Goldplat Recovery SA ("GPL"), highlighting each product's significance to the operations. Although the contribution always fluctuates, we have seen a decline in value of by-products and specifically woodchips received from industry which has resulted in a reduction in turnover & margins in South Africa. In Ghana, Gold Recovery Ghana ("GRG") margin is derived only from the different types of by-products generated by current mining activities.

Although GPL has retained all contracts during the year, 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 woodchips and by-products received.

As a result, GPL's focus is to increase its share of the market in South Africa, securing the business of those major mining groups in South Africa it is not servicing currently and looking to neighbouring countries to supplement current feedstock (although production in these countries is limited).

The focus in Ghana is on providing the best local beneficiation solution for Ghana primary mining industry. Ghana's efforts to open up the West African market have slowed due to export of gold concentrate being stopped by the authorities of a few countries. The Group continues to investigate and research different types of discard and waste sources from industry to increase the flexibility in the types of material it processes. The reduction in supply is as a result of less material received out of other West African countries. What is not visible on the above table is that more material out of South America was processed in Ghana during previous period, with most going to South Africa during the period under review.

Supply out of South America is still being processed at our operations in Africa, mainly in South Africa. Supply remains strong, although most of the volume remains linked to one client. We have increased the number of clients during the period and our focus remains to retain and increase our customer base, and to offer local processing solutions. As a result, the Group acquired land in South America in the previous financial year and have invested GBP78,000 to put in place some initial operational plant capacity to provide solutions for lower grade material not possible to process at our other plants due to the cost of transport to those facilities. The first phase will be completed by December 2025 although we still need to have certain licenses in place before operations can start.

License to operate

Due to the nature of the recovery services the Group provides and the commodities we recover, we require various licenses to operate and need to comply with the conditions of these licenses.

During the year the Group continued to invest the necessary funds to maintain these licenses and to ensure our operations comply with these licenses.

The Department of Water and Sanitation of the Republic of South Africa authorised the water use license of GPL during June 2022 which includes the extraction and use of water in its recovery processes and the impact of its disposal of tailings on a new TSF, according to the conditions set out in the license, which is valid for 12 years. This has enabled GPL to construct a new TSF that will provide an additional five years of deposition capacity.

Towards the end of the previous financial period, it became clear that the focus and preference of the authorities in Ghana is on local beneficiation of concentrate. This has necessitated our business in Ghana to start recovering gold in concentrates locally in the form of dore bars, which can then be sold to international refiners. To increase capacity and processes to do this required an investment of circa GBP763,000 during 2025 and approval of processes and plant by the Environmental and Mining Departments which has been obtained.

Set out below is a summary of some of the major licenses required by operations to operate in current jurisdictions:

License to operate	Valid until	2025		2024
		South Africa	Ghana	South Africa	Ghana
Current licenses	November 2040	Precious Metals		Precious Metals
		Refining License*		Refining License*
	January 2029	Air Emissions License		Air Emissions License
	Expired	Mining Right		Mining Right
		(expired* May 2023)		(expired* May 2023)
	Annual	Radio-active License		Radio-active License
	2034	Water Use License		Water Use License
	Annual	Precious Metals		Precious Metals
		Import Permit		Import Permit
	Annual	Precious Metals		Precious Metals
		Export Permit		Export Permit
	Annual		Ghana Freezone		Ghana Freezone
			Authority		Authority
	May 2026		Minerals Commission		Minerals Commission
			-License to Purchase		-License to Purchase
			and Deal in Gold		and Deal in Gold
	18 December 2025		Environmental		Environmental
			Protection Authority		Protection Authority
			License**		License
	New application	Waste License		Waste License

*     GPL is conducting its operations under a Precious Metals Refining License which expires in November 2040. GPL does not have an identified mineral deposit and does not extract any ore from a mineral deposit. We have applied to the relevant Government authorities to convert the existing environmental management plan in place to an integrated environmental authorization and waste management license. We have received a response that no change is required from us at this point. However for clarity, we are still pursuing the change to an integrated environmental authorization and waste management license.

