GoldBridges  
Global Resources Plc
Annual Report 20 1 4
GoldBridges Global Resources Plc Annual Report 2014 GoldBridges Global Resources Plc  Annual Report 2014
At a glance
Welcome to GoldBridges Global Resources Plc 
//Strategic report
Goldbridges Global Resources Plc 
(LSE:GBGR) is an exploration and 
development company, which  
successfully listed on the standard  
segment of the London Stock  
Exchange in December 2014. 
The Company’s main asset is its 100% interest in the Sekisovskoye gold 
mine in North East Kazakhstan with reserves of 2.26Moz. The Company has a 
strategy to deliver transformational growth at Sekisovskoye, through its switch 
from open pit production, due to cease in Q3 2015, to the development of the 
underground mine, which has significantly higher gold grades. Gold poured  
is targeted to increase from the current 33,000oz achieved in 2014 to  
an annual production of over 100,000oz of gold by 2018. 
The mining contract for the Sekisovskoye mine is valid until 18 July 2020  
with an automatic contractual right to extend after this period. 
In addition to Sekisovskoye, the Company has been awarded the tender 
to conduct further testing at the site at Karasuyskoye ore fields and this 
is expected to lead to a sub-soil user licence in the near term. The site 
encompasses an area of approximately 198km
2,
 and geological data 
purchased by the Company indicates that there are several mineralised  
zones, with the potential to contain significant gold resources.
Throughout 2014, the Company worked on a Competent Persons Report 
(CPR), and the results of the findings were announced in November 2014,  
and the significant highlights are summarised in the mineral resources 
statement on page 12.
The Company’s principal shareholders, the Assaubayev family (through their 
investment vehicle African Resources Limited), have provided strong financial 
support and commitment to the current development of the Company. 
Significant equity placings were undertaken in the year, raising in excess  
of US$22.7m (after costs) and the family’s shareholding currently stands  
at 61.69%.
To read more about GoldBridges Global Resources Plc, please visit 
our website www.goldbridgesplc.com
►
Company highlights 
• Competent Person’s Report published, including updated JORC  
  resource and reserve statement – validates both ore body and 
underground development strategy.
• JORC ore reserves of 2.26Moz, JORC mineral resources (indicated  
 and inferred) of 5.14Moz.
•  Admission to the Main Market of the London Stock Exchange by 
Standard Listing in December 2014.
• Post period end: awarded the tender to perform further confirmatory  
 testing to gain the sub-soil user licence to the adjacent Karasuyskoye  
 Ore Fields.
• Successful resolution in relation to the recovery of monies from the  
 Akmola Gold investment, US$2.27m received.
•  Successfully completed placings, raising net proceeds of US$22.7m  
in 2014 and a further US$5.0m in April 2015, to further develop the  
Company’s strategic plans and to provide additional working capital.
Financial highlights
• Turnover decreased in the year to US$35.2m (2013: US$42.4m),  
 principally a reflection of a global reduction in gold prices.
• 27,959oz of gold sold (2013: 29,712oz), a reduction of 1,753oz. 
•  Increase in finished gold stockholding of 7,307oz (2013: 2,024oz).
• Average gold price achieved (including silver as a by-product),  
 USS1,258/oz, (2013: US$1,427/oz).
• Reduction in administrative expenses to US$8.2m (2013: US$16.5m),  
 reflective of the efficiency and organisational savings instigated  
 in 2013.
• Adjusted EBITDA (Earnings before interest, tax, depreciation and  
 amortisation), of positive US$5.3m (2013: negative US$0.59m). 
Operational highlights
• Gold poured 32,994oz, (2013: 30,669oz) a 7.5% increase year-on-year;  
 gold grade 1.71g/t, (2013: 1.61g/t).
• Operating cash cost down from last year US$834/oz (2013: US$903/oz).
• Gold recovery rate 83.3% (2013: 84.3%) is expected to improve as more  
 higher grade ore is processed.
• Amounts paid for capital expenditure US$26.0m (2013: US$7.4m)  
 in the year. GoldBridges Global Resources Plc  Annual Report 2014 01
Strategic report  01-13
Governance 14-27
Financial statements 28-53
Strategic report  
At a glance IFC
Areas of exploration 01
Chairman’s statement 02
Chief Executive Officer’s review 03
Our business 06
Financial performance  07
Key performance indicators 07
Principal risks and uncertainties 08
Corporate social responsibility  10
Mineral resources statement 12
Governance
Board of Directors 14
Directors’ report 16
Statement of the Directors’
responsibilities  20
Audit Committee report 21
Statement of the Chairman 
of the Remuneration Committee 22
Annual remuneration report 23
Remuneration policy report 26
Independent auditor’s report 
to the members of GoldBridges 
Global Resources Plc  27
Financial statements
Consolidated statement 
of profit or loss 28
Consolidated statement 
of profit or loss and other
comprehensive income 28
Consolidated statement 
of financial position 29
Company statement 
of financial position 30
Consolidated statement 
of changes in equity 31
Company statement 
of changes in equity 32
Consolidated statement 
of cash flows 33
Company statement 
of cash flows 34
Notes to the financial statements 35
Company information 54
Glossary of terms 55
Contents
Total mineral resources
5.14Moz gold
Total deposit area 
198km
2
Areas of exploration
CHINA
RUSSIA
TURKEY
IRAQ
AFGHANISTAN
TURKMENISTAN
IRAN
UZBEKISTAN
KYRGYZSTAN
TAJIKISTAN
NORTH
KOREA
SYRIA
JORDAN
ISRAEL
LEBANON
KUWAIT
SAUDI
ARABIA
OMAN
QATAR
UNITED
ARAB
EMIRATES
UKRAINE
BELARUS
MOLDOVA
RUSSIA
LITHUANIA
LATVIA
ESTONIA
RUSSIA
RUSSIA
PAKISTAN
CHINA
Yenisey
Obʼ
I n d u s
Tigris
Dnepr
V o l g a
A m u r
H u a n g H e
Amu Dar’ya
Caspian Sea
Pechora
Obʼ
L e n a
Euphrates
Loire
Chang J i a n g
Nor th Sea
B l a ck S e a
Aral Sea
Y ellow
Sea
M e d i t e r r a n e a n S e a
ANATOLIAN
PLATEAU
L a p p l a n d
Qattara
Depression
PLA TEA U
OF TIBET
Siber ian
Lo wland
Manchur ian
Plain
A L P S
Lake
Baykal
Great
Basin
London
Paris
Prague
Milan
Budapest
Madrid
Sofiya
Moscow
Barcelona
Rome
St Peterburg
Stockholm
Istanbul
Ankara
Baghdad
Berlin
Bucharest
Warsaw
Copenhagen
Lahore
Beijing
Harbin
Changchun
Hanoi
Wuhan
Xiʼan
Dikson
Irkutsk
K A Z A K H S T A N
Lake Balkhash
Syr Dar’ya
Ishim
Irtysh
2 1
The Sekisovskoye deposit is the Company’s flagship 
asset and is located close to the village of Sekisovka, 
approximately 40km from the North East Kazakhstan 
regional capital, Ust Kamenogorsk. 
The mineral rights at Sekisovskoye are held by a 100% 
owned subsidiary of the Company, TOO Sekisovskoye, 
and the processing plant is held by the 100% owned 
subsidiary of the Company TOO Altai Ken-Bayitu.
The Sekisovskoye deposit was discovered in 1833 with 
surface mining taking place between 1833 and 1847, 
1932 to 1935, and 1943 to 1946. From 1975 to 1986,  
a range of exploration work was carried out and between 
1978 and 1982 “AltaiZoloto” of the Ministry of Non-Ferrous 
Industry, KazSSR, mined the oxidised area of the ore body.
In 2003, under Hambledon Mining’s ownership, further 
exploration work was undertaken and gold production 
from the mine and processing plant commenced in 2008. 
In 2008, about 15koz of gold were produced and this has 
broadly increased throughout the last seven years with 
almost 33koz of gold produced in 2014.
In 2014, the Company released the findings of the  
mining consultant, Venmyn Deloitte’s Competent  
Persons Report on the mine, which demonstrated  
JORC reserves of 2.26Moz, JORC resources of 5.14Moz  
and a solid underground mine development plan to 
increase production in excess of 100koz in 2018.
This is to be achieved by accessing higher grade 
reserves through the continued development of the 
underground mine and by increasing the processing 
plant’s throughput capacity from the current 850,000t pa 
to 1Mt pa.
Sekisovskoye 1
In January 2015, the Company was awarded the tender 
to perform further confirmatory testing in order to gain 
the subsoil user licence to the Karasuyskoye Ore Fields. 
The final subsoil licence terms and conditions, including 
the new financial incentives now offered specifically to 
the Company through the state programme on forced 
industrial-innovative development (SFIID), are expected 
to be finalised in the near-term. These additional terms 
are expected to include investment incentives and tax 
reductions.
The geological data that the Company acquired indicates 
that there are several mineralised zones and leads the 
Company to believe that Karasuyskoye has the potential 
to contain significant gold resources. The Company plans 
to validate this geological data by twinning previous drill 
holes and undertaking additional metallurgical test work. 
This work will facilitate the preparation of an independent 
Competent Persons Report (CPR) to international 
standards, and the Company will work on this  
programme throughout 2015 to 2016.
On completion of the (CPR), the Company envisages 
progressing towards mining from the Karasuyskoye 
Ore Fields, primarily using cash generated from 
existing operations. There is also the potential to use 
the Company’s existing mining fleet, at Karasuyskoye, 
when Sekisovskoye progresses from open-pit to a solely 
underground operation.
Karasuyskoye Ore Fields 2 GoldBridges Global Resources Plc  Annual Report 2014 02
Chairman’s statement 
//Strategic report
During 2014, the Company took significant steps in its ambitious plans  
to become a large scale gold producer.
I am pleased to report that the plans for the future 
development of the mine in Sekisovskoye are now 
well developed with significant milestones achieved in 
2014 including the publication of a Competent Persons 
Report (CPR) with updated reserves and resources in 
November. This was followed by the Company’s shares 
being admitted to dealing on the standard segment of 
the London Stock Exchange in December, increasing the 
profile and attractiveness of the Company to investors, 
both current and future, as well as increasing the profile 
and reputation of the Company in Kazakhstan.
The CPR was seen as a key component forming the basis 
of building investor confidence and underpinning any 
future funding requirements that the Company is seeking 
in order to fulfil its development plans. At present, the 
underground production is being carried out in addition 
to open-pit mining, although it has now been decided 
that it makes economic sense to phase out the open-pit 
mining during Q3 2015. At this point, all production 
will be from the underground mine, with feed to the 
processing plant being complemented by the use of 
existing ore stock piles. The detailed development plans 
and funding options are currently being finalised which 
will lead to an increase in the production capacity of the 
underground workings. During the year, a significant part 
of the funding raised from the placings undertaken in 
January and February 2014 which raised cash resources  
of US$22.7m was used to enhance and develop the 
current underground operations. Further funding of 
US$5.0m was raised in April 2015 to provide interim 
funding for working capital and to progress the 
development of the underground mine.
Gold poured for the year increased from last year by  
7.5% to 32,994oz (2013: 30,669oz) with an increasing 
amount being delivered from the underground 
operations. During the year the increased level of activity 
was slowed by the flow of work during the processing 
plant improvements as well as by future developmental 
work. Our 2014 gold sales amounted to 27,959oz  
(2013: 29,712oz), a decrease of 1,753oz. However, there 
was an increase in the inventories of finished goods 
which increased by 5,283oz to 7,307oz at the year-end. 
The significant difference from the prior year has been  
in the price of gold, with an average market price of gold 
in 2014 of US$1,198/oz, compared to an average market 
price in 2013 of US$1,418, a 15% reduction. This has had 
an inevitable impact on profitability, particularly in the 
second half of the year with the gold price finishing at 
US$1,183/oz. The actual average price the Company 
achieved (including the silver as a by-product) was 
US$1,258/oz (2013: US$1,427). The current consensus  
is that gold will trade at an average between US$1,200 
and US$1,235/oz throughout 2015.
Given the economic model currently being developed 
by the Company, we feel that the Company has sufficient 
headroom in profitability to cope with any further 
downward pressure on gold prices.
As reported last year , the Company acquired the  
geological data in relation to the Karasuyskoye Ore  
Fields, located adjacent to the current operations at 
Sekisovskoye. The Company successfully obtained  
the necessary permits to exploit the site and conduct 
further testing to validate the initial resource estimates. 
The Company is expecting to conclude testing and 
obtain the subsoil user licence for the area in 12-18 
months following the completion of further testing.
I am also pleased to report that the final material legacy 
issue was resolved in 2014, resulting in the Company 
receiving US$2.27m, being the total amount claimed  
(which includes interest and costs) . This amount related 
to the settlement of an outstanding claim made against 
Akmola Gold LLP for the return of funds invested by the 
previous management in the project.
2015 will be a year of transition and development for  
the Company with the Sekisovskoye operation starting 
on the road to achieving its full potential and the 
development of the Karasuyskoye project providing 
a future stepping stone for greater growth in the 
Company’s fortunes.
Finally, may I thank all our employees and our 
Management team for their hard work and also  
thank our shareholders for their continued support.
Kanat Assaubayev
Chairman
30 April 2015
Gold poured
+7.5%
Gold poured for the year 
increased from last year  
by 7.5% to 32,994oz.
Inventories of finished goods
7,307oz
There was an increase in 
inventories of finished goods 
increasing by 5,283oz  
to 7,307oz at the year-end. GoldBridges Global Resources Plc  Annual Report 2014 03
Strategic report  01-13
Governance 14-27
Financial statements 28-53
Chief Executive Officer’s review 
We are pleased to report a solid performance in 2014 against the backdrop 
of falling gold prices. We have taken significant steps forward this year in 
planning and development in relation to the efficient exploitation of the 
higher grade underground reserves at Sekisovskoye, which is a key factor  
in delivering significant shareholder value in the future.
During 2014, our operational performance at 
Sekisovskoye was robust and, importantly, the proportion 
of ore from the underground mine increased, as did the 
grade of ore mined from the underground operations. 
This bodes well as we continue with the transition 
from open-pit to a solely underground gold mine. In 
this regard, our technical consultants, Venmyn Deloitte, 
completed our Sekisovskoye Competent Persons Report 
(CPR). This comprised JORC compliant reserves and 
resources, financial assumptions and valuation scenarios 
for our development project. We also made positive 
progress in receiving permits for the Karasuyskoye Ore 
Fields and in 2015, we announced that we had been 
successful in receiving permits for further testing which 
will lead to a subsoil user licence in the near future.
Sekisovskoye gold mine – our operational track record 
The operational performance of the Company’s 
Sekisovskoye gold mine during 2014 against the prior 
year and against budget is provided below. The key 
operational statistics of the mine operation are shown in 
the ‘Mining – Open-pit’ table. In 2014, 25.3% of the total 
of 30,857oz of contained gold in the ore was mined from 
the underground operation. The average gold grade from 
the underground mine during 2014 was 2.96g/t, which is 
expected to rise as higher grade ore is accessed through 
continued underground development. The higher 
percentage of underground ore helped to increase the 
average grade from 1.61g/t in 2013 to 1.71g/t in the 
current year. Recovery fell from 84.3% in 2013 to 83.3% 
in 2014. However, it is expected to improve as the higher 
grade ore is processed, and is budgeted to be in the 
region of 84%.
The Sekisovskoye JORC probable reserve gold grade, 
as reported in the Competent Persons Report released 
to the market on 17 November 2014, is 4.09g/t. The 
Company is increasing the mined grade towards the 
reserve grade. At present, the mining operations are 
gradually moving towards the main ore body from  
the lower grade peripheral ore.
During the year the Company increased the number 
of employees working in the underground mine, and 
additional mining equipment was purchased to increase 
the future contributions of ore production from the 
underground mine. This is expected to provide a greater 
contribution as the scale of operation is expanded.
During the period, a preliminary review of the gold 
processing plant was conducted that highlighted 
opportunities to improve the performance of the plant, 
and detailed investigations will be initiated to determine 
how these may be implemented.
Mining – Open-pit 
    Actual  Actual
    2014  2013
Ore mined T   570,991 705,257
Gold grade g/t   1.26 1.39
Silver grade g/t   1.89 2.49
Contained gold oz   23,050 31,621
Contained silver oz   34,620 56,387
Mining – Underground
    Actual  Actual
    2014  2013
Ore mined T   82,045 63,572
Gold grade g/t   2.96 3.50
Silver grade g/t   4.05 5.27
Contained gold oz   7,807 7,157
Contained silver oz   10,680 11,139
Mining – Enriched ore
    Actual  Actual
    2014  2013
Ore mined T   34,000 –
Gold grade g/t   4.16 –
Silver grade g/t   5.72 –
Contained gold oz   4,547 –
Contained silver oz   6,253 –
Mineral processing
  Budget Actual  Budget Actual
  2014 2014  2014 % 2013
Crushing T 735,00 726,427 98 700,421
Milling T 735,00 728,620 99 701,361
Gold grade g/t 1.3 1.71 131 1.61
Silver grade g/t 2.19 2.37 108 2.16
Contained gold oz 30,720 39,798 130 36,388
Contained silver oz 51,752 55,603 107 48,782
Gold recovery % 83 83.3 100 84.3
Silver recovery % 74 74.4 101 71.6
Gold poured oz n/a 32,994 n/a 30,669
Silver poured oz n/a 41,390 n/a 34,902 GoldBridges Global Resources Plc  Annual Report 2014 04
//Strategic report
Sekisovskoye Independent Competent Persons 
Report – laying the foundations for our underground 
development plans
In Q4 2013, mining consultants Venmyn Deloitte 
commenced work on a Competent Persons Report (CPR) 
which was to estimate JORC compliant resources and 
reserves for Sekisovskoye, as well as providing cost and 
valuation scenarios for the underground development 
project. This work was completed in Q4 2014 and 
has enabled us to set out our future plans for this 
development project.
The Company has used the information obtained 
in the CPR to develop its plans in relation to the 
expansion of underground operations at Sekisovskoye. 
At present, it is exploring two options in relation to the 
development of the underground mine. These are (a) a 
shaft based approach as documented in the CPR and 
(b) a development based approach with the expansion 
of the existing decline and a secondary decline being 
strategically built to significantly increase the quantity 
of ore mined in an economically efficient way. Both 
approaches are expected to result in a similar net 
present value of future cash flows. However, the essential 
difference will be in the timings of cash flows needed  
to fund the capital expenditure. Underground gold 
mining particularly in Australia has advanced in the 
use of the decline approach which is popular with a 
large number of mining companies. In this regard, the 
Company is in discussions with an international contract 
mine firm with extensive experience in the industry  
in relation to costings and assistance in developing  
a mining plan to assess the feasibility of developing  
the underground mine using this approach.
