Goldplat to publish results in early November

15th October 2020 By: Donna Slater - Features Deputy Editor and Chief Photographer

Aim-listed gold miner Goldplat is set to publish its preliminary results for the year ended June 30 at the beginning of November.

It previously planned to publish its results in mid-October, but there have been delays as a result of  “the current environment”, the company says.

Goldplat CEO Werner Klingenberg says conducting the review and reporting of yearly results under the restrictions and additional considerations brought about by the Covid-19 pandemic has been challenging. “That being said, the impact on our recovery operations have been minimal and I look forward to sharing an operational update on the first quarter of the financial year . . . in the coming week.”

The company also reports that operational results from the recovery businesses remain in line with those announced during the previous quarterly updates.

Goldplat has gold recovery operations in South Africa and Ghana and an underground mining operation in Kenya, which it is in the process of selling.

In line with the strategy to focus on the recovery businesses, the group's investments in its exploration assets are being impaired and Kilimapesa is being classified as a “held for sale asset”.

In terms of the Kilimapesa sale, Goldplat reports that the company’s subsidiary Gold Minerals Resources (GMR) and Mayflower Capital Investments have agreed to extend the exclusivity period under the term sheet as announced on July 31, from September 30 to December 31, subject to meeting certain conditions by October 30.

Failure to meet these conditions will result in the exclusivity period expiring on October 30, but this can be waived and amended at GMR's sole discretion.

The conditions include Mayflower advancing the balance of the amount of $165 000 which remains outstanding on the agreed amount of $300 000 by October 9, which has been earmarked to fund the processing of tailings.

It also involves the preparation, by October 9, of a draft reorganisation plan for Papillon – the UK entity which ultimately intends holding the Kilimapesa asset, as well as Mayflower and Papillon providing GMR with all documentation, assistance and responses required by GMR to complete the due diligence of Mayflower and Papillon by October 30.

The conditions also include a draft LSE listing prospectus and fixed timetable for completion being presented by October 30.

As such, Mayflower has advanced the balance of $165 000 and submitted a draft reorganisation plan for Papillon, as per the agreement, and the expectation is that all the due diligence information for Mayflower and Papillon and the draft listing prospectus will be provided soon.

“With the receipt of the balance of cash from Mayflower, Kilimapesa should have sufficient working capital to continue its tailings operations until the end of December, the date by which the sale is due to be completed,” says Klingenberg.