**    GRG has applied for the renewal of the Environmental Protection Authority License. It is expected to be renewed by mid December.

Circular economy

Goldplat has a pivotal role to play in the circular economy that extends the extraction of minerals to re‑processing of what would typically be dumped as waste materials. It also extends to responsible mining and business practices that underpin Goldplat as a sustainability partner for large mining groups.

During the year all of our operating profit was derived from the processing of discards or waste materials from historic or current mining activities.

Goldplat believes that it can extend this pivotal role it is participating in the circular economy to the gold industry in South America and into other commodities.

We still hold a strategic 15% shareholding in a fine coal recovery technology company. Goldplat has an option to invest an additional GBP1.5m, which will increase our shareholding in that business to above 50%. This investment would be used to operationalise the technology through the construction of a fine coal washing plant in Mpumalanga, South Africa. This option would provide us diversification in our recovery operations into a different commodity, namely coal, of which significant resources are available in South Africa, with opportunities not just for processing but also for environmental rehabilitation. Based on management's evaluation, although the project remains feasible, we do not believe the timing is correct to make this investment given our current focus on increasing cash availability and shareholder return.

Tailings Facility

The new TSF at GPL was constructed adjacent to the current TSF and was completed in August 2023 and commissioned during the year. The new TSF has sufficient capacity to store the tailings we will produce in our current operations for a further four years.

The new TSF has been constructed by using regulated synthetic liner and design drainage which should enable a greater quantity of process water to be re-used in the plant and reduce seepage and contamination of ground water.

The new TSF allows us to divert all deposition from the current facility, which will provide us with the ability to use the current facility to recover the JORC resource through DRDGOLD Limited ("DRDGOLD"). The processing of our old TSF remains dependent on land owner consent and the approval of the water use license over certain areas for the installation of a pipeline to the DRDGOLD process facility.

DRDGOLD and Goldplat Plc are currently in the process of evaluating different variables that will impact on the processing of the TSF, as well as the commercials of doing so; this process will be completed alongside the water use license. To enable us to process the current TSF through a DRDGOLD facility, we will require landowner consent, approval to install a pipeline to this DRDGOLD processing facility (as indicated in paragraph above) and will need to finalise commercial agreements with DRDGOLD.

Electricity Supply

During the year, the South African operation lost circa 1.9% (2024: 11%) of its production hours due to electricity supply outages. The improved supply of electricity assisted in more continuity of lower grade circuits.

During the previous period, because of uncertainty of electricity supply in the medium term, we invested in the diesel generators which will be able to sustain operations in South Africa during electricity cuts. The capital cost of this investment was GBP812,000 and was financed over 36 months with one of our local banks. The investment continues to provide us with assurance of supply, although electricity supply has improved significantly.

Anumso Gold Project - Ghana ('AG')

The gold mining license under the Anumso Gold ('AG') 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 and this has been accrued in prior years.

Outlook

Our focus during the year has been, and will continue to be:

·    increase our market share in South Africa and increase our client base in neighbouring countries;

·    to agree commercial terms on the reprocessing of the TSF with DRDGOLD and finalise the regulatory requirements to allow us to pump material through a pipeline to the DRDGOLD facility;

·    expand local beneficiation in Ghana;

·    to reduce the cost of production, specifically on our CIL circuits in South Africa;

·    to open up and expand our market share in West Africa and into the rest of Africa;

·    to acquire land in Brazil, and expand our service delivery, specifically on lower grade material in Brazil and elsewhere in South America;

·    leveraging our strength and capabilities through the processing of other precious metals and commodities.

The Company will remain focused on sharing future cashflows with shareholders, specifically distributing any cash surplus (above Group's operational requirements and growth plans) to shareholders. After the end of the period, most cash has been used to sustain inventory levels in Ghana, whilst we increase our local beneficiation capacity.

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 continue investing capital into processing PGM's.

We are working with DRDGOLD to find the most economic methods 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 seek materials in wider geographic areas. We shall also keep looking beyond our current recovery operations for further opportunities to apply our skillsets and resources.

