Good morning, Goldplats NOMAD and Broker SP Angel maintains its target price of 20 pence for Goldplat (current share price 11p) following interim results this morning which announced a 13% increase in profits to �2.97m and a 16% increase in gold production to 17,918 ounces.

The Companys cash generative gold recovery operations in South Africa continue to perform strongly and should provide a base level of growth of around 10-15% in operating profits.

The Company will continue to optimise its South African gold recovery operation, expand its footprint in West Africa utilising its Ghanaian hub, and look to potentially replicate the gold recovery business model in East Africa where the Company has identified the potential for continued strong revenue growth and stable margins. I have included the full note and announcement below. Kind regards, Charlotte
Goldplat (GDP LN) 11.5 pence, Mkt Cap �18.5m - Interims in Line with Recent Trading Update Buy: Target Price - 20 pence June Year End � Gross profits grew by 13% to �2.97m with strong growth from gold recovery impacted by losses at Kilimapesa gold production. � Operating profits up by 3% at �2.06m against �2.00 in in H1 2012 reflecting higher administrative expenses and PBT was �1.56m down 34% with a swing of �706k in net interest from a positive �363k in H1 2012 to a negative �343k in H1 2013 reflecting mainly adverse exchange rate movements. � Restructuring and downgraded mine plan to production of 5,000 oz per annum has led to an impairment charge of �2.38m at Kilimapesa. � Gold Recovery Operations continued to grow with gross profits from gold recovery growing by an underlying 27% to �3.38m. � Stockpiles and new capacity in South Africa continued to drive growth - considerable stockpiles cushioning the operation from recent transport and mine strikes. � The company continue to build capacity at GPL (Gold Recovery Ltd) in South Africa with an addition of a new tailings treatment CIL plant and an additional rotary kiln. � The CIL plant will reprocess selected tailings from GPL giving 5 years of production and the rotary kiln can process wood chip tailings - the current stockpile is estimated to account for 7 years of production. � The development of Central Rand Golds Crown East Shaft 4 has now been approved and will provide GRLs underground plant with high grade fresh ore (200 tons a month at 15 g/t gold). � Ghana (GRG) - Toll treatment through Adamus which contributes 55% of GRGs profits performed well although margins were impacted by higher transport and tolling costs. � At Tema their own processing plant - the CIL section which contributes 35% of GRGs profits the company faced similar issues and is now looking to source higher grade material. � GRGs incinerator section which contributes 10% of GRGs profits and treats high grade carbon and rubber mills is a growth area for the business and the company plan to invest to grow this section. � Profits from Gold Recovery Depressed by Losses at Kilimapesa - As previously signalled the company have been restructuring gold production from the Kenyan Kilimapesa Mine. � Kilimapesa has shown a loss of �415,000 for the first half resulting in gross profits coming down to �2.97m against �2.62m for H1 2012 which still shows good growth of 13%. � Following a review of the mine plan at Kilimapesa, the company has reviewed down the production from 10,000 oz pa to 5,000 oz pa. � Full gold production at 5,000 oz pa will be achieved by Q4 FY 2014 or by the middle of calendar year 2014. � Other gold exploration assets Anumso in Ghana and Nyieme are unlikely to be taken into development with a much higher hurdle rate of 30,000 oz pa likely to be imposed internally in terms of production. � These assets could be tied in to plans to build up Gold Recovery hubs. � Key focus of company now on Gold Recovery - under the helm of Russell Lamming the company will be building up on their strong recovery operations to develop hubs for their recovery operations. � South Africa continues to provide growth momentum, a West African hub to be developed based on existing operations in Ghana where capacity is to be optimised and a new operation in Burkina Faso to be developed once permits are received at the same time as a new customer base established from mining operators in the region. � An Eastern African hub to be developed leveraging off the existing operation in Kilimapesa once there is greater clarity on the legal structures within Kenya and also where cross border issues relating to transport of material with countries such as Tanzania are clarified. � Cash at the end of the half year was �1.95m - ongoing capex and losses still leaves company with net cash � The company continue to generate cash within the business which will enable them to initiate a share buy back programme subject to shareholder approval. Conclusion: The Gold Recovery operations continue to perform well and should provide a base level of growth of around 10-15% in operating profits - margins which saw some pressure in Ghana due to higher transport and toll costs are forecast to remain stable at 19-20%.