The CPR estimated probable ore reserves of 2.26Moz from 
17.25Mt at 4.09g/t Au from surface (approximately 350m 
above sea level) to 400m below sea level. The previous 
ore reserve estimate in 2011 was 0.27Moz of gold.
Mineral resources (both indicated and inferred) now total 
5.14Moz – an increase from 1.80Moz in 2011. Additional 
exploration results of 3.30Moz were also identified 
which, with further drilling, may be upgraded to mineral 
resources. These resource and exploration result estimates 
were based on an extensive drilling programme, which 
represented more than 170,000m of drilling.
Increasing future gold production
The current Sekisovskoye Mine has a conventional 
carbon-in-leach (CIL) gold recovery plant with a 
processing capacity of 0.85Mt pa. A small incremental 
processing plant expansion is planned to be completed 
by 2018, which will increase throughput from 0.85Mt 
pa to 1Mt pa. The expansion will be through de-
bottlenecking of existing equipment and the addition of 
some new equipment to support the upgrade.
Through accessing the higher grade ore reserves in 
the underground mine, which are estimated at 4.09g/t, 
against the 2014 average grade delivered to the mill  
of 1.81g/t Au, utilising the full processing plant capacity 
and incrementally increasing it, the Company is well 
placed to increase its annual gold production in excess  
of 100,000oz by 2018 under the current plans.
From 2015 onwards, the processing plant is expected 
to produce a gold dore with an overall gold recovery 
of 84% and an associated silver recovery of 75%. This is 
commensurate with the metallurgical test work that has 
been undertaken and is broadly in line with operational 
performance to date. Over the life of the mine, this is 
currently expected to produce 1.89Moz of gold with total 
associated silver production of 2.72Moz.
The CPR financial outcomes based on the JORC 
compliant Probable Reserve, the initial capital investment 
and forecast operating costs indicate a robust project for  
the underground mine development at Sekisovskoye.  
The Net Present Value (after tax), using a discount rate  
of 9.3% and a prevailing gold price at that time of 
US$1273/oz was estimated at US$286.7m with a 64.4% 
IRR. Additional financial modelling has confirmed 
the project remains viable at gold prices which are 
significantly below current prices, as demonstrated in  
the following table. Importantly, this table demonstrates 
that the project remains Net Present Value positive under 
low gold price scenarios.
The upside opportunity at the Sekisovskoye Mine is 
related to further exploration drilling to upgrade the 
existing multimillion ounce gold exploration targets to 
Mineral Resources and to potentially upgrade the existing 
Mineral Resources to Ore Reserves. This may justify  
a further expansion of the processing plant or increase 
the mine life. The option of a feasibility study for a 2Mt pa 
mine in the future, producing more than 200,000oz per 
year of gold is being considered, based on the increase  
in the overall resource and the large volume of 
prospective exploration targets identified. 
Chief Executive Officer’s review (continued)
Reserve estimates
2.26
Moz gold
NPV
US$1,200oz
US$258m
 Gold price Silver price NPV
 (US$/oz) (US$/oz) (US$/oz)
 750 15 55.2
 900 17 135.2
 1050 18 203.2
 1200 19 257.8
 1273 19.7 286.7
 1300 20 295.6
 1400 21 325.5 GoldBridges Global Resources Plc  Annual Report 2014 05
Strategic report  01-13
Governance 14-27
Financial statements 28-53
Karasuyskoye – our long-term development plan
In 2013, GoldBridges reported that it had acquired  
a very extensive technical database that covered  
the Karasuyskoye Ore Fields area, a land package  
of 198km
2
, adjacent to Sekisovskoye. 
We are pleased to report that during 2014 we made 
significant progress in terms of obtaining drilling permits 
for Karasuyskoye and in January 2015, were given further 
rights to perform confirmatory drilling. This is expected to 
lead to the award of a licence and contract for the subsoil 
rights by the relevant authorities in Kazakhstan.
The final subsoil licence terms and conditions, including 
the new financial incentives now offered specifically to 
the Company through the state programme on forced 
industrial-innovative development (SFIID), are expected 
to be finalised in the near term. These additional terms 
are expected to include investment incentives and tax 
reductions as previously announced.
The data acquired indicates that there are several 
mineralised zones and leads the Company to believe  
that Karasuyskoye has the potential to contain significant 
gold resources. The Company is to commence validation 
work of this geological data. This work will facilitate the 
preparation of an independent Competent Persons 
Report (CPR) to international standards, and the Company 
will work on this programme throughout 2015 and 2016.
On completion of the CPR, the Company envisages 
progressing towards mining within the Karasuyskoye 
Ore Fields, primarily using cash generated from existing 
operations. There is also the potential to use the 
Company’s existing open-pit assets once Karasuyskoye 
becomes operational.
Move to Main Market
In December 2014, we moved our listing from AIM  
to the Main Market of the London Stock Exchange  
with a Standard Listing. The progression to the Main 
Market is a natural step in the Company’s growth cycle  
as a quality Kazakh company, and shows our alignment  
with and commitment to the London Investor base.  
The move also reflects our focus on meeting best  
practise corporate governance standards.
Financial performance 
The financial performance of the Company is detailed  
on page 07.
Principal risks and uncertainties
The principal risks of the Company are detailed on  
pages 08 and 09.
Key performance indicators
The key performance indicators used to monitor  
the performance of the Company are outlined in  
the financial performance on page 07. 
The Company sets out a budget and mining plan 
incorporating the key mining statistics to be achieved 
and these are monitored on a daily, weekly and monthly 
basis, with any discrepancies from budget investigated  
on a timely basis.
Earnings before interest, tax, depreciation and 
amortisation (EBITDA), 2014: US$5.3m  
(2013: negative US$589,000).
EBITDA is a measure of the cash that the Company 
generates in the year, and is adjusted to exclude 
exceptional items to make it more meaningful and 
comparable on a year on year basis.
In the opinion of the Directors these are the key measures 
by which the Company can best measure its performance 
internally and against other gold producers.
Corporate social responsibility
The corporate social responsibility performance of the 
Company is detailed on pages 10 and 11. 
Looking to 2015
2015 will be a busy year for the Company as it plans to 
make significant progress to lay the foundations for its 
growth. The Company is close to finalising its approach 
in relation to the funding, and the technical approach 
to be taken to develop the mine and shareholders will 
be updated in due course. Given the robust economics 
of the project the Company is positive of remaining 
profitable against an uncertain future gold price.
The Company is very positive about the future potential 
of the Karasuyskoye project and will be progressing this 
asset in parallel to Sekisovskoye. The Company will keep 
shareholders informed of the exploration and appraisal 
progress on this asset during the course of the year. 
Aidar Assaubayev
Chief Executive Officer
On behalf of the Board
30 April 2015 GoldBridges Global Resources Plc  Annual Report 2014 06
//Strategic report
While gold prices undoubtedly came under pressure during 2014 and have 
continued to do so in the current year to date, we are positive about our 
future as our core asset, Sekisovskoye, is set to be a low cost producer for  
the long term. The nearby Karasuyskoye Ore Fields licence areas should give 
us a chance to grow organically while utilising the infrastructure we have 
already built up in our area of operation.
Market review
2014 full year gold demand totalled 3,923.7t  
(from 4,087.6t in 2013). The 4% year on year drop was 
unsurprising as consumer demand was unlikely to match 
the previous year’s record surge. Total annual supply was 
virtually unmoved at 4,278.2t. 2014 was always going to 
be a difficult year for jewellery demand, contending with 
comparisons to phenomenal strength in 2013. After a 
steep drop in Q2, demand for gold jewellery gradually 
recovered, culminating in the strongest Q4 since 2007.  
Full year statistics show the sector down by 10% at 
2,152.9t, comfortably above the 2,053.0t average from 
the prior five years. Net investment demand of 904.6t in 
2014 was 2% above the 2013 total of 885.4t. The positive 
year on year comparison is somewhat misleading: ETF 
outflows slowed to a fraction of the hefty 2013 total  
and therefore acted as less of a drag on investment. 
Demand for bar and coins among smaller investors 
dropped by 40%. 
This was again largely a function of the sheer strength  
of demand in 2013. Gold demand in the technology 
sector contracted to 389t – the lowest level since 
2003. Sluggish economic conditions in key markets 
and ongoing substitution away from gold were the 
driving force behind the 5% drop. Seeking continued 
diversification away from the US Dollar, central banks 
absorbed 477.2t of gold in 2014, 17% above 2013’s 
impressive 409t. This was the second highest year of 
central bank net purchases for 50 years, after the 544t 
addition to global gold reserves reported in 2012. The 
total annual supply of gold was static at 4,278.2t in 2014. 
Despite record annual mine production, growth  
in mine supply was neutralised by shrinking volumes  
of recycling. 
[Source: World Gold Council]
Continue to develop our 
high grade underground 
mine at Sekisovskoye
Production and asset 
base growth via the 
highly prospective 
Karasuyskoye Ore Fields
Continue to progress 
through the London 
Investor Market 
Develop Grow Progress
► ►
Our strategy
Our strategy is to deliver transformational growth by continuing to develop our high grade 
underground mine at Sekisovskoye, targeting annual gold production of 100koz by 2018.  
Beyond this, the highly prospective Karasuyskoye Ore Fields, adjacent to the Sekisovskoye mine,  
has the potential to enable us to grow significantly beyond our core asset.
In addition to growing our production and asset base, our progression to the Main Board of  
the London Stock Exchange in December 2014 represented not only a natural step in our  
growth strategy, but also our commitment to the London investor base and regulatory 
environment, and we remain committed to meeting best practice governance standards. 
Our business
Our business model
Our business model is simple – we intend to continue generating profits for our Company and 
value for our shareholders through the mining and sale of gold at our flagship operation, the 
Sekisovskoye mine in North East Kazakhstan. In order to ensure long-term success in this regard,  
we plan to develop the high grade underground mine to replace the low grade open-pit 
operation where reserves are nearing depletion. This should result in a tripling of gold production 
from 2018 onwards at highly competitive industry relative costs. The acquisition of the adjacent 
Karasuyskoye Ore Fields geological data and confirmation of subsoil user rights should ensure 
gold production growth well into the future. The Company is continually looking to compliment 
existing operations with other targeted acquisitions.
Mining
We plan to continue proving ourselves with the cost effective production track record at Sekisovskoye 
that we have established, particularly since the change of management in 2012, whereby we have 
increased production by almost 60% from 21koz/year in 2012 to almost 33koz/year in 2014. In doing  
so, we have demonstrated our production capabilities to our shareholders and stakeholders.
Development
In ensuring our long-term future, we are in the process of developing the underground mine at 
Sekisovskoye in order to access the significant ore reserves. Accessing these reserves should add  
an additional 22 years to our mine life and increase our annual gold production to over 100,000oz  
by 2018. 
Exploration
We have commenced our valuation and validation work of the Karasuyskoye Ore Fields, which are 
adjacent to the Sekisovskoye mine and facilities. We see potential for this area to contain multiple 
mineralised zones which could potentially host future mines. We believe our efforts are well focussed 
in this highly prospective land package which has obvious synergies with our current production 
facilities.
Growth and evaluation
We are committed to adding value for our shareholders and believe the best approach to achieve this 
is to set the foundations in place for future production growth. As we intend to focus our efforts on 
production, development, exploration and evaluation, we are confident that we can deliver increased 
gold production for the long term. We frequently evaluate investment opportunities which are 
presented to us both in Kazakhstan and in the wider Central Asia area and, as part of our long-term 
business development plan, we will continue to evaluate other potential opportunities.
1
2
3
4 GoldBridges Global Resources Plc  Annual Report 2014 07
Strategic report  01-13
Governance 14-27
Financial statements 28-53
Financial performance
While falling gold prices adversely impacted our revenue, our tight 
control over operating costs and admin has resulted in a credible financial 
performance and increased EBITDA year on year from US$(-0.6)m in 2013  
to US$+5.3m in 2014.
During 2014, Sekisovskoye poured 32,994oz of gold  
(2013: 30,669oz). Total of 27,959oz (2013: 29,712)  
were sold in 2014 at an average price of US$1,198/oz 
(2013: US$1,418/oz). Revenue totalled US$35.2m  
(2013: US$42.4m) and was lower than 2013 due in  
part to reduced gold sales but principally because  
of the lower gold price. In addition the Company  
sold obsolete and surplus parts for a total of US$1.1m,  
and this amount is included within other income.  
There were no other material items of revenue.
The total cash cost of production, which includes 
administrative costs but excludes depreciation and 
provisions, amounts to US$1,084/oz, (2013: US$1,309/
oz). The operating cash cost amounts to US$834/oz 
(2013: US$903/oz). This is based on the cost of sales 
excluding depreciation and administrative expenses, and 
exceptional items. Additional cost saving measures are 
being put in place to further reduce costs. However, the 
major impact in the future will be from the higher grade 
ore being processed which is expected to lead to higher 
revenues and a consequent decrease in the cash cost/oz.
The earnings before interest, tax and depreciation, 
(EBITDA), excluding exceptionals, amounted to US$5.3m. 
This is in marked contrast to the prior year with cash 
being absorbed by the operations of US$0.6m. With the 
further cost savings filtering through next year and an 
increase in production from the underground resource, 
EBITDA is budgeted to further improve during the  
current year.
As explained in the 2013 Annual Report, the Company’s 
administrative expenses have reduced markedly from 
US$16.5m to US$8.2m and the Directors are committed 
to keeping administration expenses as low as possible. 
In summary these related to exceptional costs in 2013 
principally related to the acquisition of the Karasuyskoye 
Ore Fields.
Depreciation of US$5.4m (2013: US$5.2m) is in line with 
that stated in 2013. In 2014, amortisation is US$1.0m  
(2013: US$0.3m) and this relates to amortising the value  
of Karasuyskoye data purchased in 2013, ahead of the 
final terms of the subsoil user licence.
The income statement reflects a write back of previously 
impaired low grade ore stockpiles of US$284,000,  
(2013: US$nil). This reflects the operational aim to  
blend this material with higher grade underground ore 
to operate the processing plant at capacity. The Directors 
have been prudent in the amount that has been released 
to the income statement in 2014.
The exceptional items include the following: 
• legal fees of US$0.7m associated with the move from  
 AIM to the Main Market of the London Stock Exchange  
 by Standard Listing;
• write back of impairments of a net US$1.0m is due  
 to a positive contribution from the Company  
 recouping funds from the aborted Akmola transaction  
 of US$2.27m, less other smaller impairments made this  
 year against receivables.
The Company has reported a net loss of US$0.3m  
(2013: US$2.3m as restated), with a gross profit of 
US$7.2m (2013: US$10.3m) and an operating profit of 
US$0.8m (2013: US$3.1m). The net profit in 2014 includes 
a taxation benefit of US$730,000.
The Company has reported net cash inflow from 
operating activities of US$5.6m. This was lower than  
the US$7.1m reported in 2013 due to lower gold sales,  
which is largely a timing issue, and a considerably  
lower average gold price.
Purchase of property plant and equipment of US$2.6m 
(2013: US$7.5m) reflects the Company’s increased capital 
spend on the migration of operations from open-pit to  
a solely underground mine. The directors expect a similar 
or higher investing cash outflow again in 2015. 
Cash at year-end was US$1.7m. Cash at 31 December 
2013 was US$2.1m. During the year, the Company placed 
shares raising equity amounting to US$22.7m and this 
was largely spent on capex in the year.
The Company’s principal debt is that owed to The 
European Bank for Reconstruction (EBRD) and this loan 
is set to be paid over twelve equal quarterly instalments. 
The repayments commenced in January 2015. 
The consolidated net assets of the Company are 
US$73.8m (2013: US$59.9m as restated) and the increase 
arises principally from the investment in the underground 
development project. 
Revenue (US$m)
2012
38.9
2013
42.4
2014
35.2
US$35.2m
Annual gold poured (oz)
2012
22,470
2013
30,669
2014
32,994
32,994oz
Cash operating costs (US$oz)
2012 2013 2014
1,046
903
834
US$834oz
EBITDA (US$m)
2012
(2.3)
2013
(0.6)
2014
5.3
US$5.3m
2014
Net assets (US$m)
2012 2013
29.3
59.9
73.8
US$73.8m
Key performance 
indicators (KPIs) GoldBridges Global Resources Plc  Annual Report 2014 08
Principal risks and uncertainties
//Strategic report
Given that the Company operates solely in Kazakhstan, the Company is naturally at risk of  
adverse changes to the fiscal regime in the country. Kazakhstan is a relatively young country 
 and there have been fiscal changes in recent years, in some cases related to the mining  
industry, for example, changes to royalty payments. However, the country is outward looking  
and committed to attracting direct foreign investment and the Company believes it is likely  
that the country will be sensitive with any fiscal changes in the future, and the Company aims  
to maintain close links with the authorities.
In January 2015, the Company announced that it had been awarded the permits to allow it to 
perform further testing at the Karasuyskoye Ore Fields by the authorities. While this enables the 
Company to undertake important exploration work, it must wait to be awarded the final subsoil 
licence before mining can commence. There is a risk that this will not be awarded. The Company 
is ensuring that it complies with all requests from the authorities and there are no indications the 
licence will not be awarded. The Company is currently amortising the data over 20 years and in the 
event it is not awarded will attempt to sell the geological data.
In order to continue with the underground development at Sekisovskoye and develop 
Karasuyskoye, the Company must incur additional capital expenditure. Currently, the Company 
does not have the funds available to complete the capital work programme. The Company is 
therefore dependent on cash from external sources and therefore its future is at risk if funds from 
these external sources are unavailable. The Company has a developed marketing strategy, and has 
recently engaged the services of Cantor Fitzgerald as a broker for the Company to market  
the Company.
The Company generates its revenue from the sale of gold and silver that it has produced. The 
Company’s fortunes are therefore tied to these commodity prices. Gold and silver prices weakened 
markedly in 2014 and it appears unlikely that this movement will be corrected in 2015. While the 
Company has no control over commodity prices, it is in a fortunate position to have a very robust 
mine and development project in Sekisovskoye which can withstand prolonged weak precious 
metals prices.