Short-term (2025 - 2026)	Medium-term (2027 - 2029)	Long-term (2030 and beyond)
·    Invest and improve local beneficiation solutions of gold concentrates in Ghana.	·    Approval of landowners and authorities for construction of pipeline required for processing of old TSF through DRDGOLD.	·    Diversifying into other materials and commodities;
·    Expand our service delivery in South America.
·    Increase market share in South Africa.
·    To reduce the of cost of production, specifically on our CIL circuits in South Africa.

Conclusion

The last few years have seen many changes in Goldplat's business as we have set out to increase sustainability and growth of our recovery operations. I would like to tribute to Goldplat's employees, its advisors, my fellow directors and the Company's shareholders not just for their efforts and support, but for their resilience and how they have embraced the changes and remained focused on the opportunities they bring. This year we continue to see the benefit of these changes and the Board is looking forward to building on this year's successes, creating opportunities from the ever-changing environment and returning value to shareholders.

Werner Klingenberg

Chief Executive Officer

12 December 2025

CFO Report

Financial Highlights

·    Revenue decreased by 22.0% to GBP56.7m (2024 - GBP72.7m)

·    Operating profit decreased by 61.8% to GBP3.7m (2024 - GBP9.8m)

·    Net cash and cash equivalents increased to GBP6.1m (2024 - GBP3.9m)

Overview

Goldplat experienced a difficult year with the Ghana subsidiary going through a business model change as the Ghanaian Government stopped the export of all gold bearing material and required all material to be beneficiated in-country. The South African operation continued to see a reduction in by-product material supply but production remained stable due to continuous improvement initiatives to improve recoveries.

Revenue decreased by 22.0% to GBP56,667,000, due to lower gold sold sales driven mainly by the business model change in Ghana and a decrease in high-grade low-margin batches processed in Ghana which were slightly offset by an increase in the average gold price during the year to USD2,812/oz (2024 - USD2,076/oz).

The margins of the Group depend upon the volume, quality and type of material received, the metals contained in such material, processing methods required to recover the metals, the final recovery of metals from such material, the contract terms, metals prices and foreign currency movements. During the year, the gross profit margin decreased to 14.4%.

The table below on the operating performance of Goldplat (excluding foreign exchange gains & losses, finance cost and taxes) reflects the ability of the recovery operations in South Africa and Ghana to produce profitably at various gold prices and production levels for the last 5 years.

	2025	2024	2023	2022	2021
Average Gold Price per oz in US$ for the year	2,812	2,076	1,829	1,833	1,846

	GBP'000	GBP'000	GBP'000	GBP'000	GBP'000
Revenue	56,667	72,691	41,881	43,222	35,400
Gross Profit	8,141	12,843	7,422	9,994	6,199
Other Income/(Loss)	80	38	(96)	53	56
Administrative Costs	4,488	3,110	3,021	2,332	1,694
Operating Profit Before Finance Costs	3,733	9,771	4,305	7,715	4,561

Financial review

The major functional currencies for the Group subsidiaries are the South African Rand (ZAR) and the Ghana Cedi (GHS) whilst the presentation currency of the Group is Pounds Sterling (GBP). While the functional currency in Ghana is the GHS, the majority of the revenue and cost of sales is United States Dollar (USD) denominated that is converted into GHS. 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 GBP.

As set out in the table below, the average GHS weakened against the Pound Sterling by 20.1%. The exchange rates as at the end of the year are used to convert the balance in the Statement of Financial Position. As set out in the table below, the ZAR closing rate depreciated and GHS closing rate appreciated by -5.8% and 26.4% respectively, which resulted in the GBP1,401,000 loss on exchange differences on translation during the year.