We expect Kilimapesa losses to be contained at �750,000 which will result in a further loss from this division of around �335,000 in the second half. We had revised down our forecasts for Goldplat following their recent trading update with a full year forecast for FY 2013 of EBIT of �4.7m - we will be bringing this down marginally to �4.42m reflecting the losses at Kilimapesa.

For FY 2014 we have upgraded our number by 13% to �5.7m form �5.5m to reflect the growth prospects at the South African operations as well as improvements in Ghana which should offer a blended underlying growth rate of around 14%.

We expect operations at Kilimapesa to stabilise in FY 2014. Cash of �1.95m is healthy with trade receivable of �7.1m against �4m in the previous period last year would suggest further cash inflows.

This will support a progressive dividend policy as well as cash buy back subject to shareholder approval. The development of Gold Recovery hubs with more focus on building up the same level of customer relations and stockpiles as successfully demonstrated in South Africa will continue to underpin good visibility for a baseline of earnings with scope for a step change in earnings through development of a hub in East Africa as well as expansion of the West African operations. The write down and impairment at Kilimapesa are disappointing for a company which has continued to deliver on Gold Recovery but are small in the context of our overall sum of the parts valuation for the company.

We maintain our target price of 20 pence for the shares. [cid:image003.png@01CE18AE.989CC4B0] * SP Angel analysts and sales have visited the Goldplats Benoni facilities in Johannesburg.

SP Angel acts as nomad and broker to Goldplat in the UK +SP Angel employees may have previously held, or currently hold, shares in the companies mentioned in this note.
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 Goldplats 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 Companys 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." Chairmans 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 Goldplats 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 Companys 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 GPLs 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 GRLs bottom line. In addition to the increased capacity at GRL, the Company has approved the development of Central Rand Golds (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) GRGs 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 GRGs 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 Adamuss 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 GRGs operating profit. GRGs 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 GRGs operating profits; it is the Companys 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
Goldplats 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 dor� on site.