The Company sells its metal in US Dollars although it incurs operating costs in the local currency, 
the Kazakh Tenge. The Tenge is loosely pegged to the Dollar and as such, we as a Company enjoy 
some currency security. The currency has been weakened on two key occasions during the 
past few years – in 2009 and 2014, and there is market speculation regarding another potential 
weakening of the currency in 2015. Broadly, a weaker local currency is a positive for the Company 
as it reduces our cost base in US Dollar terms. There can be inflation risks associated with currency 
weakening events although the Company’s relatively small nature makes it less vulnerable than 
larger corporations to the pressures of severe price increases.
The Government of Kazakhstan is in the process of making changes to its mining code which  
are likely to be positive overall. However, given that the Company operates solely in Kazakhstan,  
it is naturally at risk of any adverse changes to the mining code. The Company sees this as a low  
risk as the country is currently trying to attract foreign investment.
Risk Mitigation
Fiscal changes in Kazakhstan
Not being awarded the subsoil production mining 
licence for Karasuyskoye
No access to capital/funding for Sekisovskoye  
or Karasuyskoye
Commodity price risk
Currency risk
Changes to mining code in Kazakhstan
Currently all of the Company’s mining assets are in Kazakhstan. The Company believes that 
Kazakhstan has significant future mineral potential, hence the choice of jurisdiction. The Company 
makes it its business to be well informed of any in-country changes which may adversely affect 
the business. While the Company knows and understands Kazakhstan well and hence has a strong 
position in-country, it has stated that it would look at other opportunities in the future within the 
central Asia region and this may mitigate risk. 
Reliance on operating in one country GoldBridges Global Resources Plc  Annual Report 2014 09
Strategic report  01-13
Governance 14-27
Financial statements 28-53
Currently, the Company only generates revenue from one mine – Sekisovskoye. The Group  
is actively exploring its adjacent property, Karasuyskoye, with a view to developing this asset  
in the future as appropriate.
Risk Mitigation
GoldBridges reliant on one operation
Cost inflation is a key concern for most businesses and the Company is no different. However, at 
the current stage in the mining cycle, costs are broadly decreasing in terms of both costs and this 
is for several key reasons. Firstly oil and power prices, which are significant cost components for 
mining companies, are broadly falling globally as commodity prices are broadly falling/have fallen 
globally. This means that royalties fall and competition for jobs reduces materially. This all acts to 
bring costs down and the Company is seeing this trend in the business. 
The Company’s future lies in the underground mine at Sekisovskoye given that the open-pit 
reserves are likely to be depleted during 2015. Encountering technical difficulties in further 
developing the underground mine at Sekisovskoye would therefore be negative for the future  
of the Company. To mitigate this, the Company has sought external consultants, Venmyn 
Deloitte, to verify the technical work which has been undertaken in-house. The Company is also 
in discussions with international contractors to ensure that the most appropriate development 
methods are utilised.
The Company has outlined its plans to increase the throughput capacity of the processing plant 
from 850,000t pa to 1Mt pa by 2018 and failure to achieve this would result in the Company being 
unable to increase its rate of ore processing and therefore would be unable to achieve its target of 
gold production of over 100,000oz pa by 2018. However, to date, the Company is unaware of any 
potential issues in this regard and sees the incremental increase as merely de-bottlenecking of the 
existing facilities.
The Company has paid a significant sum to acquire the technical database relating to the 
Karasuyskoye Ore Fields licence area. While the Company is confident that the project has 
significant potential, until verification work is complete and the project reappraised by the team, 
it is not guaranteed that the mineralisation within the licence area will be sufficiently attractive to 
warrant the construction of a mine in the future. 
Failure to achieve production estimates could arise due to various circumstances, not least mining 
issues, processing plant issues and breakdowns, and political and other disruptions. Given that 
the Company revenues are dependent on producing gold and silver from the Sekisovskoye mine, 
failure to achieve production targets would adversely affect the Company’s profitability and ability 
to generate cash. The Company mitigates this risk by careful operational planning and detailed 
technical appraisal work, as well as regular maintenance work. 
Given Russia’s intervention in Ukraine and the subsequent sanctions and its economic weakness, 
the market is concerned about the resultant effect of these aspects in other former Soviet Union 
countries. Russia’s weaker economy, coupled with lower oil prices is likely to adversely affect the 
economy of Kazakhstan. However, of the FSU countries, Kazakhstan is in a stronger position than 
others and maintains good relationships with both Russia and a series of other international 
organisations. The metal is also a strong export commodity and to some extent is protected  
from a weaker local economy.
Cost (capex and operating cost) inflation
Technical difficulties associated with developing  
the underground mine at Sekisovskoye
Technical difficulties associated with increasing  
the Sekisovskoye processing plant
Exploration work being underwhelming  
at Karasuyskoye
Failure to achieve production estimates
Russia
The Company’s management has analysed the risks and uncertainties and has in place control systems that monitor daily the performance of the business via 
key performance indicators. Certain factors are beyond the control of the Company such as the fluctuations in the price of gold and possible political upheaval. 
However, the Company is aware of these factors and tries to mitigate these as far as possible. In relation to the gold price the Company is pushing to achieve a 
lower cost base in order to minimise possible downward pressure of gold prices on profitability. In addition it maintains close relationships with the Kazakhstan 
authorities, in order to minimise bureaucratic delays and problems. GoldBridges Global Resources Plc  Annual Report 2014 10
Corporate social responsibility
We believe that we have an obligation to be sensitive to the needs of all our 
direct and indirect stakeholders and should make decisions based not just  
on financial results but also on the social and environmental consequences 
of our activities.
Environmental and Social Impact Report (ESIA) 
During 2014 and the period to the date of this 
report the operation has not reported any significant 
(reportable) environmental incidents. A review of the 
historic environmental monitoring has indicated that 
all environmental discharges have been in compliance 
within the Kazakh specified limits, and the mine reports 
these to the authorities on a quarterly basis.
Equality and diversity
The Company has a strong commitment to equality  
of opportunity in all our employment policies, practices 
and procedures. We take a proactive approach 
throughout our recruitment and selection process  
to ensure that the Company attracts, hires and retains 
a diverse workforce and this is kept under close and 
regular scrutiny. No existing or potential employee will 
receive less favourable treatment due to their race, creed, 
nationality, colour, ethnic origin, age, religion or similar 
belief, sexual orientation, gender, gender reassignment, 
marital status, or any other classification as prescribed  
by law.
In terms of gender diversity the Company is aware that at 
senior Director and manager level there is an insufficient 
number of women in senior posts and this is currently 
being reviewed. There are currently no main Board 
women employed and four women in senior managerial 
positions. The following table shows our current 
employees and gender.
There are currently no main Board female employee 
Directors. There are four females in senior management 
positions.
  Male Female
 Administration 89 80
 Production 534 58
 Total 623 138
Human rights
Whilst the Company does not have a specific human 
rights policy, it does have policies such as Equal 
Opportunities and an Anti-bribery policy that adhere  
to internationally proclaimed human rights principles. 
Employment of disabled persons
The Company is committed to a policy of recruitment  
and promotion on the basis of aptitude and ability 
without discrimination of any kind. Management 
actively pursues the employment of a disabled person 
wherever a suitable opportunity arises and the continued 
employment and retaining of employees who become 
disabled whilst at the Company.
Employee involvement
Members of the management team regularly visit 
subsidiaries and discuss matters of current interest  
and concern with members of staff.
Our community
During the past year, we have continued to support 
our local communities in a number of ways. We have 
continued to carry out winter maintenance to the roads 
of Sekisovskoye under the terms of our community 
agreements, supplied materials to local farmers as last 
year, and have participated in local initiatives. 
As with last year, the Company provides support to 
the local community including the supply of the 
maintenance of the drinking water system to the village 
of Sekisovskoye; assistance with a village clean-up 
programme; anti-fungicide treatment of all local trees; 
and provision of a garbage truck and bins. The Company 
has also restocked the local water systems with fish 
following the tailings dam incident.
With the planned continuing development of the mining 
activities in the region, combined with the development 
of the underground workings and our exploration 
programme at Karasuyskoye, the Company is looking  
to build a long-term mutually beneficial relationship with 
the local community. It is the principal employer in the 
locality, and the relationship with the community is seen 
as very important to the Company. 
Female employees
138
//Strategic report GoldBridges Global Resources Plc  Annual Report 2014 11
Strategic report  01-13
Governance 14-27
Financial statements 28-53
Environment
The Company’s policies outlines our commitment 
to environmental responsibility. Safeguarding the 
environment and training our employees to minimise 
the environmental impact of our activities are important 
aspects of our business. We remain committed to 
achieving the highest environmental standards. 
The unfortunate tailings dam issue of 2012 is now 
behind the Company. During 2014, all final rehabilitation 
expenses required to be incurred, under the agreement 
with the authorities, associated with the tailings dam 
failure have been met. 
Greenhouse gas reporting
Since 1 October 2013, the Companies Act 2006 (strategic 
report and Directors’ report) Regulations 2013 has 
required all UK quoted companies to report on their 
greenhouse gas (GHG) emissions, which are classified as 
either direct or indirect and which are divided further into 
Scope 1, Scope 2 and Scope 3 emissions.
Direct GHG emissions are emissions from sources that 
are owned or controlled by the Company. Indirect GHG 
emissions are emissions that are a consequence of the 
activities of the Company but that occur at sources 
owned or controlled by other entities. 
Scope 1 emissions
Direct emissions controlled by the Company arising from 
plant are reported under Scope 1.
Scope 2 emissions
Indirect emissions attributable to the Company due to its 
consumption of purchased electricity. 
Scope 3 emissions
Other indirect emissions associated with activities that 
support or supply towards the Company’s operations. 
Scope Source Tonnes CO
2
e Tonnes CO
2
e
  2014 2013
Scope 1 Plant  7,635   7,056 
Scope 2 Electricity   2,492   2,627 
Scope 3 Other equipment  152   524
Total   10,279   10,207
   2014
Intensity 1 Tonnes CO
2
e produced per dollar of revenue 0.000290157
Intensity 2 Tonnes CO
2
e produced per oz of gold produced 0.383951
The Company’s emissions by scope
The Company is required to report Scope 1 and 2 
emissions for its reporting year to 31 December 2014. 
Scope 3 is not yet mandatory, however the Company  
has chosen to report Scope 3 emission. GoldBridges Global Resources Plc  Annual Report 2014 12
Mineral resources statement
The CPR in May 2014 reports, JORC indicated and inferred mineral  
resources which total 5.14Moz and a further 3.3Moz have been identified  
as an exploration result.
During the year, a Competent Persons Report (CPR), 
commissioned by the Company was completed to  
assess the mineral resources and provide a valuation  
of the potential of the underground mine. The CPR  
was prepared in compliance with and to the extent 
required by the 2012 Australasian Code for Reporting  
of Exploration Results, Mineral Resources and Ore 
Reserves (JORC). Venmyn Deloitte (Deloitte) are 
Competent Persons and Competent Experts as  
defined by the JORC Codes, as well as other  
international Reporting Codes.
The mineral resource statement has been prepared for 
the Sekisovskoye underground deposit. The Company 
also acquired mining data in relation to the Karasuyskoye 
concession adjacent to Sekisovskoye and this is currently 
being developed with a view to obtaining the subsoil 
user licence in the near future. For clarity the resources  
in relation to the Karasuyskoye site are not included in  
the analysis below, and will be subject to an independent  
CPR in the future.
The Company has a 100% shareholding in the 
Sekisovskoye Project and holds the Mining Licence 
covering a total area of 85.5ha, valid until 2020. The 
Sekisovskoye Project is located at the village of 
Sekisovka, approximately 40km north of the town of 
Ust-Kamenogorsk, the capital city of the East Kazakhstan 
region. The current operation is exploiting two open pits 
where the near-vertical deposits extended to surface.
The open pits are nearing the end of their life and the 
Sekisovskoye Project is developing an underground 
extension to exploit the deposits to depth. The ore body 
has been mined in the open-pit environment since 
2008 and the relationship between ore and waste is 
well understood. The Sekisovskoye Project is set to be a 
selective-mining underground operation, which requires 
a level of confidence to be developed to support the new 
input and output parameters.
Venmyn Deloitte conducted a review of the exploration 
drilling, metallurgical testing, geological modelling and 
the GKZ Reserve and Resource prepared by the Company, 
and has used this information to estimate the JORC 
(2012) compliant gold and silver Mineral Resources.  
These are shown in the following tables.
Subsequent to estimating the Indicated Resource, 
Venmyn Deloitte applied the appropriate modifying 
factors (including dilution and mining losses) and has 
estimated a Probable Reserve of 2.26Moz of gold.
JORC Tonnes Pay Limit Gold grade Silver grade Contained Gold Contained Silver
Classification (Mt) (g/t) (g/t) (g/t)  (Moz) (Moz)
Probable 17.25 2.6 4.09 5.37 2.26  2.97
Level JORC Gold Cut off Tonnes Gold grade Contained  Silver grade Contained
 Classification Grade (g/t)  (g/t) Gold (Moz) (g/t)  Silver (Moz)
Surface to -400m Indicated 3.00  15,700  5.32  2.67 6.99   3.52 
Surface to -400m Inferred 2.00  3,500  4.21  0.48 No estimation 
-400m to -800m Inferred 2.00  14,700  4.21 1.99  No estimation 
Total average 
JORC resources  2.46  33,900  4.72  5.14  6.99   3.52
Level JORC Gold Cut off Tonnes Gold grade Contained Silver grade Contained
 Classification Grade (g/t)  (g/t) Gold (kg) (g/t)  Silver (kg)
-800m to -1500m Exploration 2.00 24,400 4.21 3.30 No estimation
Total average
exploration result resources  2.00  24,400  4.21  3.30  No estimation
The following tables show the reserves, resources and 
exploration results as at 31 May 2014:
//Strategic report GoldBridges Global Resources Plc  Annual Report 2014 13
Strategic report  01-13
Governance 14-27
Financial statements 28-53
JORC Indicated and Inferred Mineral Resources total 
5.14Moz. In addition, a further 3.30Moz have been 
identified as an Exploration Result below the -800masl. 
While these will require further exploration drilling to be 
potentially upgraded to Mineral Resources, this result 
does highlight the potential for a larger Mineral Resource 
than is currently estimated. Assuming that this potential 
were to be realised, Sekisovskoye would contain in excess 
of 8Moz of gold.
Geologically, the Sekisovskoye Project is suitable for 
mining of underground extensions of the deposit, 
which is shown to extend almost vertically below the 
currently exploited open pits. Geological features in the 
underground area are expected to be similar in nature 
to those in the near surface portion of the deposit. The 
exploration method is systematic and appropriate for the 
style of mineralisation and the targeted resources and 
reserves are of sufficient quantity to support an expanded 
mining operation.
The risks for underground production are reduced by  
the following:
• the Sekisovskoye Project has operated successfully  
 for a number of years in the open-pit environment;
• the Company has created an extensive drilling  
 database for geological modelling of the breccia zones  
 and mineralised ore bodies;
• the underground mining method is based upon a  
 block model that has identified important breccia  
 zones that can be selectively mined;
• the underground ore body is a natural extension  
 of the open-pit ore;
• the mining, metallurgical plant, power, water and  
 tailings facilities are all established including the main  
 underground ramp ways; and
• the mine management is fully focused on  
 grade control to high grade the ore body and  
 minimise dilution;
• the ore reserve and mineral resource estimates have  
 been based on a very substantial exploration  
 programme which represents more than 170,083m  
 of drilling.
The strategic report was approved by the Board  
of Directors on 30 April 2015 and signed on its  
behalf by
Aidar Assaubayev
Chief Executive Officer
Sekisovskoye open-pit and  
underground workings GoldBridges Global Resources Plc  Annual Report 2014 14
Board of Directors
//Governance
Goldbridges Resources has a highly experienced Board of Directors with  
a commitment to driving profitability and long-term shareholder value.
Kanat Assaubayev
Chairman 
Kanat Assaubayev is one of 
Kazakhstan’s leading entrepreneurs 
in the natural resources sector.  
Mr. Assaubayev was the first Kazakh 
to get a doctorate in metallurgy. 
His early career was in academia 
where he was the Chairman of the 
Metallurgy and Mining Department 
of Kazakh National Polytechnic 
University. He subsequently began 
his business career in the 1990s 
and has led a number of natural 
resources enterprises to national  
and international success.
Aidar Assaubayev
Chief Executive Officer
Aidar Assaubayev is an Executive 
Director of AltynGroup Kazakhstan 
LLP . He was formerly Executive Vice 
Chairman of KazakhGold Limited, 
the gold mining corporation, and he 
was also formerly Vice President and 
a director of JSC MMC Kazakhaltyn. 
Mr. Assaubayev graduated from the 
Kazakh National Technical University 
in Almaty and he also holds a degree 
in Economics from the Institute of 
Systemic Analysis in Moscow.
Ashar Qureshi
Non-Executive Director
Ashar Qureshi is a London based  
US qualified lawyer who is currently  
a member of Freshfields Bruckhaus 
Deringer LLP , a director of Hanson 
Asset Management Limited 
and a partner of Naya Capital 3 
Management LLP . He was formerly 
the Vice Chairman of Renaissance 
Group, where his position was a 
senior investment-banking role, 
and prior to that he worked with 
international firm Cleary Gottlieb 
Steen & Hamilton LLP . Mr. Qureshi 
holds a Juris Doctorate and is  
a graduate of Harvard Law School  
and Harvard College.
Ken Crichton
Executive Director
Ken Crichton is a mining engineer 
with over 28 years of experience 
within the mining industry. After 
graduating from the University 
of New South Wales in 1985, a 
significant proportion of his career 
has involved working in developing 
countries and a considerable part 
in active mine production roles. 
Currently Mr. Crichton works with a 
select group of companies advising 
them on their mineral exploration, 
development projects and existing 
operations. This includes potential 
acquisition opportunities. In the 
previous five years, Mr. Crichton was 
the Chief Executive Officer of ASCOM 
Precious Metals Mining, S.A.E., an 
Egyptian-based minerals company 
with exploration and mining 
activities across Africa. Prior to that  
he worked for 15 years with BHP 
Billiton in both Australia and 
Indonesia, including as the President 
Director of PT Billiton Indonesia,  
a BHP Billiton subsidiary. In addition,  
Mr. Crichton worked for four years 
with Leighton Holdings Group,  
a leading construction and mining 
contractor in Papua New Guinea 
and Australia. Mr. Crichton served 
as a Non-Executive Director of the 
Company until 2014 when he was 
appointed Chief Technical Officer 
and Executive Director. He is also  
a Non-Executive Director of Kemin 
Resources plc. GoldBridges Global Resources Plc  Annual Report 2014 15
Strategic report  01-13
Governance 14-27
Financial statements 28-53
Alain Balian
Non-Executive Director
Alain Balian is the Chairman and 
Chief Executive Officer at Cedar 
Peak Holdings. Mr. Balian is a former 
Deputy Governor of the Central 
Bank of Lebanon where he was 
also a member of the governing 
board. Besides monetary policy 
and regulations of the financial 
sector in Lebanon, his managerial 
responsibilities included the bank’s 
financial reporting and the national 
financial system clearing operations. 