		2025	2024	Variance
		GBP	GBP	%
South African Rand (ZAR)	Average	23.52	23.57	0.2%
Ghanaian Cedi (GHS)	Average	18.93	15.76	-20.1%
South African Rand (ZAR)	Closing 30 June 2025	24.36	23.02	-5.8%
Ghanaian Cedi (GHS)	Closing 30 June 2025	14.23	19.32	26.3%

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 our sales are recognised. The average exchange rates for the year used in the conversion of operating currencies against the USD during the year under review are set out in the table below:

		2025	2024	Variance
		USD	USD	%
South African Rand (ZAR)	Average	18.18	18.72	2.9%
Ghanaian Cedi (GHS)	Average	14.81	12.51	-18.4%

Personnel

Personnel expenses increased by 7.5% to GBP5,684,000 (2024 - GBP5,289,000) during the year mainly due to the annual salary increases in South Africa and Ghana. We spent a total of GBP111,000 on various training programmes for our personnel.

Net finance costs

The net finance loss for the year can be broken down into the following:

	2025	2024
Interest component	GBP	GBP
Interest receivable	128,000	102,000
Interest payable	(402,000)	(218,000)
Interest on pre-financing of sales	(88,000)	(1,604,000)
Intercompany foreign exchange income/loss	(167,000)	(18,000)
Operating foreign exchange losses	(1,233,000)	(2,040,000)
Net Finance Costs	(1,762,000)	(3,778,000)

Net finance costs decreased to GBP1,762,000 (2024 - GBP3,778,000) during the year as a result of:

Decrease in foreign exchange losses in operations from GBP2,040,000 to GBP1,233,000. During the current year we had a smaller foreign exchange loss in Ghana due to the appreciation of the GHS against the USD during that year. As we pre-finance a portion of our sales to the smelters, the exchange rate on the day we receive most of our funds was lower than the exchange rate on the day we recognise the sale in our records.

The interest payable on borrowings relates to the buy-back of the minority share in GPL during the previous years and borrowings for the generators purchased in 2024.

Taxation

During the year the income tax expense decreased by 51.2%. The effective tax rate increased from 27.9% to 41.3%, which was driven by the following:

Ghana:

·    Decrease in GRG profits before taxation from GBP5,234,000 to GBP2,213,000.

·    GRG is registered as a Free Zone company in Ghana and was taxed at 15% (2024: 15%) during the year.

South Africa:

·    Increase in the mining taxation rate from 0% for GPL, to 9.9%, due to a change in the mining tax rate formula and a decrease in taxable mining profits; and

·    GPL incurred non-mining taxable income relating to interest on the GMR intercompany loan which was charged at the South African Company Tax rate of 27%.

During the year, the dividend from GPL to the Company incurred a withholding dividend taxation charge of 5%. The withholding dividend tax for the year was GBP148,000 (2024 - GBP58,000).

Other comprehensive income

During the year the Group experienced a gain in foreign exchange translation reserve of GBP2,176,000 and was primarily made up of:

·    Foreign exchange translation gain in GRG of GBP2,786,000 as a result of the appreciation of the GHS during the year against the GBP by 26.3%; and

·    Foreign exchange translation loss in GPL of GBP590,000 as a result of devaluation of the ZAR during the year against the GBP by 5.8%.

Property, plant & equipment

During the year we spent GBP1,533,000 on the acquisition and construction of plant and equipment, mainly at GRG in Ghana.

We incurred GBP476,000 in GPL, with the main contributors to the capital expenditure in the current year being capital incurred on the Kiln #1 project of GBP248,000.

We incurred GBP980,000 in GRG, of which GBP763,000 related to the new milling, gravity and flotation circuits required by the business model change.

Intangible Assets

The intangible assets relate to the goodwill on the investment held in Gold Mineral Resources Limited ("GMR") and GPL. 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 of the financial statements.

Right-of-use asset

The right-of-use assets decreased during the year by GBP231,000 (2024 - GBP 652,000). The primary reason for the decrease is due to depreciation with a value of GBP108,000 and transfers to property, plant and equipment of GBP93,000 in GPL.

The remainder of the changes relate to foreign exchange movements as indicated in note 17 of the financial statements.

Receivable on Kilimapesa sale

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. As at year end, 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. Refer to note 7 of the financial statements.

Loan receivable

As part of the repurchase of the minority's share of GPL in the 2022 year, shares were issued to a new minority in South Africa, Aurelian, a portion of which is payable from dividend proceeds. The balance outstanding is GBP127,000.