Kilimapesas 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 plants 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
Goldplats 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 Goldplats 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 Companys 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 Companys 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 Companys cash resources and capital requirements and the effect of such purchases on the Companys 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 Companys 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 Companys 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 Companys 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 Goldplats 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 & Finance Ltd Tel: +44 (0) 20 7236 1177
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHES ENDED 31 DECEMBER 2012
Notes
6 months 31-Dec-12 (unaudited) �000
6 months 31-Dec-11 (unaudited) �000
12 months 30-Jun-12 (audited) �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 activities
2,057
2,003
4,527
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, net of tax
(394)
(701)
(1,625)
Total comprehensive (loss)/income for the period
(1,627)
1,229
3,019
(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 for the period
(1,627)
1,229
3,019
Earnings per share - continuing operations
Basic earnings per share (pence)
(0.73)
1.15
2.77 Diluted earnings per share (pence)
(0.73)
1.06
2.53
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2012
Notes
31-Dec-12 (unaudited) �000
31-Dec-11 (unaudited) �000
30-Jun-12 (audited) �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 subsidiary
76
225
219 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 the Company
21,062
21,950
23,721
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 capital �000
Share premium �000
Exchange reserve �000
Retained earnings �000
Total � 000 Non-controlling interests �000
Total equity �000 Balance at 1 July 2011, as previously reported 1,671 11,401 183 7,568 20,823 676 21,499 Total comprehensive income for the period
Profit for the period - - - 1,828 1,828 102 1,930 Total other comprehensive income - - (701) - (701) - (701) Total comprehensive income for the period - - (701) 1,828 1,127 102 1,229
Transactions with owners of the Company, recognised directly in equity
Changes in ownership interests in subsidiaries
Non-controlling interests in subsidiary dividend - - - - - (113) (113) Total changes in ownership interests in subsidiaries - - - - - (113) (113)
Total transactions with owners of the Company - - - - - (113) (113)
Balance at 31 December 2011 (unaudited) 1,671 11,401 (518) 9,396 21,950 665 22,615
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 30 JUNE 2012 Attributable to owners of the Company
Notes
Share capital �000
Share premium �000
Exchange reserve �000
Retained earnings �000
Total � 000 Non-controlling interests �000
Total equity �000 Balance at 1 January 2012 1,671 11,401 (518) 9,396 21,950 665 22,615
Total comprehensive income for the period
Profit for the period
- - - 2,639 2,639 75 2,714 Total other comprehensive income
- - (924) - (924) - (924) Total comprehensive income for the period
- - (924) 2,639 1,715 75 1,790
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 distributions to owners of the Company
8
48
-
-
56
-
56
Changes in ownership interests in subsidiaries
Non-controlling interests in subsidiary dividend
- - - - - 2 2 Total changes in ownership interests in subsidiaries
- - - - - 2 2
Total transactions with owners of the Company
8 48 - - 56 2 58
Balance at 30 June 2012 (audited)
1,679 11,449 (1,442) 12,035 23,721 742 24,463
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 31 DECEMBER 2012 Attributable to owners of the Company
Notes
Share capital �000
Share premium �000
Exchange reserve �000
Retained earnings �000
Total � 000 Non-controlling interests �000
Total equity �000
Balance at 1 July 2012 1,679 11,449 (1,442) 12,035 23,721 742 24,463
Total comprehensive income for the period
Profit for the period
- - - (1,460) (1,460) 227 (1,233)
Total other comprehensive income
- - (394) - (394) - (394)
Total comprehensive income for the period
- - (394) (1,460) (1,854) 227 (1,627)
Transactions with owners of the Company, recognised directly in equity
Dividends to owners of the Company 11 - - - (1,010) (1,010) - (1,010) Share based payment transactions 14 - - - 155 155 - 155
Contributions by and distributions to owners of the Company
Issue of ordinary shares 12
5 45 - - 50 - 50
Total contributions by and distributions to owners of the Company
5
45
-
-
50
-
50
Changes in ownership interests in subsidiaries
Non-controlling interests in subsidiary dividend
- - - - - (132) (132)
Total changes in ownership interests in subsidiaries
- - - - - (132) (132)
Total transactions with owners of the Company
5 45 - - 50 (132) (82)
Balance at 31 December 2012 (unaudited)
1,684 11,494 (1,836) 9,720 21,062 837 21,899
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 31 DECEMBER 2012
Notes
6 months 31-Dec-12 (unaudited) �000
6 months 31-Dec-11 (unaudited) �000
12 months 30-Jun-12 (audited) �000 Cash flows from operating activities
Results from operating activities
2,057
2,003
4,527 Adjustments for:
- Depreciation
175
156
401 - Amortisation of intangible assets
(48)
-
111 - Loss on sale of property, plant and equipment
-
15
-
- Loss on disposal of mining rights
190
-
- - 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 activities
210
4,272
5,418
Interest received
61
605
925 Interest paid
(390)
(234)
(194) Income taxes paid
(359)
(646)
(666) Net cash from operating activities
(478)
3,997
5,483
Cash flows from investing activities
Proceeds from sale of property, plant and equipment
12
6
38 Acquisition of mining rights
(366)
-
(2,085) Acquisition of property, plant and equipment
(673)
(1,001)
(1,164) Pre-production expenditure
(65)
(780)
(627) Net cash used in investing activities
(1,092)
(1,775)
(3,838)
Cash flows from financing activities
Proceeds from issue of share capital
11
50
-
56 Proceeds from sale of interest in subsidiary undertaking
-
112
- Dividends paid
(1,010)
-
- Payment of finance lease liabilities 12
(92)
(69)
(138) Net cash flows (used in)/from financing activities
(1,052)
43
(82)
Net (decrease)/increase in cash and cash equivalents
(2,622)
2,265
1,563
Cash and cash equivalents at beginning of period
4,573
3,010
3,010 Effect of exchange rate fluctuations on cash held
-
(704)
- Cash and cash equivalents at end of period
10
1,951
4,571
4,573
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 Companys 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 Groups 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 Groups 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 Groups 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 operations �000
Mining and exploration �000
Administration �000 External revenues
15,153
328
- Inter-segment revenues
6
-
- Total revenues
15,159
328
Reportable segment profit/(loss) before tax
2,826
(415)
(852)
Segment assets
14,578
6,360
6,054
For the six months ended 31 December 2011 (unaudited)
Recovery operations �000
Mining and exploration �000
Administration �000 External revenues
11,183
-
- Inter-segment revenues
80
-
- Total revenues
11,263
-
-
Reportable segment profit/(loss) before tax
2,420
70
(124)
Segment assets
13,078
7,473
7,443
For the twelve months ended 30 June 2012 (audited)
Recovery operations �000
Mining and exploration �000
Administration �000 External revenues
24,800
1,425
- Inter-segment revenues
168
-
- Total revenues
24,968
1,425
-
Reportable segment profit/(loss) before tax
5,208
583
(547)
Segment assets
16,236
8,629
6,542
Reconciliation of reportable segment profit or loss
6 months 31-Dec-12 (unaudited) �000
6 months 31-Dec-11 (unaudited) �000
12 months 30-Jun-12 (audited) �000 Total profit/(loss) for reportable segments before tax
1,559
2,366
5,244 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 managements 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 Groups 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 31 Dec 12 (unaudited) �000
6 months 31 Dec 11 (unaudited) �000
12 months 30 Jun 12 (audited) �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 equipment
-
-
139 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 31-Dec-12 (unaudited) �000
6 months 31-Dec-11 (unaudited) �000
12 months 30-Jun-12 (audited) �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 31-Dec-12 (unaudited) �000
6 months 31-Dec-11 (unaudited) �000
12 months 30-Jun-12 (audited) �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 purposes
-
(49)
(2) Cash and cash equivalents in the statement of cash flows
1,951
4,571
4,573
11.