His earlier experiences include 
working at Kleinwort Wasserstein, 
ABN Amro Corporate Finance 
and Lebanon Invest in Mergers & 
Acquisitions, Corporate Finance 
and Private Equity covers several 
industries in North America, Europe 
and the Middle East. The total value 
of transactions on which Alain has 
worked exceeds US$80bn.
William Trew
Non-Executive Director
William Trew has over 32 years of 
experience in the engineering and 
mining industry and is a registered 
Professional Engineer with the 
Engineering Council of South Africa. 
He holds a B.Eng. (Mech.) Hon. from 
the University of Wales Institute 
Science and Technology and an  
M. Eng. from Rand Afrikaans 
University, Johannesburg.
Go to page 54 to view  
our Company details
► GoldBridges Global Resources Plc  Annual Report 2014 16
//Governance
Directors’ report 
year ended 3 1 December 20 1 4
The Directors present their Annual Report together with the audited financial statements on pages 28 to 53.
Principal activities and business review
The principal activity of the Company is that of a holding company and a provider of support and management services to its operating subsidiaries.  
Together with its subsidiaries, it is involved in the production of gold dore from the Sekisovskoye gold and silver deposits, and the development of further  
suitable investment opportunities. 
A review of the activities of the business throughout the year and up to 28 April 2014 is set out in the strategic report on pages 01 to 13 which includes 
information on the Company’s risks, uncertainties and performance indicators. The Company accounts are prepared on a going concern basis. However,  
reference should be made to factors affecting the ability of the Company to continue trading as noted on page 35 (note 2).
Results and dividends
The Company’s loss for the year after taxation amounts to US$255,000 (2013 profit: US$2,271,000). The results of the year are set out on page 28  
in the consolidated statement of profit or loss.
The Directors do not recommend the payment of a dividend for the year (2013: nil). 
Financial instruments
The Company has not entered into any derivative transactions in 2014. The main risks arising from the Company’s financial instruments are liquidity risk,  
credit risk, foreign exchange risk and interest rate risk. Further details are provided in note 27 on pages 50 to 52 of the Company’s financial statements.
Share capital
Details of the Company’s issued share capital, together with the movements for the years ended 31 December 2014 and 2013 are set out in note 25 on  
page 50. Further details in relation to shares issued after the year-end are given in the subsequent events note 29 on page 53. The Company has one class of 
ordinary share and they carry no right to fixed income. Each ordinary share carries the right to one vote at general meetings of the Company. All issued ordinary 
shares are fully paid. There are no specific restrictions on the size of the holding or on the transfer of the ordinary shares, which are both governed by the general 
provisions of the articles of association and prevailing legislation. The Directors are not aware of any agreements between holders of the Company’s ordinary 
shares that may result in restrictions on the transfer of securities or on voting rights. 
 
Certain Directors have an interest in the ordinary shares in the Company and these are disclosed in the related party note 21 on page 47. No share options  
or warrants are currently in issue as at the date of this report. 
Qualifying indemnity provision
The Company has entered into an insurance policy to indemnify the Directors of the Company against any liability when acting for the Company.
Directors
The following Directors served during the year and up to 31 December 2014.
Kanat Assaubayev Chairman
Aidar Assaubayev Chief Executive Officer 
Ken Crichton Chief Technical Officer, appointed to Board 23 October 2013, became Executive Director on 9 August 2014.
Ashar Qureshi Non-Executive Director
William Trew Non-Executive Director
Alain Balian Non-Executive Director
All Directors will offer themselves for re-election at the next Annual General Meeting. Strategic report  01-13
Governance 14-27
Financial statements 28-53
GoldBridges Global Resources Plc  Annual Report 2014 17
Directors’ shareholdings
The interests of the Directors in the shares of the Company, including family and trustee holdings where appropriate, are shown below.
Substantial interests
The following have advised that they have an interest in 3% or more of the issued share capital of the Company as at 29 April 2015.
 
Shareholder     No. of shares % owned
African Resources Limited      1,440,076,040  61.69%
DWS Investment       160,045,857  6.86%
Blackwill Trade Limited      117,730,632  5.04%
Aidar Assaubayev and Kanat Assaubayev are Directors and shareholders of African Resources Limited.
Listing
On 19 December 2014, the Company moved its listing from AIM to the Main Market with a Standard Listing.
Auditor
The Directors in office at 31 December 2014 have confirmed that they are aware that there is no relevant audit information of which the auditor is unaware. 
Each of the Directors has confirmed they have taken all reasonable steps they ought to have taken as Directors to make themselves aware of any relevant audit 
information and to establish that it has been communicated to the auditor.
BDO LLP have expressed their willingness to continue in office as auditors and a resolution to reappoint them will be proposed in the forthcoming annual 
general meeting.
Corporate governance
The Company has adopted the Corporate Governance Code for Small and Mid-Size Quoted Companies (the QCA code) published by the Quoted Companies 
Alliance. The QCA Code provides governance guidance to small and mid-size quoted companies. The paragraphs below set out how the Company has applied 
this guidance during the year. The Company has complied with the QCA code throughout the year.
Principles of corporate governance
The Company’s Board appreciates the value of good corporate governance not only in the areas of accountability and risk management, but also as a positive 
contribution to business prosperity. The Board endeavours to apply corporate governance principles in a sensible and pragmatic fashion having regard to the 
circumstances of the Group’s business. 
Board structure
During the year the Board comprised the Non-Executive Chairman, the Chief Executive Officer and Chief Technical Officer (both of whom are Executive 
Directors) and three Non-Executive Directors. Their details appear on pages 14 and 15. The Board is responsible to shareholders for the proper management 
of the Company. The statement of the Directors’ responsibilites in respect of the accounts is set out on page 20. The Non-Executive Directors have a particular 
responsibility to ensure that the strategies proposed by the Executive Directors are fully considered. To enable the Board to discharge its duties, all Directors have 
full and timely access to all relevant information and there is a procedure for all Directors, in furtherance of their duties, to take independent professional advice, if 
necessary, at the expense of the Company. The Board has a formal schedule of matters reserved to it and meets on a regular basis.
The Board is responsible for overall group strategy, approval of major capital expenditure projects and consideration of significant financing matters. GoldBridges Global Resources Plc  Annual Report 2014 18
//Governance
Directors’ report (continued)
year ended 3 1 December 20 1 4
Audit Committee
The Audit Committee comprises Ashar Qureshi and Alain Balian. Its prime tasks are to review the scope of the external audit, to receive regular reports  
from the Company’s auditor and to review the half-yearly and annual accounts before they are presented to the Board, focusing in particular on accounting  
policies and areas of management judgment and estimation. The Committee is responsible for monitoring the controls which are in force to ensure the  
integrity of the information reported to the shareholders. The Committee acts as a forum for discussion of internal control issues and contributes to the  
Board’s review of the effectiveness of the Company’s internal control and risk management systems and processes. 
The Committee also considers annually the need for an internal audit function. It advises the Board on the appointment of external auditors and on their 
remuneration for both audit and non-audit work, and discusses the nature and scope of the audit with the external auditors. The Committee, which meets 
formally at least twice a year, provides a forum for reporting by the Company’s external auditors. Meetings are also attended, by invitation, by the Company’s 
Chairman, Chief Executive Officer and Chief Financial Officer.
The Audit Committee also undertakes a formal assessment of the auditors’ independence each year which includes:
• a review of non-audit services provided to the Company and related fees;
• discussion with the auditors of a written report detailing all relationships with the Company and any other parties that could affect independence  
or the perception of independence.
The Audit Committee also undertakes a formal assessment of the auditors’ independence each year which includes:
• a review of the auditors’ own procedures for ensuring the independence of the audit firm and partners and staff involved in the audit, including  
the regular rotation of the audit partner; and
• obtaining written confirmation from the auditors that, in their professional judgement, they are independent.
An analysis of the fees payable to the external audit firm in respect of both audit and non-audit services during the year is set out in note 11 on page 41  
of the financial statements.
Board and Board committee meetings
The number of meetings during 2014 and attendance at regular Board meetings and Board committees was as follows:
  Meetings  Meetings 
  held  attended
Kanat Assaubayev Board  10  10
Aidar Assaubayev Board  10  10
Ken Crichton Board 10  10
 Audit Committee* 2  2
Ashar Qureshi Board 10  10
 Audit Committee 2  2
Alain Balian Board  10  2
 Audit Committee 2  2
William Trew Board 10  2
* Ken Crichton stood down from the Audit Committee on his appointment as an Executive Director.
Internal control
The Directors are responsible for the Company’s system of internal control and review of its effectiveness annually. The Board has designed the Company’s 
system of internal control in order to provide the Directors with reasonable assurance that its assets are safeguarded, that transactions are authorised and 
properly recorded and that material errors and irregularities are either prevented or would be detected within a timely period.
The key elements of the control system in operation are:
•  the Board meets regularly with a formal schedule of matters reserved to it for decision and has put in place an organisational structure with clearly defined 
lines of responsibility and with appropriate delegation of authority;
•  there are established procedures for planning, approval and monitoring of capital expenditure and information systems for monitoring the Company’s 
financial performance against approved budgets and forecasts.
During the period, the Audit Committee has reviewed the effectiveness of internal controls as described above. 
There are no significant issues disclosed in the Annual Report for the year ended 31 December 2014 (and up to the date of approval of the report) concerning 
material internal control issues. The Directors confirm that the Board has reviewed the effectiveness of the system of internal control as described during  
the period. Strategic report  01-13
Governance 14-27
Financial statements 28-53
GoldBridges Global Resources Plc  Annual Report 2014 19
Communications with shareholders
Communications with shareholders are considered important by the Directors. The Directors regularly speak to investors and analysts during the year.  
Press releases have been issued throughout the year; the Company’s website www.goldbridgesplc.com is regularly updated and contains a wide range 
of information about the Company. Enquiries from individuals on matters relating to their shareholdings and the business of the Company are dealt with 
informatively and promptly. The Directors are responsible for ensuring the Annual Report and the financial statements are made available on a website.  
Financial statements are published on the Company’s website in accordance with legislation in the United Kingdom governing the preparation and 
dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the Company’s website  
is the responsibility of the Directors. The Directors’ responsibility also extends to the ongoing integrity of the financial statements contained therein.
Corporate social responsibility 
The corporate social responsibility performance of the Company is detailed on pages 10 and 11.
Takeover directive
The Company has one class of share capital which are ordinary shares. Each ordinary share carries one vote. All the ordinary shares rank pari passu. There are  
no securities issued in the Company which carry special rights with regard to control of the Company. The identity of all substantial direct or indirect holders  
of securities in the Company and the size and nature of their holdings is shown under the substantial interests section on page 17 of this report above.
A relationship agreement (the “Relationship Agreement”) was entered into between the Company and African Resources Limited in regard to the arrangements 
between them whilst African Resources Limited is a controlling shareholder of the Company. 
There are no restrictions on voting rights or on the transfer of ordinary shares in the Company. The rules governing the appointment and replacement of 
Directors, alteration of the articles of association of the Company and the powers of the Company’s Directors accord with usual English company law provisions. 
The Directors are re-elected on a rotational basis each year. The Company is not party to any significant agreements that take effect, alter or terminate upon  
a change of control of the Company following a takeover bid. The Company is not aware of any agreements between holders of its ordinary shares that may 
result in restrictions on the transfer of its ordinary shares or on voting rights.
There are no agreements between the Company and its Directors or employees providing for compensation for loss of office or employment that occurs 
because of a takeover bid.
Greenhouse emissions
Information on greenhouse emissions is shown on page 11.
Annual General Meeting
The Annual General Meeting of the Company will be held at the offices of BDO LLP at 55 Baker Street, London, W1U 7EU, United Kingdom on Friday 11 June 2015 
at 3:00pm. 
The details of the resolutions are given in the Notice of Annual General Meeting. The Directors consider that all of the resolutions to be put to the meeting  
are in the best interests of the Company and its shareholders as a whole. The Board recommends that shareholders vote in favour of all resolutions.
Donations
The Company has made no charitable or political donations during the year (2013: nil). 
Future development and availability of project finance/going concern
The Company is continuing to mine its gold production from its open-pit and underground operations at Sekisovskoye. After due deliberation, it has been 
decided that the extraction of ore from the open pit is to terminate in August 2015. The underground operations will continue to supply a greater quantity  
of ore and will be the primary source in 2016. In 2015 the supply to the processing plant is to be supplemented by the existing ore stock piles in order to operate 
the processing plant in a productive capacity. The underground ore has been mined through the deepening of the transport decline giving greater access to  
ore body #11 in the current year. In addition, a tunnel linking this to ore body has been completed in the current period which will give access to ore body #8.  
This ore body is estimated to contain the majority of proven resources. Further details of works undertaken are given in the strategic report. 
As part of the strategic plan the Company is planning to significantly increase production from the underground in the medium term. The initial approach that 
was considered was the building of two underground shafts, and after further consideration the possibility of deepening the existing decline and the building  
of a second decline. Each of these options is expected to have differing funding needs and the Company is currently assessing each option in order to develop 
the underground mine in a cost effective manner. 
On 20 April 2015 the Company completed a successful share placing raising gross proceeds of £3.4m (equivalent to US$5.0m). This provides additional working 
capital to the Company, and also provides the further capital required to progress the underground project developments.
The Directors anticipate that, whilst the Company may seek to raise further finance in the future, it now has access to sufficient funding for its immediate needs. 
The Company expects to have sufficient cash flow from its forecast production to finance its ongoing operational requirements and to, at least in part, fund the 
future capital requirements of the Company. The Directors are confident that further sources of funding can be acquired in the timescales required to meet  
the future funding requirements as necessary.
On this basis the Directors have therefore concluded that it is appropriate to prepare the financial statements on a going concern basis. 
Subsequent events
Details of events after the end of the financial year are set out in note 29 on page 53 of the financial statements.  GoldBridges Global Resources Plc  Annual Report 2014 20
//Governance
Statement of the Directors’ responsibilities
The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors are required to prepare the Group and 
Company financial statements in accordance with International Financial Reporting Standards as adopted by the European Union. Under company law the 
Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and Company 
and of the profit or loss for the Group for that period. 
In preparing these financial statements, the Directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and accounting estimates that are reasonable and prudent;
• state with regard to the Group financial statements whether they have been prepared in accordance with IFRSs as adopted by the European Union subject 
 to any material departures disclosed and explained in the financial statements;
• state with regard to the parent company financial statements, whether they have been prepared in accordance with IFRSs as adopted by the European  
Union subject to any material departures disclosed and explained in the financial statements;
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company and the Group will continue in  
business; and
• prepare a strategic report, Directors’ report and annual remuneration report which comply with the requirements of the Companies Act 2006.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with 
reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 
2006 and, as regards the Group financial statements, Article 4 of the IAS Regulation. They are also responsible for safeguarding the assets of the Company and 
hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Website publication
The Directors are responsible for ensuring the Annual Report and the financial statements are made available on a website. Financial statements are published 
on the Company’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which 
may vary from legislation in other jurisdictions. The maintenance and integrity of the Company’s website is the responsibility of the Directors. The Directors’ 
responsibility also extends to the ongoing integrity of the financial statements contained therein.
 
Directors’ responsibilities pursuant to DTR 4
The Directors confirm to the best of their knowledge:
• the Group and Company financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the  
European Union and Article 4 of the IAS Regulation and give a true and fair view of the assets, liabilities, financial position and profit and loss of the Group;
• the Annual Report includes a fair review of the development and performance of the business and the financial position of the Group and the parent  
 company, together with a description or the principal risks and uncertainties that they face.
On behalf of the Board
Aidar Assaubayev
Chief Executive Officer
30 April 2015 Strategic report  01-13
Governance 14-27
Financial statements 28-53
GoldBridges Global Resources Plc  Annual Report 2014 21
The Committee’s terms of reference have been approved by the Board and follow published guidelines, which are available from the Company Secretary.  
The Audit Committee comprises the two Non-Executive Directors, Ashar Qureshi and Alain Balian.
The Audit Committee’s prime tasks are to:
Review the scope of external audit, to receive regular reports from the auditor and to review the half-yearly and annual accounts before they are presented  
to the Board, focusing in particular on accounting policies and areas of management judgment and estimation;
Monitor the controls which are in force to ensure the integrity of the information reported to the shareholders;
Assess key risks and to act as a forum for discussion of risk issues and contribute to the Board’s review of the effectiveness of the Group’s risk management 
control and processes; 
Act as a forum for discussion of internal control issues and contribute to the Board’s review of the effectiveness of the Group’s internal control and risk 
management systems and processes;
Consider each year the need for an internal audit function;
Advise the Board on the appointment of external auditors and rotation of the audit partner every five years, and on their remuneration for both audit  
and non-audit work, and discuss the nature and scope of their audit work;
Participate in the selection of a new external audit partner and agree the appointment when required;
Undertake a formal assessment of the auditors’ independence each year which includes:
• a review of non-audit services provided to the Group and related fees;
• discussion with the auditors of a written report detailing all relationships with the Company and any other parties that could affect independence  
or the perception of independence;
• a review of the auditors’ own procedures for ensuring the independence of the audit firm and partners and staff involved in the audit, including the regular 
rotation of the audit partner; and
• obtaining written confirmation from the auditors that, in their professional judgement, they are independent.
Meetings
The Committee meets prior to the annual audit with the external auditors to discuss the audit plan and again prior to the publication of the annual results.  
These meetings are attended by the external audit partner and Company Secretary. Prior to bi-monthly Board meetings the members of the Committee meet 
on an informal basis to discuss any relevant matters which may have arisen. Additional formal meetings are held as necessary.
During the past year the Committee:
• met with the external auditors, and discussed their report to the Audit Committee;
• approved the publication of annual and half-year financial results;
• considered and approved the annual review of internal controls;
• decided that due to the size and nature of operation there was not a current need for an internal audit function;
• agreed the independence of the auditors and approved their fees for both audit and not-audit services as set out in note 4 on pages 35 to 38  
of the financial statements.
External auditors
BDO LLP held office throughout the year, and are assisted by a local office in Kazakhstan.