Inventories

The increase of GBP2,794,000 in the inventory balance, relates mainly to an increase of GBP2,188,000 in inventory at GPL.

	2025	2024
	GBP	GBP
Precious Metals on Hand and in Process	11,367,000	9,038,000
Raw Materials	1,590,000	1,874,000
Consumable Stores	1,921,000	1,172,000
	14,878,000	12,084,000

The increase in GPL inventory relates mainly to precious metals on hand in the current financial year.

The raw material stock is only held in South Africa, and relates to the low-grade material processed through our Carbon-In-Leach ('CIL') circuits. With the agreement reached with DRDGOLD, by which we can remove and process materials on DRDGOLD premises, we have not just increased the availability of raw material for processing, but also put GPL in a position to operate with lower levels of raw materials at our premises.

Trade and other receivables

The Group's trade and other receivables fluctuates based on grade and volume of batches and material processed during different periods of the year in the two operating entities.

Apart from the gold bullion produced in Ghana and South Africa, on which payment is received within 8 days, for the remainder of the concentrates we produce, the payment terms on average are between 4 to 6 months.

During the year, the trade and other receivables decreased by GBP11,150,000 of which GBP12,459,000 relates to a decrease in GRG as gold bearing material is no longer exported and dore bars are exported for which we receive payment within 8 days. GPL increased by GBP1,310,000 due to an increase in exports towards the end of the year.

Deferred tax liabilities

The deferred tax liabilities decreased during the year from GBP616,000 to GBP441,000. The tax rate increased from the previous year.

Interest bearing borrowings

In 2022, GPL entered into a ZAR denominated bank facility of ZAR 60 million (approximately GBP3.02 million) with Nedbank, to finance the repurchase of shares from minorities in South Africa. The full ZAR 60 million was drawn during the first half of the prior year and the principal on the bank facility is repayable monthly over 36 months. The interest payable on the facility is the South African Prime Rate plus 1.75%. The facility was settled in October 2024.

Refer to note 16 of the financial statements for further disclosure.

Trade and other payables

The decrease in trade and other payables of GBP8,447,000, was mainly due to the business model change in Ghana and no longer pre-financing material.

In general, we pay our suppliers before we recover the value from material processed and delivered to smelters or refiners. Suppliers are either paid in full or a percentage of the balance is paid with the balance retained until we receive our final results from refiners or smelters. We receive external funding for material delivered to smelters to finance this gap between receipts and payments.

Conclusion

Looking forward, we expect inventory, trade and other payables and trade and other receivables to remain stable and potentially decrease in Ghana as we process low grade material currently in stock.

Goldplat will continue to critically review and assess its cost structures and remain focused on generating cash to fund our capital spend on compliance projects as well as creating value for our shareholders. An interim dividend of 0.01171 pence per share was declared on 14 November 2025 to be paid on 19 December 2025.

Brent Doster

Chief Financial Officer

12 December 2025

Statement of Financial Position - Group

		Group	Group
Figures in £'000		2025	2024
Assets
Non-current assets
Property, plant and equipment		6,384	5,481
Right-of-use assets		773	1,004
Intangible assets		4,664	4,664
Investment in subsidiary or associate		1	1
Unlisted investments		1	1
Receivable on Kilimapesa sale		-	610
Other loans and receivables		119	159
Total non-current assets		11,942	11,920
Current assets
Inventories		14,878	12,084
Trade and other receivables		10,554	21,704
Receivable on Kilimapesa sale		-	104
Other loans and receivables		22	21
Cash and cash equivalents		6,088	4,108
Total current assets		31,542	38,021
Total assets		43,484	49,941
Equity and liabilities
Equity
Share capital		1,708	1,678
Share premium		11,623	11,562
Capital Redemption Reserve		53	53
Retained income		17,648	16,530
Foreign exchange reserve		(8,204)	(10,436)
Total equity attributable to owners of the parent		22,828	19,387
Non-controlling interests		948	1,080
Total equity		23,776	20,467
Liabilities
Non-current liabilities
Provisions		717	742
Deferred tax liabilities		441	616
Lease liabilities		240	518
Loan from group company		-	-
Total non-current liabilities		1,398	1,876
Current liabilities
Provisions		-	329
Trade and other payables		17,497	25,944
Current tax liabilities		560	394
Interest bearing borrowings		-	296
Lease liabilities		251	413
Bank overdraft		2	222
Total current liabilities		18,310	27,598
Total liabilities		19,708	29,474
Total equity and liabilities		43,484	49,941