Capital and reserves Issue of ordinary shares
Number of ordinary shares
6 months 31-Dec-12 (unaudited)
6 months 31-Dec-11 (unaudited)
12 months 30-Jun-12 (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 31-Dec-12 (unaudited)
6 months 31-Dec-11 (unaudited)
12 months 30-Jun-12 (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 31-Dec-12 (unaudited) �000
6 months 31-Dec-11 (unaudited) �000
12 months 30-Jun-12 (audited) �000 0.60 pence per qualifying ordinary share (six months ended 31 December 2011: nil pence; twelve months ended 30 June 2012: nil pence)
1,010
-
-
12.

Loans and borrowings
Six months ended 31 December 2012 (unaudited)
Currency Interest rate nominal
Face value �000 Carrying amount �000
Year of maturity
Balance at 1 July 2012
150
New issues
-
Repayments
Unsecured bank facility ZAR
9%
(2)
(2) - Finance lease liabilities ZAR
9%
(25)
(25) -
Balance at 31 December 2012
123
Six months ended 31 December 2011 (unaudited)
Currency Interest rate nominal
Face value �000 Carrying amount �000
Year of maturity
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 2011
250
Currency Interest rate nominal
Face value �000 Carrying amount �000
Year of maturity
Balance at 1 July 2011
336
New issues
-
Repayments
Unsecured bank facility
ZAR
9%
(115)
(115)
Finance lease liabilities
ZAR
9%
(71)
(71)
Balance at 30 June 2012
150
13.

Provisions
6 months 31 Dec 12 (unaudited) �000
6 months 31 Dec 11 (unaudited) �000
12 months 30 Jun 12 (audited) �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 31-Dec-12 (unaudited) 6 months ended 31-Dec-11 (unaudited)
Number of options Exercise price Number of options
Exercise price Outstanding and exercisable at beginning of period
17,200,000
10.00p
17,200,000
10.00p Exercised in period (500,000) 10.00p
Option grant to Clearwater Investments Group Ltd 1 September 2012
13,500,000
12.825p
-
- Outstanding and exercisable at end of period
30,200,000
17,200,000
12 months ended 30-Jun-12 (audited)
Number of options
Exercise price Outstanding and exercisable at beginning of period
17,200,000
10.00p Outstanding and exercisable at end of period
17,200,000
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 31-Dec-12 (unaudited) 6 months ended 31-Dec-11 (unaudited)
Number of options Exercise price Number of options
Exercise price Outstanding and exercisable at beginning of period
1,671,200
10.00p
-
Granted in period
1,671,200
10.00p Outstanding and exercisable at end of period
1,671,200
1,671,200
12 months ended 30-Jun-12 (audited)
Number of options
Exercise price Outstanding and exercisable at beginning of period
1,671,200
10.00p Outstanding and exercisable at end of period
1,671,200
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 Companys share register, totalling �7,000.
**ENDS**