Ashar Qureshi
Chairman – Audit Committee 
Audit Committee report GoldBridges Global Resources Plc  Annual Report 2014 22
//Governance
Statement of the Chairman of the Remuneration Committee
The Remuneration Committee presents its report for the year ended 31 December 2014 which this year is presented in two parts in accordance with  
the new regulations.
The first part is the annual remuneration report which details remuneration awarded to Directors and Non-Executive Directors during the year. The shareholders 
will be asked to approve the annual remuneration report as an ordinary resolution (as in previous years) at the Annual General Meeting in June 2015.
 
The second part is the remuneration policy report which details the remuneration policy for Directors. This policy is subject to a binding vote by shareholders  
at the Annual General Meeting in 2015 and if approved will apply for a one year period commencing 11 June 2015. 
The policy is very much in line with the previous policy although the level of disclosure has increased in accordance with the regulations. The Remuneration 
Committee reviewed the existing policy and deemed no changes necessary to the current arrangements.
Both of the above reports have been prepared in accordance with The Large and Medium-sized Companies and Groups (Accounts and Reports) (Amendment) 
Regulations 2013.
The Company’s auditors, BDO LLP are required by law to audit certain disclosures and where disclosures have been audited they are indicated as such.
Ashar Qureshi
Chairman – Remuneration Committee
28 Eccleston Square
London
SW1V 1NZ Strategic report  01-13
Governance 14-27
Financial statements 28-53
GoldBridges Global Resources Plc  Annual Report 2014 23
Annual remuneration report
Remuneration Committee
The Remuneration Committee currently comprises of two Directors. The Committee, which meets as required, is responsible for determining the contract terms, 
remuneration and other benefits of the Executive Directors. The remuneration of the Non-Executive Directors is determined by the Board within the limits set 
out in the articles of association. None of the Committee members has any personal financial interest in the matters to be decided (other than as shareholders), 
potential conflicts of interest arising from cross-Directorships, or any day-to-day involvement in running the business. The Committee has access to professional 
advice from inside and outside the Company at the Company’s expense.
Details of the remuneration paid in the year are shown below.
Approach to recruitment remuneration
All appointments to the Board are made on merit. The components of a new Director’s remuneration package (who is recruited within the life of the approved 
remuneration policy) would comprise base salary, pension, benefits, annual bonus and opportunity to be granted share options as outlined above and approach 
to such appointments are detailed within the future policy table above. The Company will pay such levels of remuneration to new Directors that would enable 
the Company to attract appropriately skilled and experienced individuals that is not in the opinion of the Remuneration Committee excessive.
Service contracts
All Executive Directors have full-time contracts of employment with the Company. Non-Executive Directors have contracts of service. No Director has a contract 
of employment or contract of service with the Company, its joint venture or associated companies with a fixed term which exceeds three years. Directors’ notice 
periods (see page 24 of the financial statements) are set in line with market practice and of a length considered sufficient to ensure an effective handover of 
duties should a Director leave the Company.
All Directors’ contracts as amended from time to time, have run from the date of appointment. Service contracts are kept at the registered office.
Policy on payment for loss of office
There are no contractual provisions agreed that could impact on a termination payment. Termination payments will be calculated in accordance with the 
existing contract of employment or service contract. It is the policy of the Remuneration Committee to issue employment contracts to Executive Directors  
with normal commercial terms and without extended terms of notice which could give rise to extraordinary termination payments.
Consideration of employment conditions elsewhere in the Group
In setting this policy for Directors’ remuneration the Remuneration Committee has been mindful of the Company’s objective to reward all employees fairly 
according to their role, performance and market forces. In setting the policy for Directors’ remuneration the Remuneration Committee has considered the pay 
and employment conditions of the other employees within the Group. No formal consultation has been undertaken with employees in drawing up the policy. 
The Remuneration Committee has not used formal comparison measures.
Consideration of shareholder views
No shareholder views have been taken into account when formulating this policy. In accordance with the new regulations, an ordinary resolution for approval  
of this policy will be put to shareholders at the Annual General Meeting in June 2015.
Remuneration
Amounts paid by the Company in respect of Directors’ services:
          2014 2013
          US$ US$
Executive Directors
Kanat Assaubayev     – – 
Aidar Assaubayev      81,576  – 
Timothy Daffern     –   200,082 
Ken Crichton (i)      138,020   7,974 
Non-Executive Directors
Ashar Qureshi      44,496   45,029 
William Trew      44,496   36,324 
Alain Balian      44,496   7,974 
Nicholas Bridgen     –   11,869 
Total         353,084   309,252 
(i)  Ken Crichton was appointed as Non-Executive Director on 23 October 2013 but became Chief Technical Officer and Executive Director on 9 August 2014. The Directors do not 
currently receive any benefits and there are currently no share option schemes in place. All amounts paid in respect of Directors’ services relate to salaries. GoldBridges Global Resources Plc  Annual Report 2014 24
//Governance
Summary of Directors’ terms
        Date of contract  Unexpired term  Notice period
Executive Directors     
Kanat Assaubayev    23 October 2013 17 months 3 months
Aidar Assaubayev    20 February 2013 10 months 3 months
Ken Crichton    23 October 2013 17 months 3 months
Non-Executive Directors
Ashar Qureshi    7 December 2012 8 months 3 months
Alain Balian    23 October 2013 17 months 3 months
William Trew    20 February 2013 10 months 3 months
Pension schemes and incentives
The Company does not operate a pension scheme.
Scheme option schemes
There are no share option schemes in place at present.
Payments to past Directors
No payments were made to past Directors in the year ended 31 December 2014.
Payments for loss of office
No payments for loss of office were made in the year ended 31 December 2014.
Statement of Directors’ shareholding and share interest
Directors’ interests
The interests of the Directors in the shares of the Company, including family and trustee holdings are disclosed on page 17 of the Accounts.
Remuneration of the Chief Executive Officer over the last five years 
Aidar Assaubayev was appointed Chief Executive Officer on 20 February 2013 and received no remuneration in 2013. His salary for the year ended 31 December 
2014 was US$81,576.
Timothy Daffern was appointed Chief Executive on 5 November 2010, resigned as a Director on 20 February 2013, his remuneration is shown below.
      2010  2011  2012  2013 
   US$ US$ US$ US$
Basic   38,827 269,895 302,592 69,255
Termination   – – – 114,189
Change of Control   – – 307,432 –
Health Benefit   – 11,642 16,360 16,638
Total   38,827 281,537 626,384 200,082
Annual remuneration report (continued) Strategic report  01-13
Governance 14-27
Financial statements 28-53
GoldBridges Global Resources Plc  Annual Report 2014 25
Relative importance of spend on pay
The total expenditure of the Company on remuneration to all employees is shown in note 7 to the financial statements.
Statement of implementation of remuneration policy in the following year
If the policy is approved at the Annual General Meeting in June 2015 it is intended that the remuneration policy take effect from 11 June 2015. The vote  
on the remuneration policy is binding in nature. The Company may not then make a remuneration payment or payment for loss of office to a person who  
is, is to be, or has been a Director of the Company unless that payment is consistent with the approved remuneration policy, or has otherwise been approved  
by a resolution of members.
Consideration by the Directors of matters relating to Directors’ remuneration
The Remuneration Committee considered the Executive Directors’ remuneration and the Board considered the Non-Executive Directors’ remuneration  
in the year ended 31 December 2014. No increases were awarded and no external advice was taken in reaching this decision.
Shareholder voting
At the Annual General Meeting in June 2015, there will be a vote on the resolution to approve the remuneration report. 
Nomination Committee
Given its size, the Company does not currently have a Nomination Committee and all appointments are approved by the Executive Directors.
Performance evaluation – Board, Board committees and Directors
The performance of the Board as a whole and of its committees and the Non-Executive Directors is assessed by the Chairman and the Chief Executive Officer 
and is discussed with the senior independent Director. The senior independent Director meets regularly with the Chairman and both the Executive and  
Non-Executive Directors individually outside of formal meetings. The Directors will take outside advice in reviewing performance but have not found this 
necessary to date.
Independent Directors
The senior independent Non-Executive Director is Ashar Qureshi. The other independent Non-Executive Directors are Alain Balian and William Trew.  
The independent Directors meet regularly prior to Board meetings to discuss corporate governance issues. GoldBridges Global Resources Plc  Annual Report 2014 26
//Governance
Remuneration policy report
Introduction
The remuneration policy on Directors’ remuneration will be proposed for a binding vote at the 2015 Annual General Meeting. If approved it is intended that  
the policy take effect from 11 June 2015.
In setting the policy, the Remuneration Committee has taken the following into account:
• the need to attract, retain and motivate individuals of a calibre who will ensure successful leadership and management of the Company;
• the Group’s general aim of seeking to reward all employees fairly according to the nature of their role and their performance;
• remuneration packages offered by similar companies within the same sector;
• the need to align the interests of shareholders as a whole with the long-term growth of the Group;
• the need to be flexible and adjust with operational changes throughout the term of this policy.
The remuneration of Non-Executive Directors is determined by the Board, and takes into account additional remuneration for services outside the scope  
of the ordinary duties of Non-Executive Directors. Strategic report  01-13
Governance 14-27
Financial statements 28-53
GoldBridges Global Resources Plc  Annual Report 2014 27
Independent auditor’s report 
to the members of GoldBridges Global Resources plc
We have audited the financial statements of GoldBridges Global Resources Plc for the year ended 31 December 2014 which comprise the consolidated 
statement of profit of loss, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of financial position,  
the Company statement of financial position, the consolidated statement of changes in equity, the Company statement of changes in equity, the consolidated 
statement of cash flows, the Company statement of cash flows and the related notes. The financial reporting framework that has been applied in their 
preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union and, as regards the parent company 
financial statements, as applied in accordance with the provisions of the Companies Act 2006. 
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been 
undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose.  
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body,  
for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of Directors and auditors
As explained more fully in the statement of Directors’ responsibilities, the Directors are responsible for the preparation of the financial statements and for being 
satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law 
and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Financial Reporting Council’s (FRC’s) Ethical Standards 
for Auditors. 
Scope of the audit of the financial statements
A description of the scope of an audit of financial statements is provided on the FRC’s website at www.frc.org.uk/auditscopeukprivate.
Opinion on financial statements
In our opinion:
• the financial statements give a true and fair view of the state of the Group’s and the parent company’s affairs as at 31 December 2014 and of the Group’s profit 
for the year then ended;
• the Group financial statements have been properly prepared in accordance with IFRSs as adopted by the European Union;
• the parent company financial statements have been properly prepared in accordance with IFRSs as adopted by the European Union and as applied in 
accordance with the provisions of the Companies Act 2006; and
• the financial statements have been prepared in accordance with the requirements of the Companies Act 2006 as regards the Group financial statements, 
Article 4 of the IAS Regulation.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion:
• the part of the Directors’ remuneration report to be audited has been properly prepared in accordance with the Companies Act 2006; and
• the information given in the strategic report and Directors’ report for the financial year for which the financial statements are prepared is consistent  
 with the financial statements. 
Matters on which we are required to report by exception
We have nothing to report in respect of the following:
Under the Companies Act 2006 we are required to report to you if, in our opinion:
• adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited 
by us; or
• the parent company financial statements and the part of the Directors’ remuneration report to be audited are not in agreement with the accounting records 
and returns; or
• certain disclosures of Directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit.
Scott Knight (Senior Statutory Auditor)
For and on behalf of BDO LLP, statutory auditor
London
United Kingdom
30 April 2015
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127). GoldBridges Global Resources Plc  Annual Report 2014 28
//Financial statements
Consolidated statement of profit or loss
year ended 3 1 December 20 1 4
Consolidated statement of profit or loss and  
other comprehensive income
year ended 3 1 December 20 1 4
      Restated
     2014 2013
         Notes US$000  US$000
Revenue    5 35,177 42,395
Cost of sales     (27,969) (32,076)
Gross profit     7,208 10,319
Other operating income    8 1,141 –
Administrative expenses     (8,233) (16,475)
Tailings dam leak    9a 330 9,252
Listing expenses    9b (702) –
Impairments    9c (1,214) –
Impairment reversed - Akmola LLP    9c 2,227 –
Operating profit     757 3,096
Finance income    10 7 1
Foreign exchange loss    10 (1,418) (413)
Finance expense    10 (331) (771)
(Loss)/profit before taxation    11 (985) 1,913
Taxation credit      12  730  358
(Loss)/profit attributable to equity holders of the parent     (255) 2,271
(Loss)/profit per ordinary share      
Basic & Diluted       13  (0.01c) 0.23c
     2014 2013
          US$000  US$000
(Loss)/profit for the year     (255) 2,271
Items that may be reclassified to profit or loss
Currency translation differences arising on translations of foreign operations items  
that may be reclassified to profit or loss     (9,310) (763)
Currency translation differences arising on translation of foreign operations relating to taxation   737 –
Total comprehensive (loss)/income attributable to equity holders of the parent    (8,828) 1,508
The accompanying notes are an integral part of these financial statements. Strategic report  01-13
Governance 14-27
Financial statements 28-53
GoldBridges Global Resources Plc  Annual Report 2014 29
Consolidated statement of financial position
year ended 3 1 December 20 1 4
      Restated
     2014 2013
Company number 5048549    Notes US$000 US$000
Non-current assets
Intangible assets    14 19,440 27,157
Property, plant and equipment    15 61,238 45,866
Other receivables    18 2,553 381
Deferred tax asset    24 2,407 1,145
Restricted cash    22 260 301
          85,898  74,850
Current assets
Inventories    17 10,882 9,354
Trade and other receivables    18 10,260 5,446
Cash and cash equivalents     1,684 2,067
     22,826  16,867
Total assets        108,724 91,717
Current liabilities
Trade and other payables    19 (15,725) (11,512)
Other financial liabilities    20 (326) (239)
Current tax payable     (475) (558)
Provisions    22 (335) (647)
Borrowings    23 (3,333) (894)
     (20,194)  (13,850)
Net current assets        2,632  3,017
Non-current liabilities
Other financial liabilities    20 (709) (1,287)
Provisions    22 (7,400) (6,705)
Borrowings    23 (6,667) (10,000)
     (14,776)  (17,992)
Total liabilities     (34,970) (31,842)
Net assets        73,754   59,875 
Equity
Called-up share capital    25 3,702 2,635
Share premium     137,234 115,594
Merger reserve     (282) (282)
Currency translation reserve     (17,414) (8,841)
Accumulated losses     (49,486) (49,231)
Total equity        73,754  59,875
The financial statements were approved by the Board of Directors on 30 April 2015 and signed on its behalf by
Aidar Assaubayev
Chief Executive Officer
The accompanying notes are an integral part of these consolidated financial statements. GoldBridges Global Resources Plc  Annual Report 2014 30
//Financial statements
Company statement of financial position
3 1 December 20 1 4
     2014 2013
Company number 5048549    Notes US$000 US$000
Non-current assets
Property, plant & equipment    15 480 73
Investments    16 236 251
Loans to subsidiaries    16 73,505 54,850
          74,221 55,174
Current assets
Other receivables    18 1,147 48
Cash and cash equivalents     1,448 12
          2,595 60
Total assets         76,816 55,234
Current liabilities
Trade and other payables    19 (595) (1,409)
Net current assets/(liabilities)         2,000 (1,349)
Net assets         76,221 53,825
Equity
Called up Share Capital    25 3,702 2,635
Share premium     137,234 115,594
Currency translation reserve     (12,600) (7,387)
Accumulated losses         (52,115) (57,017)
Total equity         76,221 53,825
The financial statements were approved by the Board of Directors on 30 April 2015 and signed on its behalf by
Aidar Assaubayev
Chief Executive Officer
The accompanying notes are an integral part of these Company financial statements. Strategic report  01-13
Governance 14-27
Financial statements 28-53
GoldBridges Global Resources Plc  Annual Report 2014 31
Consolidated statement of changes in equity
year ended 3 1 December 20 1 4
     Currency
  Share  Share Merger  translation Accumulated
  capital premium reserve reserve losses Total
  Notes  US$000 US$000 US$000 US$000 US$000 US$000
1 January 2013 – restated 31 1,684 88,245 (282) (8,078) (51,502) 30,067
Profit for the year – restated 31 – – – – 2,271 2,271
Other comprehensive loss  – – – (763) – (763)
Total comprehensive profit  – – – (763) 2,271 1,508
Shares issued on conversion of loan notes  951 27,590 – – – 28,541
Issue costs  – (241) – – – (241)
31 December 2013 – restated 31 2,635 115,594 (282) (8,841) (49,231) 59,875
Loss for the year  – – – – (255) (255)
Other comprehensive loss  – – – (8,573) – (8,573)
Total comprehensive loss   – – – (8,573) (255) (8,828)
Share issued  1,067 22,095 – – – 23,162
Issue costs  – (455) – – – (455)
31 December 2014   3,702 137,234 (282) (17,414) (49,486) 73,754
Reserve Description
Share Capital Amount of the contributions made by shareholders in return for the issue of shares.
Share Premium Amount subscribed for share capital in excess of nominal value.
Merger Reserve Reserve created on application of merger accounting under a previous GAAP .
Currency Translation Reserve Gains/losses arising on re-translating the net assets of overseas operations into US Dollars.
Other reserves Fair value of share options granted net of amounts transferred to retained earnings on exercise or lapse of the options.
Accumulated losses Cumulative net gains and losses recognised in the consolidated statement of financial position.
The accompanying notes are an integral part of these consolidated financial statements.
  GoldBridges Global Resources Plc  Annual Report 2014 32
//Financial statements
Company statement of changes in equity
year ended 3 1 December 20 1 4
    Currency
  Share  Share translation Accumulated
  capital premium reserve losses Total
 Notes US$000 US$000 US$000 US$000 US$000
1 January 2013    1,684 88,245 (8,353) (52,425) 29,151
Loss for the year  – – – (4,592) (4,592)
Other comprehensive profit  – – 966 – 966
Total comprehensive loss   – – 966 (4,592) (3,626)
Shares issued on conversion of loan notes 25 951 27,590 – – 28,541
Issue costs    –  (241)  – –  (241)
31 December 2013  2,635 115,594 (7,387) (57,017) 53,825
 
Profit for the year  – – –  4,902   4,902 
Other comprehensive loss  – – (5,213) – (5,213)
Total comprehensive loss    – – (5,213) 4,902 (311)
Shares issued  1,067 22,095 – – 23,162
Issue costs  – (455) – – (455)
31 December 2014   3,702 137,234 (12,600) (52,115) 76,221
Reserve Description
Share Capital Amount of the contributions made by shareholders in return for the issue of shares.