Statement of Profit or Loss and Other Comprehensive Income - Group

		Group	Group
Figures in £'000		2025	2024
Revenue		56,667	72,691
Cost of sales		(48,526)	(59,848)
Gross profit		8,141	12,843
Other income / (loss)		80	38
Administrative expenses		(4,488)	(3,110)
Profit from operating activities		3,733	9,771
Finance income		128	102
Finance costs		(1,890)	(3,880)
Profit before tax		1,971	5,993
Income tax expense		(815)	(1,671)
Profit for the year		1,156	4,322
Profit for the year attributable to:
Owners of Parent		1,015	4,208
Non-controlling interest		141	114
		1,156	4,322
Other comprehensive loss net of tax
Exchange differences on translation relating to the parent
Gains / (losses) on exchange differences on translation		2,232	(1,081)
Total Exchange differences on translation		2,232	(1,081)
Exchange differences relating to the non-controlling interest
Losses on exchange differences on translation		(56)	38
Total other comprehensive income / (loss) that will be reclassified to profit or loss		2,176	(1,043)
Total other comprehensive income / (loss) net of tax		2,176	(1,043)
Total comprehensive income / (loss)		3,332	3,279
Comprehensive income / (loss) attributable to:
Comprehensive income / (loss), attributable to owners of parent		3,247	3,128
Comprehensive income, attributable to non-controlling interests		85	151
		3,332	3,279
Earnings per share attributable to owners of the parent during the year
Basic earnings per share
Basic earnings per share		0.60	2.51
Diluted earnings per share
Diluted earnings per share		0.60	2.49

Goldplat Brazil and Goldplat Peru both have 31 December year-ends and not 30 June.

Statement of Changes in Equity - Group

Figures in £'000	Share Capital	Share premium	Capital Redemption Reserve	Foreign exchange reserve	Retained income	Attributable to owners of the parent	Non- controlling interests	Total
Balance at 1 July 2023	1,678	11,562	53	(9,401)	12,328	16,220	1,033	17,253
Changes in equity
Profit for the year	-	-	-	-	4,208	4,208	114	4,322
Other comprehensive (loss)/income	-	-	-	(1,081)	-	(1,081)	38	(1,043)
Increase (decrease) due to adjustments	-	-	-	46	(6)	40	-	40
Total comprehensive income/(loss)	-	-	-	(1,035)	4,202	3,167	152	3,319
Non-controlling interests in subsidiary dividend	-	-	-	-	-	-	(105)	(105)
Balance at 30 June 2024	1,678	11,562	53	(10,436)	16,530	19,387	1,080	20,467

	Share	Share	Capital Redemption	Foreign exchange	Retained	Attributable to owners of	Non-controlling
Figures in £'000	Capital	premium	Reserve	reserve	income	the parent	interests	Total
Balance at 1 July 2024	1,678	11,562	53	(10,436)	16,530	19,387	1,080	20,467
Changes in equity
Profit for the year	-	-	-	-	1,015	1,015	141	1,156
Other comprehensive income/(loss)	-	-	-	2,232	-	2,232	(56)	2,176
Increase (decrease) due to adjustments	-	-	-	-	(9)	(9)	-	(9)
Total comprehensive income for the year	-	-	-	2,232	1,006	3,238	85	3,323
Non-controlling interests in subsidiary dividend	-	-	-	-	-	-	(217)	(217)
Funds received on the issue of equity	30	61	-	-	-	91	-	91
Cost of share options issued	-	-	-	-	112	112	-	112
Balance at 30 June 2025	1,708	11,623	53	(8,204)	17,648	22,828	948	23,776

