Goldplat posts £2.09 million Q1 operating profit
Goldplat’s international gold recovery operations located in South Africa and Ghana achieved a combined operating profit of £2,086,000 in the first quarter (Q1) ended 30 September 2025.
The finance cost and foreign exchange gains incurred in Q1 mainly related to trading activities and resulted in a combined profit before tax excluding listing and head office costs for Q1 of £2,372,000 (FY Q1 2025 – £1,451,000).
The Ghanaian operation which benefitted from an increasing gold price, achieved a profit before tax for Q1 of £1,125,000 (FY Q1 2025 – £901,000). This includes a foreign exchange gain of £282,000 as the Ghanaian Cedi weakened against the US Dollar.
The South African operation achieved a profit before tax for Q1 of £1,247,000 (FY Q1 2025 – £550,000) mainly due to an increase in material supply from South America and a one-off transaction with a local supplier, improved cost management and increasing gold price.
Dividend declaration
An interim dividend of 0.1171 pence per share will be paid to shareholders on 19 December 2025, with the record date being 5 December 2025 and ex-dividend date 4 December 2025. It is the intention of the board to assess the distribution of dividends on a quarterly basis going forward.
The following events have contributed to the Q1 operating results:
Gold Recovery Ghana (“GRG”)
As a result of the business model changes announced previously, GRG is currently the only local gold by-product beneficiation provider in Ghana. We invested £1,250,000 in the prior financial year to increase capacity in the short-term, including plant capacity and to increase the recovery of gold from concentrate on site.
The local Ghana beneficiation requirement has impacted all aspects of our business and we continue to review, update and change our process and procedures to manage risks and maximize margins.
Our objective is to improve and enhance our current solution so that we are able to provide a niche solution to customers outside Ghana at their mine site in future, who due to current country regulations may not be able to export material to our premises in Ghana.
Goldplat Recovery (Pty) Ltd
Production during Q1 improved with the addition of material from South America and a one-off project with a local supplier. We continue to drive improvement initiatives to improve recoveries. Strict cost control measures have been implemented to conserve cash in the short term.
Our focus remains on increasing our by-product market share in South Africa as we expect reductions in by-products received from current mining operations due to changes in their production profile.
Retreatment of the Tailings Storage Facility
Engagements with several parties for the TSF project continued during Q1. The processing of the old TSF remains dependent on the approval of the water use license by local authorities and approval from third parties in certain areas for the installation of a pipeline to the DRDGOLD processing facility. We also still need to agree commercial terms with DRDGOLD which will be based on test work and analysis which is ongoing. Once approval is received for installation of the pipeline, recovering any of the value within the TSF remains dependent on getting the pipeline installed to DRDGOLD Ergo facility. Capital will be required for the pipeline and upgrading part of the DRDGOLD facility.
The application and approval of the water use license for the pipeline remains outside of our control, which has and will continue to have an impact on timelines which, as we have found in the past, are very difficult to estimate with any accuracy. We have therefore refrained from providing further estimated timelines. However, the processing of the TSF remains a key focus and priority.
DRDGOLD continues to assist Goldplat with determining the best potential processing solution and have made adjustments in certain applications to speed up the process.