Share Premium Amount subscribed for share capital in excess of nominal value.
Currency Translation Reserve Gains/losses arising on re-translating the net assets of overseas operations into US Dollars.
Accumulated losses Cumulative net gains and losses recognised in the consolidated statement of financial position.
The accompanying notes are an integral part of these Company financial statements.
  Strategic report  01-13
Governance 14-27
Financial statements 28-53
GoldBridges Global Resources Plc  Annual Report 2014 33
Consolidated statement of cash flows
year ended 3 1 December 20 1 4
     2014 2013
    Notes US$000 US$000
Net cash inflow from operating activities    26 5,601  7,141 
Investing activities
Interest received     7 1
Purchase of property, plant and equipment     (25,989) (7,471)
Restricted cash     (6) –
Payment of costs associated with provisions       (651) –
Net cash used in investing activities       (26,639)  (7,470)
Financing activities
Proceeds on issue of shares    25 23,162 –
Issue costs    25 (455) (241)
Loan from related party     (1,043) 894
Interest paid       (750) (924)
Net cash inflow/(outflow) from financing activities       20,914  (271)
Decrease in cash and cash equivalents       (124)  (600)
Foreign currency translation     (259) 163
Cash and cash equivalents at beginning of the year     2,067 2,504
Cash and cash equivalents at end of the year       1,684  2,067
The accompanying notes are an integral part of these consolidated financial statements.
  GoldBridges Global Resources Plc  Annual Report 2014 34
//Financial statements
Company statement of cash flows
year ended 3 1 December 20 1 4
     2014  2013
    Notes US$000 US$000
Net cash outflow from operating activities       26  (4,241) (1,888)
Investing activities
Purchase of property, plant and equipment     (506) (85)
Akmola Gold advances and prepayment of fees recovered     1,113 –
Net (loans)/receipts to/from subsidiaries     (17,488) 462
Laon from related party     (149) –
Net cash used in investing activities         (17,030) 377
Financing activities
Proceeds on issue of shares    25 23,162 –
Expenses on issue of shares    25 (455) (241)
Net cash inflow/(outflow) from financing activities         22,707 (241)
Increase/(decrease) in cash and cash equivalents     1,436 (1,752)
Cash and cash equivalents at beginning of the year         12 1,764
Cash and cash equivalents at the end of the year         1,448 12
The accompanying notes are an integral part of these consolidated financial statements.
  Strategic report  01-13
Governance 14-27
Financial statements 28-53
GoldBridges Global Resources Plc  Annual Report 2014 35
Notes to the financial statements
year ended 3 1 December 20 1 4
1 General information
GoldBridges Global Resources Plc (the “Company”) is a company incorporated in England and Wales under the Companies Act 2006. The address of its registered 
office, and place of business of the Company and its subsidiaries is set out within the Company information on page 54 of this Annual Report. The principal 
activities of the Company and subsidiaries are set out within the strategic report within this Annual Report.
2 Basis of preparation
The Annual Report is for the year ended 31 December 2014 and includes the parent company’s financial statements prepared in accordance with International 
Financial Reporting Standards (IFRSs) (as adopted by the European Union). The Company’s financial statements have been prepared using accounting policies 
set out in notes 3 and 4 which are consistent with all applicable IFRSs and with those parts of the Companies Act 2006 applicable to companies reporting under 
IFRSs. For these purposes, IFRSs comprises the standards issued by the International Accounting Standards Board and interpretations issued by the International 
Financial Reporting Interpretations Committee that have been endorsed by the European Union. The financial statements have been prepared under the 
historical cost convention and on a going concern basis.
Going concern
The Company will continue to generate its gold production from its open pit until production ceases in August 2015, and from this point all gold will be 
generated from the underground operations at Sekisovskoye. The underground operations are continuing to provide an increasing amount of high grade ore 
which is expected to increase in volume and grade in the year. The ore has been mined through the deepening of the transport decline giving access ore bodies 
#11 and #3. In addition, in the current year development work was also undertaken to give access to ore body #8 and this provides additional ore production 
capacity in 2015. Further details of works undertaken are given in the strategic report. 
On 20 April 2015 the Company completed a successful share placing raising gross proceeds of £3.4m (equivalent to US$5.0m). This provides additional working 
capital to the Company, and also provides the further capital required to progress the underground project developments.
The Directors anticipate that, whilst the Company may seek to raise further finance in the future, it now has access to sufficient funding for its immediate needs. 
The Company expects to have sufficient cash flow from its forecast production to finance its ongoing operational requirements and to, at least in part, fund the 
future capital requirements of the Company. The Directors are confident that further sources of funding can be acquired in the timescales required to meet the 
future funding requirements as necessary.
On this basis the Directors have therefore concluded that it is appropriate to prepare the financial statements on a going concern basis. 
3 Adoption of new and revised standards
A number of new standards and amendments to existing standards and interpretations were applicable from 1 January 2014. The adoption of these 
amendments did not have a material impact on the Company’s financial statements for the year ended 31 December 2014. 
The Company is evaluating the impact of new standards amendments to standards and interpretaions which have been issued but are not yet effective.  
However, they are not expected to have a material impact on the Company’s earnings or shareholders’ funds.
4 Accounting policies
Basis of consolidation
IFRS 10 Consolidated Financial Statements was adopted in the year to replace IAS 27 Consolidated and Separate Financial Statements. The adoption of IFRS 10 
has had no material impact on the financial statements.
Where a company has control over an investee, the investee is classified as a subsidiary. A company controls an investee if all three of the following elements  
are present: power over the investee, exposure to variable returns from the investee, and the ability of the investor to use its power to affect those variable 
returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control.
The consolidated financial statements present the results of the Company and its subsidiaries (“the Group”) as if they formed a single entity. Intercompany 
transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the acquisition method. In the statement of financial position, 
the acquiree’s identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired 
operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from  
the date on which control ceases.
Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents amounts received for goods provided in the normal course  
of business, net of VAT and any other sales related taxes. 
The Company’s revenue is generated entirely from the sale of the gold and silver (precious metals) content of gold dore. Gold dore was delivered to a precious 
metal refiner, based in Kazakhstan during 2014, which also purchased all gold that was refined. Title of the precious metal passes upon acceptance of the 
delivery from the Company to the refiner. Sales of precious metal are only recognised when the delivery has been accepted and title for the precious metal has 
accordingly been passed to the refiner.
The Company does not hedge or otherwise enter into any derivatives in respect of its sales of gold dore. Sales are recorded at the actual selling price of the gold 
dore which is based on current market prices. GoldBridges Global Resources Plc  Annual Report 2014 36
//Financial statements
4 Accounting policies continued
Foreign currencies
The Company has prepared its financial statements in United States Dollars (US$). The functional currency of the companies in Kazakhstan is the Kazakhstan 
Tenge (“KZT”). The functional currency of the Company and Hambledon Mining Company Limited is Pound Sterlings. The rates used to convert Pound Sterlings 
and Kazakhstan Tenge into US Dollars in these financial statements are as follows:
       2014   2013
      Closing Average  Closing Average
 US$ = £    1.553 1.648 1.657 1.569
 US$ = KZT    182.35 179.19  154.35 152.57
The currency translation movement on the Company’s net investment in its subsidiaries in Kazakhstan is taken to reserves. The year-end and average rates used 
for the Kazakh Tenge have been obtained from the National Bank of Kazakhstan.
The financial statements of the Company is translated into US Dollars whereby its statements of profit or loss are translated at the average rate of exchange 
for the year and its statements of financial position at the closing rate of exchange at the reporting date. Currency translation adjustments arising on the 
restatement of opening net assets, together with adjustments arising from the retranslation of intergroup long-term foreign currency loans to subsidiaries,  
are recognised in reserves.
Transactions denominated in currencies other than the functional currency of each respective entity are recorded at the rate of exchange prevailing at the 
date of the transaction. Monetary assets and liabilities are translated into the relevant functional currency at the closing rates of exchange at the reporting date. 
Exchange differences arising from the restatement of monetary assets and liabilities at the closing rate of exchange at the reporting date or from the settlement 
of monetary transactions at a rate different from that at which the asset or liability was recorded are dealt with through the statement of profit or loss.
Intangible assets
Externally, acquired intangible assets are initially recognised at cost and subsequently amortised on a straight-line basis over their expected economic life.  
In the Directors’ opinion this is estimated to be over the expected useful of the data of 20 years.
Property, plant and equipment: mining properties and leases
Mining properties comprise previously capitalised exploration, evaluation and development expenditure incurred during the exploration and development 
stages of the Company’s mining projects.
Other items of property, plant and equipment are initially recognised at cost. As well as the purchase price, cost include directly attributable costs and estimated 
present value of any future unavoidable costs of dismantling and removing items. The corresponding liability is recognised within provisions. 
Assets under construction represent assets under development that are not at the stage that can be used commercially to generate revenues, no depreciation  
is applied to these assets.
Depreciation
Depreciation of property, plant and equipment is calculated on a straight line or units of production basis, as appropriate. Assets are fully depreciated over their 
economic lives, or over the remaining life of the mine if shorter. 
Buildings 8-10% pa
Equipment, fixtures and fittings 10-40% pa
Plant machinery and vehicles 7-30% pa
Mining properties and leases Unit of production based on the proven reserves
Assets under construction are not depreciated.
Stripping costs
To obtain access to the ore in the open pit, it is necessary to first remove the non-ore bearing rock (“waste” or “overburden”) covering the ore. This process is 
known as stripping.
Costs incurred in stripping in the development of the open pit before production commences are capitalised and included in the cost of developing the mine. 
They are subsequently amortised over the life of the pit on a unit of production basis. Stripping costs incurred after the open pit commences production are 
recognised as a component of inventory and included in cost of sales in the same period as the revenue from the sales of inventory is recognised. In line with 
IFRIC 20, any costs in excess of the normal stripping ratio are capitalised and written off over the life of the pit on a unit of production basis.
The mining plan for the Sekisovskoye open pit is based on a stripping ratio of 5:1. During the year ended 31 December 2014, the actual stripping ratio was below 
this and, therefore, no stripping asset has been recognised in the year (2013: nil).
Notes to the financial statements (continued)
year ended 3 1 December 20 1 4 Strategic report  01-13
Governance 14-27
Financial statements 28-53
GoldBridges Global Resources Plc  Annual Report 2014 37
4 Accounting policies continued
Impairment of property, plant and equipment
Property, plant and equipment are assessed for impairment at each reporting date when events or a change in circumstances suggest that the carrying amount 
of an asset may exceed the recoverable amount.
Where there has been an indication of a possible impairment, management assesses the recoverability of the carrying value of the asset by comparing  
it with the estimated discounted future net cash flows generated by the asset based on management’s expectation of future production and selling prices.  
Any identified impairment is charged to the statement of profit or loss.
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount but such that 
the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset 
in prior years.
A reversal of impairment loss is recognised as profit or loss immediately, unless the relevant asset is carried at a revalued amount, in which case the reversal  
of the impairment loss is treated as a revaluation increase.
Inventories
Inventories are valued at the lower of cost or net realisable value. Net realisable value represents the estimated selling price less all estimated costs of completion 
and costs to be incurred in marketing, selling and distribution.
Costs incurred in bringing each product to its present location and condition are accounted for as follows:
Spare parts and consumables – Purchase costs on a first in, first out basis
Ore stockpiles, work in progress and finished gold –  Dependent on the current stage in the production cycle, the cost will reflect cost of direct materials, 
power, labour and a proportion of overhead, to bring the product to its current state
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on the taxable profit for the year. Taxable profit differs from net profit as reported in the statement of profit or loss  
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. 
The Company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements 
and the corresponding tax bases used in the computation of taxable profit and is accounted for by using the balance sheet liability method. Deferred tax 
liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable 
profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference 
arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction 
that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments 
in subsidiaries and associates, and interests in joint ventures except where the Company is able to control the reversal of the temporary difference and it is 
probable that the temporary difference will not reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable 
profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when 
the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited 
directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when there is a legally enforceable right  
to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends  
to settle its current tax assets and liabilities on a net basis.
Financial instruments
Financial assets
The Company classifies its financial assets only as loans and receivables. These are non-derivative financial assets with fixed or determinable payments that  
are not quoted in an active market. They arise principally through the provision of goods and services to customers (trade receivables), but also incorporate  
other types of contractual monetary assets (other receivables). They are initially recognised at fair value plus transaction costs that are directly attributable  
to their acquisition or issue, and are subsequently carried at amortised costs using effective interest rate method, less provision for impairment. 
Financial assets are assessed for indicators of impairment at reach reporting date. Financial assets are impaired where there is objective evidence that, as a result 
of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the asset have been impacted.  GoldBridges Global Resources Plc  Annual Report 2014 38
//Financial statements
4 Accounting policies continued
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and demand deposits, and other short-term highly liquid investments with original maturities of less  
than three months and which are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value; for the purposes  
of statement of cash flows, cash and cash equivalents also include bank overdrafts. 
Investments and loans to subsidiaries
Investment in subsidiaries are included at cost less amounts written off. Loans to subsidiaries are initially recognised at fair value and subsequently measured  
at amortised costs.
Financial liabilities
The Company classifies its financial liabilities into one of the following categories according to the substance of the contractual arrangements entered into: 
• bank borrowings are initially recognised at fair value net of any transaction costs directly attributable to the issue of the instrument. Such interest bearing 
liabilities are subsequently measured at amortised costs using the effective interest rate method, which ensures that any interest expense over the period 
to repayment is charged at a constant rate on the balance of the liability carried in the statement of financial position. Interest expense includes initial 
transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is not settled;
• liability components of convertible loan notes are measured as described further below;
• trade payables and other short-term monetary liabilities, which are initially recognised at fair value and subsequently carried at amortised costs using  
an effective interest method. 
The Company does not have any financial liabilities measured at fair value through profit or loss and does not have any financial liabilities in qualifying hedging 
relationships. 
Convertible debt
The proceeds received on issue of the Company’s convertible debt are allocated into their liability and equity components. The amount initially attributed to  
the debt component equals the discounted cash flows using a market rate of interest that would be payable on a similar debt instrument that does not include 
an option to convert. Subsequently, the debt component is accounted for as a financial liability measured at amortised cost until extinguished on conversion  
of maturity of the bond. The remainder of the proceeds is allocated to the conversion option and is recognised in other reserves within the shareholders’ equity, 
net of income tax effects. 
Borrowing costs
Interest incurred on the bank loans used to fund the construction of the Company’s mining assets or other assets used in mining operations is being capitalised 
as part of the asset’s cost, net of interest received on cash drawn down yet to be expensed. The capitalisation ceases when substantially all the activities 
necessary to prepare the qualifying asset for its intended uses are complete. 
Share capital
Financial instruments used by the Group are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset. 
The Company’s ordinary shares are classified as equity instruments and are recorded at proceeds received, net of direct issue costs. 
Provision for commitments and contingencies
Provisions are recognised when the Company has a present obligation at the reporting date, which occurred as a result of a past event, and it is probable that 
the Company will be required to settle that obligation and the amount of the obligation can be reliably estimated.
Possible obligations that are less than probable, and commitments to make purchases and incur expenditure in future periods, are not recognised as provisions 
but are disclosed as commitments and contingencies.
Provision for site rehabilitation and decommissioning costs and the associated asset is recorded at the present value of the expected expenditure required  
to settle the Company’s future obligations. Actual outcomes may vary. Details regarding the provision for site rehabilitation and decommissioning costs are  
set out in note 22 to the financial statements.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the Company’s accounting policies, the Directors have made judgments and estimates that may have a significant effect on the amount 
recognised in the financial statements. These include:
• carrying value of property, plant and equipment, including estimates made in respect of reserves and resources, discount rate and future gold prices (note 15);
• recoverability of inventories (note 17);
• carrying value of provisions (note 22);
• recognition of deferred taxation assets (note 24);
• carrying value of intangible assets (note 14).
Notes to the financial statements (continued)
year ended 3 1 December 20 1 4 Strategic report  01-13
Governance 14-27
Financial statements 28-53
GoldBridges Global Resources Plc  Annual Report 2014 39
5 Revenue
An analysis of the Company’s revenue is as follows:
     2014 2013
     US$000 US$000
Sale of gold and silver          35,177  42,395
Included in revenues from sale of gold and silver are revenues of US$34,049,000 (2013: US$42,395,000) which arose from sales to the Company’s largest customer 
which is based in Kazakhstan. In the previous year all sales were made to a different customer.
6 Segmental information
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating 
decision maker, who is responsible for allocating resources and assessing performance of the operating segments and making strategic decision, has been 
identified as the Board of Directors.
The Board of Directors consider there to be only one operating segment, the exploration and development of mineral resources, and only one geographical 
segment, being Kazakhstan. The majority of sales were made in Kazakhstan and, therefore, no additional segmental information is presented.
7 Staff costs
The average monthly number of employees (including Executive Directors) was:
     2014 2013
Production         592  515
Administration     176 196
          768  711
Their aggregate remuneration comprised:
     2014 2013
          US$000  US$000
Directors’ emoluments      353  309
Employee wages and salaries      6,820  8,743
Employer social tax and national insurance      707  781
          7,880  9,833
8 Other income
An amount of 138m Tenge paid during the year ended 2013 by Asia Mining Group (AMG) has been offset against sales to AMG of 202m Tenge, being 
US$1,141,000 for the sale by the Company to AMG of surplus parts and consumables. GoldBridges Global Resources Plc  Annual Report 2014 40
//Financial statements
9a Tailings dam leak
A provision of US$9,292,000 was released in 2013, in 2014 the balance of the provision carried forward of US$330,000 has been released as all rehabilitation 
expenses required to be incurred under the agreement with the authorities associated with the tailings dam failure have been met.
Although there is no legal obligation, management decided to design and build a paste plant in order to mitigate the risk of possible future leaks. Paste tailings 
are defined as tailings that have been significantly dewatered to a point where they do not have a critical flow velocity when pumped, do not segregate as they 
deposit and produce minimal (if any) bleed water when discharged from a pipe. 
As well as the advantages of thickened tailings storage, some additional advantages of paste disposal are:
• water storage and retaining ponds can be reduced or even eliminated, reducing the size of tailings dams and potential of tailings dam leaks;
• reduced seepage from the stored paste tailings;
• higher beach slope angles than thickened tailings reduce the footprint of the facility while storing the same volume of material;
• further reduced risk of environmental damage as there is little or no water to aid the transport of the tailings if an embankment breach occurs.  