Statement of Cash Flows - Group

		Group	Group
Figures in £'000		2025	2024
Net cash flows from operations		7,215	4,629
Finance cost paid		(93)	(128)
Finance income received		18	21
Income taxes paid		(1,127)	(650)
Net cash flows from operating activities		6,014	3,872
Cash flows used in investing activities
Loan issued to Green Coal Technologies Proceeds from sale of property, plant and equipment		-	(16)
Proceeds from sale of property, plant and equipment		-	4
Acquisition of property, plant and equipment		(1,533)	(923)
Cash flows used in investing activities		(1,533)	(935)
Cash flows used in financing activities
Payment of interest-bearing borrowings		(280)	(909)
Funds received on the issue of equity		91	-
Repayments of other financial liabilities		-	-
Repayment of leases		(482)	(259)
Payment of dividend by subsidiary to non-controlling interest		(217)	(105)
Cash flows used in financing activities		(888)	(1,273)
Net increase in cash and cash equivalents		3,594	1,664
Cash and cash equivalents at beginning of the year		3,886	2,781
Foreign exchange movement on opening balance		(1,394)	(559)
Cash and cash equivalents at end of the year		6,086	3,886

Accounting Policies

1. General information

Goldplat plc is a public company limited by shares domiciled and registered in England and Wales.

The address of the Company's registered office is 6th Floor 99 Gresham Street, London, England, EC2V 7NG. 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 and separate financial statements have been prepared in accordance with UK - adopted International Accounting Standards ("IAS") and the Companies Act 2006 as applicable to entities reporting in accordance with IAS.

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, 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 Company's functional currency is Pounds Sterling (GBP) as these currencies mainly influences sales prices and expenses.

Hyperinflation (IAS29)

The Group assessed whether the Ghanaian economy should be treated as hyperinflationary in accordance with IAS 29 Financial Reporting in Hyperinflationary Economies. Although Ghana has exhibited elevated inflation, the Group's Ghanaian operation, Gold Recovery Ghana Limited, conducts the majority of its transactions in USD, with revenues and most major costs denominated and settled in USD. GHS-denominated transactions represent only a minor portion of total activity.

Given the predominance of USD-based operations and the absence of material inflation-related distortions in GRG's financial reporting, management concluded that IAS 29 is not applicable, and the financial statements of the Ghanaian operation have not been restated for hyperinflation. The Group continues to monitor economic conditions and will reassess this conclusion if circumstances change.

Use of estimates and judgements

The preparation of the consolidated and separate financial statements in conformity with UK - adopted IAS 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 GBP4,664,000 (2024: GBP4,664,000)

·    Inventory - precious metals on hand and in process to the value of GBP11,381,000 (2024: GBP9,038,000)

·    Rehabilitation provision GBP717,000 (2024: GBP742,000)

·    Useful economic lives

·    Estimated revenue to the value of GBP18,269,000 (2024: GBP17,660,000) 

3. Share capital, premium and redemption reserve

3.1 Authorised and issued share capital

	Group	Group
Figures in £'000	2025	2024
Issued
Ordinary shares	1,708	1,678
	1,708	1,678
Share premium	11,623	11,562
	13,331	13,240

	Group	Group
Figures in £'000	2025	2024
Share reconciliation
Share Capital outstanding - beginning of the year	1,678	1,678
Issued	30	-
Share Capital outstanding - closing	1,708	1,678
Share Premium outstanding - beginning of the year	11,562	11,562
Issued	61	-
Share Premium outstanding - closing	11,623	11,562

3.2 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.

Capital Redemption Reserve

Portion of share capital repurchased by the Company.