 
There is no contractual commitment to build the paste plant. The total estimated amount of future expenses related to construction of the paste plant  
is US$2.7m. The amount of actual expenses incurred in 2014 is US$0.9m. The construction is planned to be completed in 2016.
9b Listing expenses
During the year the Company successfully moved to the standard segment of the London Stock Exchange from the Alternative Investment Market. The listing 
required the payment of non-recurring fees to professional advisors, amounting to US$702,000.
9c Impairments
     2014 2013
          US$000 US$000
Akmola Gold LLP     2,227 –
Impairments against other receivables     (1,214) –
          1,013  –
In 2014, subsequent to the termination of the proposed Akmola Gold acquisition, the Company successfully sued Akmola Gold for US$2,000,000, the amount 
it had previously advanced. It was initially agreed that this would be repaid by 31 December 2013. In February 2014 the Appeal Board of Astana upheld the 
decision made by the Specialised Inter-regional Economic Court of Astana in favour of the Company. The amount of US$2,227,000 which included costs and 
interest was finally received in two tranches in December 2014 and January 2015.
Impairments against other receivables relate to advances paid to suppliers, which is the opinion of the Company will not be recoverable.
10 Finance income and finance expense
     2014 2013
          US$000 US$000
Finance income
Bank interest receivable     7   1 
Finance expense
Foreign exchange loss     (1,418) (413)
Unwinding of discount on provisions and other financial liabilities     (331) (364)
Interest payable on convertible bond     – (407)
       (331) (771)
Notes to the financial statements (continued)
year ended 3 1 December 20 1 4 Strategic report  01-13
Governance 14-27
Financial statements 28-53
GoldBridges Global Resources Plc  Annual Report 2014 41
11 Loss before taxation
The loss on ordinary activities before taxation is stated after charging:
     2014 2013
     US$000 US$000
Staff costs (note 7)      7,880  9,833
Depreciation of tangible assets      5,350  5,224
Amortisation of intangible asset      1,023  343
Cost of inventories recognised as expense     17,187 17,277
Fees payable to the Company’s auditors for the audit of the Company and Group financial statements   140 118
Fees payable to the auditors of the Company’s subsidiaries pursuant to legislation    60 72
There were fees payable in the year ended 31 December 2014 of US$22,674 (2013: US$5,790) to the Company’s auditors in respect of taxation advisory services. 
The Audit Committee has reviewed the threats to independence relating to taxation advisory services and found safeguards put in place as appropriate.
12 Taxation
     2014 2013
     US$000 US$000
Current taxation     – 250
Deferred taxation (note 24)     (730) (608)
Total taxation benefit     (730) (358)
There is no current taxation charge for the year ended 31 December 2014, due to the availability of tax losses in each Company.
A reconciliation between the accounting profit and the total taxation benefit from continuing operations is as follows:
     2014 2013
     US$000 US$000
(Loss)/profit before taxation     (985) 1,169
(Loss)/profit for the year multiplied by the standard rate of corporation tax of 21.50% (2013: 23.25%)   (212) 272
Expenses not deductible for tax purposes     396 2,541
Current year tax losses and other temporary differences not recognised    – (572)
Write back of provisions not taxable     1,371  1,066 
Income not subject to tax     (670) (3,210)
Utilisation of tax losses and temporary differences not previously recognised    (2,554) (327)
Effect of different tax rates of subsidiaries operating in other jurisdictions    202 (128)
Foreign exchange movement     737 –
Total (benefit)     (730) (358)
The taxation rate used for taxation on loss on ordinary activities is the standard rate for United Kingdom corporation tax, currently 21.50% (2013: 23.25%), being 
the average applicable rate for the Company in 2014. The rate applicable to the Company’s subsidiaries in Kazakhstan is 20%.
13 (Loss)/profit per ordinary share
The calculation of basic and diluted earnings per share from continuing operations is based upon the retained (loss)/profit from continuing operations for  
the financial year of US$255,000 (2013: profit of US$2,271,000 as restated). 
The weighted average number of ordinary shares for calculating the basic (loss)/profit in 2014 and 2013 is shown below. There were no potential ordinary shares 
outstanding at the reporting date, (2013: nil) and as such the basic and diluted earnings per share are the same.
     2014 2013
Basic and diluted       2,115,470,650   1,003,707,088  GoldBridges Global Resources Plc  Annual Report 2014 42
//Financial statements
14 Intangible assets
      2014
       US$000
Cost
1 January 2013       –
Addition      27,500
31 December 2013       27,500
Adjustments      (2,532)
Translation difference      (4,232)
31 December 2014       20,736
Amortisation
1 January 2013       –
Charge for the year      343
31 December 2013       343
Charge for the year      1,023
Translation difference      (70)
31 December 2013       1,296
Net book value
1 January 2013      –
31 December 2013       27,157
31 December 2014       19,440
The adjustment relates to the recovery of VAT reclaimable on the purchase price of the geological data.
The intangible assets relate to the historic geological information pertaining to the Karasuyskoye Ore Fields. The Ore Fields are located in close proximity  
to the current open-pit and underground mining operations of Sekisovskoye. 
In January 2015, the Company was awarded the subsoil user rights to Karasuyskoye by the Ministry of Investments and Development in Kazakhstan.  
The final subsoil contract terms and conditions, including the new financial incentives offered specifically to the Company through the state programme  
on forced industrial-innovative development (SFIID), has been not awarded however the subsoil user rights awarded gives the Company a pre-emptive right  
to obtain the subsoil contract. The subsoil user rights allows the Company to perform further exploration work in order to complete a work programme which 
will need to be submitted to the authorities for approval. 
The Ministry requires 12 to 18 months from date of issue of the subsoil user rights to perform due diligence checks on the information provided by the 
Company during the tendering process and to prepare the terms of the subsoil contract including any grants, tax reliefs, environmental protection  
requirements etc. Management believes that the final contract will be awarded based on ongoing consultation with the Ministry, compliance with local  
legal and tax regulations and the submission of an appropriate mining programme.
Notes to the financial statements (continued)
year ended 3 1 December 20 1 4 Strategic report  01-13
Governance 14-27
Financial statements 28-53
GoldBridges Global Resources Plc  Annual Report 2014 43
15 Property, plant and equipment – Company
    Motor
    vehicle Equipment Total
    US$000 US$000 US$000
Cost
1 January 2013    – – –
Additions    85 – 85
Currency translation adjustment    5 – 5
31 December 2013    90 – 90
Additions    – 505 505
Currency translation adjustment    (16) (21) (37)
31 December 2014    74 484 558
Accumulated depreciation
1 January 2013    – – –
Additions    16 – 16
Currency translation adjustment    1 – 1
31 December 2013    17 – 17
Charge for the year    22 42 64
Currency translation adjustment    (2) (1) (3)
31 December 2014    37 41 78
Net book value
1 January 2013    – – –
31 December 2013    73 – 73
31 December 2014    37 443 480 GoldBridges Global Resources Plc  Annual Report 2014 44
//Financial statements
15 Property, plant and equipment – Group
 Mining  Freehold, Equipment,  Plant,  Restated
 properties land and fixtures and machinery assets under
 and leases  buildings fittings and vehicles construction Total
 US$000 US$000 US$000 US$000 US$000 US$000
Cost
1 January 2013* 10,401 16,980 15,165 7,352 13,259 63,157
Additions 468 11 1,234 966 8,079 10,758
Disposals – (119) (142) (8) (8) (277)
Currency translation adjustment (187) (378) (330) (178) (397) (1,470)
1 January 2014 10,682 16,494 15,927 8,132 20,933 72,168
Additions 131 58 5,312 1,302 22,040 28,843
Disposals – (563) (1,017) – (131) (1,711)
Transfers 7,211 2,028 1,400 (339) (10,300) –
Currency translation adjustment (1,483) (2,583) (2,770) (1,054) (3,128) (11,018)
31 December 2014 16,541 15,434 18,852 8,041 29,414 88,282
Accumulated depreciation
1 January 2013* 2,983 3,937 10,335 4,323 – 21,578
Charge for the year 647 1,683 2,030 864 – 5,224
Disposals – (5) (91) (30) – (126)
Currency translation adjustment (78) (114) (100) (82) – (374)
1 January 2014 3,552 5,501 12,174 5,075 – 26,302
Charge for the year 432 1,478 2,575 865 – 5,350
Disposals – (60) (988) 574 – (474)
Currency translation adjustment (552) (873) (993) (1,716) – (4,134)
31 December 2014 3,432 6,046 12,768 4,798 – 27,044
Net book value
1 January 2013 7,418 13,043 4,830 3,029 13,259 41,579
31 December 2013 7,130 10,993 3,753 3,057 20,933 45,866
31 December 2014 13,109 9,388 6,084 3,243 29,414 61,238
* The comparative cost and depreciation figures have been restated to reflect assets that have been fully depreciated and the capitalisation of interest.
Capitalised costs of mining property and leases are amortised over the life of the licence from commencement of production on a unit of production basis. 
This basis uses the ratio of production in the period compared to the mineral reserves at the end of the period plus production in the period. Mineral reserves 
estimates are based on a number of underlying assumptions which are inherently uncertain. Mineral reserves estimates take into consideration estimates by 
independent geological consultants. However, the amount of mineral that will ultimately be recovered cannot be known until the end of the life of the mine.  
Any changes in reserve estimates are, for amortisation purposes, treated on a prospective basis. The recovery of the capitalised cost of the Company’s property, 
plant and equipment is dependent on the development of the underground mine. Included within mining properties is an amount of US$750,000 and 
associated foreign exchange of US$150,000 relating to interest that has been capitalised (2013: US$744,000, 2012: US$765,000) (see note 31).
Under the terms of the loan agreement with the European Bank for Reconstruction and Development (EBRD), the Company and its subsidiaries have pledged 
certain assets as security for the loan that was entered into (see note 23 for further details).
The Directors are required to consider whether the non-current assets comprising, mineral property leases, plant and equipment have suffered any impairment. 
The recoverable amount is determined based on value in use calculations. The use of this method requires the estimation of future cash flows and the choice  
of a discount rate in order to calculate the present value of cash flows. The Directors have concluded that no adjustment is required for impairment.
Additions to assets under construction include US$2,112,000 to reflect the change in estimates relating to abandonment and restoration provision (see note 22).
Notes to the financial statements (continued)
year ended 3 1 December 20 1 4 Strategic report  01-13
Governance 14-27
Financial statements 28-53
GoldBridges Global Resources Plc  Annual Report 2014 45
16 Subsidiaries
    Percentage Country of registration 
Name    held and operation
Directly held
Hambledon Mining Company Limited    100 British Virgin Islands
TOO Altai Ken – Bayitu    100 Kazakhstan
Indirectly held
TOO Gornorudnoe Predpriatie Sekisovskoye    100 Kazakhstan
The principal activity of all companies relates to gold mining and production with the exception of Hambledon Mining Company Limited which is an 
investment holding company and is currently dormant.
Investments and loans to subsidiaries – Company
     Subsidiaries 
    Shares loans Total
    US$000 US$000 US$000
1 January 2013    246 27,137 27,383
Loan in relation to Karsuyskoye    – 27,500 27,500
Other movements    – 1,675 1,675
Received    – (462) (462)
Foreign exchange movement     5 (1,000) (995)
31 December 2013    251 54,850 55,101
Net cash movements    – 17,443 17,443
Management charges and interest    – 1,212 1,212
Foreign exchange movement     (15) – (15)
31 December 2014    236 73,505 73,741
The investments together with the loans, which are denominated in US Dollars, represent investments into subsidiaries and in the opinion of the Directors the 
aggregate value of the investments in the subsidiaries is not less than the amount shown in these financial statements. The Directors review the intercompany 
borrowings on a regular basis, together with the associated cash flows of each company, and consider that no impairment is required. 
The historic loans are shown within fixed assets as quasi-equity investments and represent initial funding to subsidiaries. The recent loans to subsidiaries are 
charged at a fixed interest rate of 5% and are repayable in 2019 and these are also included within fixed assets. The foreign exchange movement on the loans/
investments to subsidiaries is to revalue the amounts which are denominated in US Dollars to the year-end exchange rate. The movement is reflected within  
the income statement of the parent company and is eliminated on consolidation. 
17 Inventories
     2014 2013
     US$000 US$000
Spare parts and consumables      4,478 2,571
Work in progress     940 5,102
Finished goods     5,464 1,681
       10,882 9,354
The value of inventories above is stated after impairment for obsolescence and write downs to net realisable value in respect of spare parts and consumables  
of US$873,000 (2013: US$1,285,000) and work in progress of US$114,000 (2013: US$190,000).
The total cost of inventory recognised as an expense is shown in note 11 on page 41. GoldBridges Global Resources Plc  Annual Report 2014 46
//Financial statements
18 Trade and other receivables
Non-current
   Company Company Group Group
   2014 2013 2014 2013
     US$000 US$000 US$000 US$000
Other receivables   –  – 2,553 381
     –  – 2,553 381
Other receivables included within non-current assets relate to an amount recoverable in relation to value added tax (2013: advances for plant and equipment, 
US$381,000).
Current
   Company Company Group Group
   2014 2013 2014 2013
     US$000 US$000 US$000 US$000
Trade receivables   – – 456  89 
Akmola Gold   – recoverable   1,108 2,000 1,108 2,000 
 – provision   – (2,000) – (2,000)
VAT   – recoverable    728  436 5,651  2,843  
 – provision   (728) (436) (728) (436)
Other receivables – recoverable    6  – 324  213  
 – provision   – – (64) –
Prepayments     33  48 3,513  2,737 
     1,147 48 10,260 5,446
In 2012 the Company came to an agreement with Akmola Gold for the refund of amounts paid to them as advances and prepayments, as the original 
agreement signed between the parties had been terminated. This resulted in a write off in 2012 for a total of US$3.6m, including an amount of US$2m for  
a provision against the agreed amount recoverable as negotiated between the parties. This amount has now been recovered with an amount of US$2.3m  
being recovered in total. Of this amount, US$1.01m was received after the financial year-end and is included above. The provision has been fully released  
in the current year.
The trade receivables are stated at full carrying value and their ageing is less than 30 days old. The Directors consider that the carrying value of trade receivables 
approximates to their fair value. 
19 Trade and other payables
Current
   Company Company Group Group
   2014 2013 2014 2013
     US$000 US$000 US$000 US$000
Trade creditors   340 675  13,016  7,030
Other payables and accruals   255 734  2,709  4,482 
      595  1,409   15,725  11,512
Trade creditors and accruals principally comprise amounts outstanding for trade purchases of goods and services. The majority of the trade creditors relate to the 
Company’s trading subsidiaries in Kazakhstan. For most suppliers, interest is not charged on these trade payables. The Company regularly reviews all outstanding 
payables to ensure they are paid within the appropriate timeframe.
The Directors consider that the carrying amount of trade payables approximates to their fair value.
Notes to the financial statements (continued)
year ended 3 1 December 20 1 4 Strategic report  01-13
Governance 14-27
Financial statements 28-53
GoldBridges Global Resources Plc  Annual Report 2014 47
20 Other financial liabilities
     2014 2013
     US$000 US$000
Liability for historic cost      1,035 1,526
Current     326 239
Non-current     709 1,287
       1,035 1,526
The subsoil use contract (the “Contract”), under which TOO Sekisovskoye holds the exploration and mining rights to the Sekisovskoye deposit stipulates that  
it must pay a total of US$3,312,000 to the Kazakhstan Government for historic costs. From 1 January 2009, the balance of the historical costs is being paid on  
a quarterly basis and the final payment is due to be paid on 21 December 2018.
The future historic costs have been discounted to their net present value. This discounted value has been capitalised as property, plant and equipment (note 15) 
and will be amortised over the productive period. Any changes in estimated costs and discount rate are dealt with prospectively and result in a corresponding 
adjustment to property, plant and equipment.
21 Related party transactions
Renumeration of key management personnel
The remuneration of the Directors, who are the key management personnel of the Company, is set out below in aggregate for each of the categories specified 
in IAS 24 – “Related Party Disclosures” . Further information about the remuneration of the individual Directors is set out in the audited section of the report on 
Directors’ remuneration on page 23.
     2014 2013
     US$ US$
Short-term employee benefits       353,084  292,614
Other      –  16,638
      353,084  309,252
Social Security costs       28,515  19,915
       381,599 329,165
During the year ended 31 December 2014, US$nil (2013: US$7,974), was accrued to Ellenkay Gold Ltd for the provision of the services of Ken Crichton. 
During the year the following transactions were connected to the companies controlled by the Assaubayev family: 
• an interest free loan of US$149,000 was made to the parent company, by Amrita Investments Limited to pay certain creditors in 2013. This amount was  
repaid in 2014;
• purchases totalling US$5.6m and sales amounting US$1.1m were made to Asia Mining Group for the supply and sale of equipment and spares. At the year-
end, a net amount of US$3.1m is due to Asia Mining Group and this is included under trade payables (2013: US$nil). The amount advanced by Asia Mining 
Group amounting to US$594,000 in the prior year was repaid in the year;
• an amount of $881,000 (140m Tenge) was paid to Altyn Group LLP for professional services in 2013, and carried forward in prepayments last year and 
an additional 20m Tenge was paid this year. This amount was utilised in 2014, being expenses in relation to a new paste plant and has accordingly been 
capitalised in line with the Company’s accounting policies;
• an amount of $113,000 (20m Tenge) was paid to TOO PrinCo Tech Service for the provision of printing services. The amount has been expensed and  
is included within administrative expenses in the year;
• 358,172,447 shares were issued to African Resources Limited who participated in the placing in February 2014, see note 25. The amount paid for shares 
acquired was US$7,790,251. GoldBridges Global Resources Plc  Annual Report 2014 48
//Financial statements
22 Provisions
   Tailings Abandonment 
   dam leak  and restoration Holiday pay Total
   US$000 US$000 US$000 US$000
1 January 2013   10,471 6,549 303 17,323
Change in estimate of provision   (9,269) – – (9,269)
Addition   – – 21 21
Unwinding of discount   – 316 – 316
Paid during the year   (742) – – (742)
Currency translation adjustment   (130) (160) (7) (297)
1 January 2014   330 6,705 317 7,352
Change in estimate of provision   (330) 2,112 449 2,231
Unwinding of discount   – 286 – 286
Paid during the year   – (651) (413) (1,064)
Currency translation adjustment   – (1,052) (18) (1,070)
31 December 2014   – 7,400 335 7,735
31 December 2013
Current   330 – 317 647
Non-current   – 6,705 – 6,705
     330 6,705 317 7,352
31 December 2014
Current   – – 335 335
Non-current   – 7,400 – 7,400
     – 7,400 335 7,735
Tailings dam leak
Details in relation to the re-calculation of the provision are given in note 9a on page 40 of the financial statements.