4. Employee benefits expense

	Group	Group
Figures in £'000	2025	2024
Wages and salaries	4,864	4,708
Performance based payments	442	245
National insurance and unemployment fund	96	75
Skills development levy	45	41
Medical aid contributions	85	85
Group life contributions	87	66
Provident funds	65	69
Total	5,684	5,289
The average number of employees (including directors) during the year was:
Directors	7	7
Administrative personnel	52	44
Production personnel	405	423
	464	474

Directors emoluments	Executive	Non-executive	Total
2025
Wages and salaries	593	-	593
Fees	-	136	136
Other benefits	99	-	99
Total	692	136	828
2024
Wages and salaries	253	-	253
Fees	-	135	135
Other benefits	3	-	3
Total	256	135	391

Emoluments disclosed above include the following amounts to the highest paid director:

	2025	2024
Emoluments for qualifying services	333	190

The emoluments paid to key management personnel amounted to 2025: GBP696,000 (2024: GBP735,000).

5. Earnings per share

5.1 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:

	Group	Group
Figures in £'000	2025	2024
Earnings used in the calculation of basic earnings per share	1,015	4,208
Weighted average number of ordinary shares used in the calculation of basic earnings per share	168,435	167,783

5.2 Diluted earnings per share

The earnings used in the calculation of diluted earnings per share are as follows:

	Group	Group
Figures in £'000	2025	2024
Earnings used in the calculation of basic earnings per share	1,015	4,208
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	168,435	167,783
Adjusted for - Dilutive effect of share options	671	1,452
Weighted average number of ordinary shares used in the calculation of diluted earnings per share	169,106	169,235

6. Related parties

6.1 Other related parties

Entity name	2025 Holding		2024 Holding
Gold Mineral Resources Limited	100%	Direct	100%	Direct
Goldplat Recovery (Pty) Ltd	91%	Direct	91%	Direct
Gold Recovery Ghana Limited	100%	Indirect	100%	Indirect
Anumso Gold Limited	49%	Indirect	49%	Indirect
Nyieme Gold SARL	100%	Indirect	100%	Indirect
Midas Gold SARL	100%	Indirect	100%	Indirect
Gold Recovery Brasil Recuperacao	100%	Direct	100%	Direct
Gold Recovery Peru SAC	100%	Indirect	100%	Indirect
GRG Tolling Ltd	100%	Indirect	100%	Indirect
Goldplat Shared Services (Pty) Ltd	100%	Indirect	0%	Indirect

Major inter-company transactions

	Nature of transaction	2025	2024
Goldplat Recovery to Gold Recovery Ghana	Goods, equipment and services supplied	485	412
Goldplat Recovery to Gold Mineral Resources	Goods, equipment and services supplied	-	-
Goldplat Recovery to Gold Recovery Brazil	Goods, equipment and services supplied	460	-
Goldplat Recovery Ghana to Gold Recovery Brazil	Goods, equipment and services supplied	852	-
Goldplat Recovery Ghana to Gold Recovery Peru	Goods, equipment and services supplied	269	-
Goldplat Recovery to Gold Mineral Resources	Interest received	(94)	(125)
Goldplat Recovery to Gold Recovery Ghana	Sale of precious metals	-	203
Goldplat Recovery to Gold Recovery Ghana	Management fees	-	85
Goldplat Plc to Gold Mineral Resources	Management fees	157	272
Goldplat Recovery to Goldplat Shared Services	Management fees	379	-
Goldplat Recovery Ghana to Goldplat Shared Services	Management fees	446	-
Goldplat Recovery to Aurelian Capital	Trade and other payables	1	1
Goldplat Recovery to Aurelian Capital	Dividends Receivable - Aurelian	127	164
Goldplat Recovery to Aurelian Capital	Management fees	15	15
Goldplat Plc	Directors	136	135

7. Subsequent events

GPL terminated the engagement of a number of employees in 2017, after which the company won The Commission for Conciliation, Mediation and Arbitration ("CCMA") case. The employees took the matter for review to the Labour Court where the Labour Court ruled in favour of the employees in July 2024. The Company has subsequently appealed the ruling and awaits the final outcome. As at 30 June 2025, GPL has provided for the possible cash outflow of GBP21,000 post year-end.

An interim dividend of 0.0878 pence per share was declared on 4 August 2025 and is accounted for on an as paid basis. An interim dividend of 0.01171 pence per share was declared on 14 November 2025 to be paid on 19 December 2025.

There are no other events subsequent to 30 June 2025 that will have a material effect on the consolidated financial statements.

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