Abandonment and restoration costs
In accordance with the provisions of the subsoil use contract (the “Contract”), TOO Sekisovskoye is liable for site restoration costs upon completion of production 
activities. It is not possible to predict accurately the amount which might ultimately be payable for site restoration as it includes assumptions such as inflation 
in Kazakhstan over the life of the Contract which are inherently uncertain. An estimate of the future cost of restoration has been discounted and a provision 
recognised. The discounted amount for cost of restoration has been capitalised as a tangible fixed asset (note 15) and will be amortised using the unit of 
production method over the life of the mine.
In accordance with the subsoil use agreement, TOO Sekisovskoye has established a cash fund to pay for the cost of restoration. The cash fund is maintained  
in a separate bank account in the name of TOO Sekisovskoye. TOO Sekisovskoye is required to contribute each year an amount equal to 1% of its operating 
expenses to this fund. Any transfers from the bank account require the authorisation of the Government of Kazakhstan. This fund will be used to pay for the  
costs of restoration as and when they become due. If the funds in the account are insufficient to pay for the costs, TOO Sekisovskoye will be required to pay  
any deficit. If there are funds surplus to those required for restoration these will be returned to TOO Sekisovskoye. At 31 December 2014 there was US$260,000 
(being 47,401,000 Tenge) (2013: US$301,000 – being 46,401,000 Tenge) on deposit in the bank account maintained for restoration costs.
Notes to the financial statements (continued)
year ended 3 1 December 20 1 4 Strategic report  01-13
Governance 14-27
Financial statements 28-53
GoldBridges Global Resources Plc  Annual Report 2014 49
23 Borrowings
Secured borrowings at amortised cost
     2014 2013
     US$000 US$000
Current liabilities   
Due within one year      3,333  894
Non current liabilities
Due within one – two years      3,333   3,333 
Due two – five years      3,334   6,664 
Bank loan       6,667  10,000
In 2012, two of the Company’s subsidiaries, Altai Ken-Bayitu LLP (“AKB”) and Sekisovskoye LLP (“Sekisovskoye”) entered into a loan agreement with the European 
Bank for Reconstruction and Development (EBRD). The principal terms of the loan are as follows:
• the loan is to AKB and Sekisovskoye, on a joint and several basis, and repayable in quarterly instalments between 10 January 2015 and 10 October 2017;
• interest on drawn amounts will be charged at a rate of three months London Inter Bank Rate (LIBOR) plus 7% pa. The effective interest rate  
in the period was 7.5% (2012: in the range from 7.5% to 7.8%);
• the Company and its subsidiaries have to comply with a number of financial and non-financial covenants as part of the loan agreement.
Interest of US$189,000 (2013: US$184,000) has been accrued and is included within other payables and accruals (see note 20).
24 Deferred taxation
Deferred taxation asset/(liability)
    Accelerated
   Taxation  taxation
   losses  depreciation Other Total
   US$000 US$000 US$000 US$000
1 January 2013   311 166 79 556
Credit to income   576 3 29 608
Currency translation   (14) (3) (2) (19)
1 January 2014   873 166 106 1,145
Credit to income (see note 12)   626 112 (8) 730
Credit to other comprehensive income   737 – – 737
Currency translation   (164) (25) (16) (205)
31 December 2014   2,072 253 82 2,407
Deferred tax assets and liabilities are offset were they arise within the subsidiaries in Kazakhstan.
The tax losses arising in the prior periods will reduce the Company’s and its subsidiaries’ future tax liabilities. Deferred tax assets are recognised as the Directors 
believe that sufficient taxable profits will be made against which the carried forward losses can be offset. 
Unutilised taxation losses arising in Kazakhstan of US$2.3m (2013: US$873,000) are available to carry forward for a maximum of 10 years. The tax losses available 
to carry forward expire as follows: US$1.4m in 2024, US$570,000 in 2023, US$120,000 in 2022, and US$183,000 in 2021.
Unrecognised deferred taxation asset
The unrecognised deferred taxation asset is as follows:
      Restated
     2014 2013
     US$000 US$000
Temporary differences      267  746
Tax losses     19,200 10,600
     19,467  11,346
Included within the unrecognised tax losses above is an amount of US$11.2m (2013: US$10.6m) in relation to the Company and US$8m (2013: US$nil) in relation 
to Kazakh subsidiaries. This amount has been carried forward as the Directors do not believe there will be sufficient taxable profits in the future to offset the 
losses incurred. GoldBridges Global Resources Plc  Annual Report 2014 50
//Financial statements
25 Called-up equity share capital
Issued and fully paid
     Number US$000
1 January 2013     979,721,513 1,684
Issued during the year
Conversion of convertible loan notes     583,648,617 951
At 31 December 2013 and 1 January 2014     1,563,370,130 2,635
Issued during the year 
Share placements     647,972,000 1,067
31 December 2014      2,211,342,130 3,702
During January and February 2014, the Company issued 647,972,000 new ordinary shares of 0.1p each. Of this amount, 358,172,447 shares were issued  
to African Resources Limited, a company controlled by the Assaubayev family. Net proceeds of US$22.7m were raised in order to fund the capital expenditure  
in connection with the development of the underground mine and to provide additional working capital.
26 Notes to the cash flow statement
Net cash inflow from operating activities
      Company   Group
   2014 2013 2014 2013
   US$000 US$000 US$000 US$000
(Loss)/profit before taxation    4,902 (4,592) (985) 1,913
Adjusted for:
Finance income   (722) – (7) (1)
Finance expense   – – 331 771
Depreciation of tangible fixed assets   64 16 5,350 5,224
Amortisation of intangible asset   – – 1,023 343
(Decrease)/Increase in provisions   191 436 – (9,252)
(Increase)/Decrease in inventories   – – (3,013) 4,025
(Increase) in trade and other receivables   (3,259) (281) (4,391) (1,594)
(Decrease) in other financial liabilities   – – (184) (36)
(Decrease)/Increase in trade and other payables   (662) 1,086 4,905 5,208
Loss on disposal of property, plant and equipment   – – 1,237 151
Foreign exchange loss   (4,755) 1,447 1,418 413
Cash inflow from operations   (4,241) (1,888) 5,684 7,165
Income tax paid   – – (83) (24)
     (4,241) (1,888) 5,601 7,141
27 Financial Instruments
Policy on financial risk management
The Company’s principal financial instruments comprise cash and cash equivalents, trade receivables, trade and other payables, provisions, other financial 
liabilities and borrowings. The Company’s accounting policies and methods adopted, including the criteria for recognition, the basis on which income and 
expenses are recognised in respect of each class of financial asset, financial liability and equity instrument are set out in note 4 – “accounting policies” .  
The Company does not use financial instruments for speculative purposes. The carrying value of all financial assets and liabilities approximates to their fair value.
Capital risk management
The Company was financed by equity and debt in the years ended 31 December 2012 and 2013. It is the intention of the Directors that the Company 
should continue to be financed by a mixture of debt and equity as appropriate, to maintain a robust financial position to support its business and maximise 
shareholders value. In the year ended 31 December 2014 the Company entered into a convertible loan note that was subsequently converted to equity  
to finance the purchase of the geological data for an amount of US$27.5m. Equity of US$23m was raised gross of expenses after the year-end.
Derivatives, financial instruments and risk management
The Company does not use derivative instruments or other financial instruments to manage its exposure to fluctuations in foreign currency exchange rates, 
interest rates and commodity prices.
Notes to the financial statements (continued)
year ended 3 1 December 20 1 4 Strategic report  01-13
Governance 14-27
Financial statements 28-53
GoldBridges Global Resources Plc  Annual Report 2014 51
27 Financial Instruments continued
Foreign currency risk management
The Company and its subsidiaries have transactional currency exposures. Such exposures arise from sales or purchases by the Company’s two subsidiaries in 
Kazakhstan in currencies other than the Company’s functional currency. The functional currency of TOO Altai Ken-Bayitu and TOO Gornorudnoe Predpriatie 
Sekisovskoye is the Kazakh Tenge. The Company and Hambledon Mining Company Limited have a functional currency which is the United Kingdom Pound 
Sterling. The currency transactions giving rise to this foreign currency risk are primarily US Dollars denominated revenues, US Dollars denominated borrowings 
and other financial liabilities and certain US Dollars denominated trade payables. The Company and its subsidiaries do not enter into hedging positions in 
respect of its exposure to foreign currency risk.
The carrying amounts of the Company’s and its subsidiaries’ foreign currency denominated net monetary assets and monetary liabilities at 31 December 2014 
are as follows:
 2014 US$000    2013 US$000
  Functional currency   Functional currency 
Currency of the monetary asset/liability GBP KZT Total GBP KZT Total
USD 1,978 (10,000) (8,022) – (10,894) (10,894)
GBP (17) – (17) (1,349) – (1,349)
KZT – (4,439) (4,439) – (4,052) (4,052)
Net monetary position   (12,478)   (16,295)
Sensitivity analysis
A 20% strengthening, or weakening, of any one of the above currencies against the US Dollar which the Directors consider to be a reasonably possible change 
for the purpose of sensitivity analysis, is shown below.
The table below shows the impact of changes in exchange rates on the result and financial position of the Group:
      2014
      US$000
20% weakening of the Kazakh Tenge against the US Dollar      (2,000)
20% weakening of the British Pound Sterling against the US Dollar      396
Commodity price risk
The Company is exposed to the effect of fluctuations in the price of gold and silver which are quoted in US Dollars on the international markets. The Company 
prepares annual budgets and periodic forecasts including sensitivity analyses in respect of various levels of prices of these metals.
The Company’s only significant sales during the years ended 31 December 2014 and 2013 were sales of gold dore containing gold and silver. The sales proceeds 
for gold dore is fixed by reference to the gold and silver prices on the day of sale. The Company does not plan in the future to hedge its exposure to the risk of 
fluctuations in the price of gold or silver and therefore it held no financial instruments that are sensitive to commodity price changes at either reporting date.
Credit risk
Credit risk refers to the risk that a counter-party will default on its contractual obligations resulting in a financial loss to the Company. The Company has adopted 
a policy of only dealing with creditworthy counter-parties. The Company’s exposure and the credit ratings of its counter-parties are monitored by the Board  
of Directors to ensure that the aggregate value of transactions is spread amongst approved counter-parties.
The Company’s principal financial assets are cash and cash equivalents, trade debtors and other accounts receivables. Cash equivalents include amounts held  
on deposit with financial institutions.
The credit risk on liquid funds held in current accounts and available on demand is limited because the Company’s counter-parties are mainly banks with high 
credit-ratings assigned by international credit-rating agencies.
Trade receivables comprise amounts receivable from a refinery in respect of sales of gold dore. On the sale of the gold dore, payment is received on shipment.
Other accounts receivable consist mostly of prepayments for goods and services by the Company’s subsidiaries in Kazakhstan. There were no significant 
balances at 31 December 2014 and 2013 in respect of which suppliers had defaulted on their obligations. A full provision was made against amounts 
recoverable in relation to Akmola Gold last year of US$2m. The amount was recovered in the current financial year and the provision reversed. A provision  
has been made in the parent company financial statements in relation to the recovery of VAT and the Company is currently in dialogue with the UK tax 
authorities to recover the amount due.
A VAT balance relating to the Kazakhstan companies in the amount of US$7,243,000 is considered to be fully recoverable. This is consistent with the history  
of repayments received by these entities.
The Company’s maximum exposure to credit risk is limited to the carrying amount of financial assets recorded in the financial statements. GoldBridges Global Resources Plc  Annual Report 2014 52
//Financial statements
27 Financial Instruments continued
Liquidity risk
During the year ended 31 December 2014, the Company was financed by internally generated funds, equity finance and long-term bank borrowings.  
There were bank borrowings of US$10m at 31 December 2014 (2013: US$10m).
The following tables detail the Company’s and its subsidiaries’ remaining contractual maturity for its financial liabilities. The tables have been drawn up based 
on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company and its subsidiaries can be required to pay. The table 
includes both interest and principal cash flow.
   Trade  Other
   and other  financial 
  Borrowings payables Provisions liabilities Total
Group  US$000 US$000 US$000 US$000 US$000
31 December 2014
From two to five years   3,333  – – 556  3,889 
For one to two years   3,333  – – 239  3,572 
Due after more than one year   6,666  – – 795  7,461 
Due within one year   3,334   15,725  335 239  19,633 
    10,000   15,725  335 1,034  27,094
31 December 2013
From two to five years   10,000  –  –   1,048   11,048 
For one to two years  –  –  –   239   239 
Due after more than one year   10,000  –  –   1,287   11,287 
Due within one year   894   11,512   317   239   12,962 
    10,894   11,512   317   1,526   24,249 
   Trade  Other
   and other  financial 
  Borrowings payables Provisions liabilities Total
Company  US$000 US$000 US$000 US$000 US$000
31 December 2014
Due within one year  –  595  – –  595 
31 December 2013
Due within one year  – 1,409 – – 1,409
Borrowings and interest rate risk
The Company and its subsidiaries entered into a long-term borrowing agreement with the European Bank for Reconstruction and Development (EBRD)  
on 21 February 2012 in order to fund capital commitments. Interest is payable at 7% pa above Libor. A 1% increase in the rate of interest would result in  
an additional US$70,000 (2013: US$100,000) being capitalised.
The Company places surplus funds on short-term deposit (maximum three months) in Pound Sterlings with an interest rate fixed at the prevailing market rate.  
The Company’s exposure to such interest rate risk is not material.
28 Commitments and contingencies
General conditions
In recent years, the Republic of Kazakhstan has undergone substantial political and economic change. As an emerging market, the Republic of Kazakhstan does 
not possess a well-developed business infrastructure such as generally exists in a more mature free market economy. As a result, operations carried out in the 
Republic of Kazakhstan can involve risks which are not typically associated with those in developed markets. Significant identified risks have been provided for,  
or disclosed in these financial statements as appropriate.
(a) Contractual liabilities
Subsoil use rights are not provided to the Company on an indefinite basis, and each renewal shall be approved before the current contract or license expires. 
These rights can be cancelled by the Government of the Republic of Kazakhstan (hereinafter referred to as “the Government”) if the Company does not fulfil  
its contractual liabilities.
Notes to the financial statements (continued)
year ended 3 1 December 20 1 4 Strategic report  01-13
Governance 14-27
Financial statements 28-53
GoldBridges Global Resources Plc  Annual Report 2014 53
28 Commitments and contingencies continued
Deposit development costs
In accordance with the subsoil use contract, the Company has an approved working programme which may be reviewed and reconsidered depending on  
the economic viability and operational conditions of the deposit. The management of the Company believes it has fulfilled the requirements of the contract.
Training for Kazakhstani specialists
In accordance with the terms of the contract the Company is liable for the annual costs incurred in respect of professional training of the Kazakhstani  
personnel involved in the work. The costs are estimated to be at least 1% of the operational costs during the development and operational process.  
As at 31 December 2014 the Company has met the conditions of the contract.
Development of the social sphere of the region
According to the terms of the contract, the Company is liable for supporting development and ensuring social support for the activity of communities near  
the area of operations of the Company. As at 31 December 2014, the Company has met all the conditions of the contract.
Liabilities on the restoration of the mine
Within eighty calendar days upon the expiration of the contract the Company is liable for the development of the mine restoration programme and its 
inspection by the competent authority of the Government of the Republic of Kazakhstan. The Company is liable for implementation of the programme  
upon its approval.
(b) Insurance
In accordance with the subsoil use contract the Company is liable for the development of the insurance programme and its submission for approval by  
the competent authority.
The Company has several contracts of obligatory insurance including insurance of vehicle owners, employer’s liability and insurance of the subsoil users’ liability 
where the activity of such subsoil users is connected to damage to third parties.
(c) Court proceedings
Claims on the Company are periodically set out in the courts along with the Company’s activities. As at the reporting date, there are no material claims against 
the Company.
(d) Taxation risks
The tax system of Kazakhstan, being relatively new, is characterised by frequent changes to the legal norms, official interpretations and court decisions,  
which are often not explicit and can be contradictory. This leads to differing interpretations by the tax authorities. The examination and investigation of  
the accounts to ensure that the tax payable is accurate is carried out by several regulatory bodies. These bodies have the power to impose heavy fines  
and penalties. The accuracy of the tax computation can be investigated five calendar years after the end of the accounting period. In certain circumstances  
this period can be increased.
These circumstances may lead to the taxation risks being much higher in Kazakhstan compared to other countries. The management of the Company,  
based on their understanding of the tax legislation, regulatory requirements and court decisions, considers the tax liabilities to be fully reflected in the  
accounts. Nevertheless, the interpretation of these provisions by the corresponding authorities can be different and in that case should the authorities  
prove the lawfulness of their position, it may significantly affect these financial accounts.
29 Subsequent events
Equity raising
On 20 April 2015 the Company completed a placing, raising £3.4m (US$5.0m) through a placing of 123,000,000 new shares at a price of 2.80p per share.  
The total number of shares following the issue of the shares will be 2,334,342,130.
30 Ultimate controlling party
The controlling party and parent entity of the Company is African Resources Limited, by virtue of the fact that it owns 61.69% (2013: 69.2%) of the voting rights  
in the Company.
The ultimate controlling party is the Assaubayev family, by virtue of the fact that they are the controlling party of African Resources Limited.
31 Prior year adjustment 
For the previous two years interest on loans used to finance assets under construction was charged to the profit and loss account. In the year to 31 December 
2014, the Directors have reviewed this treatment and consider that as the loan relates to funds specifically provided for the construction of the underground 
mine. Interest should be capitalised in accordance with International Accounting Standard 23. This has been accounted for as a prior period error as the 
requirements of the standard were not applied correctly. The interest on the loans amounted to US$744,000 in 2013 and US$765,000 in 2012. The amendments 
to correct the prior periods are reflected in these financial statements. 
The impact on EPS for the year ended 31 December 2013 was an increase of 0.07c.  GoldBridges Global Resources Plc  Annual Report 2014 54
Directors
Kanat Assaubayev Chairman
Aidar Assaubayev Chief Executive Officer 
Ken Crichton Executive Director
Ashar Qureshi Non-Executive Director
William Trew Non-Executive Director
Alain Balian Non-Executive Director
Secretary 
Rajinder Basra FCA
Registered office and number
Company number: 5048549
28 Eccleston Square
London 
SW1V 1NZ
Telephone: +44 (0) 20 8932 2455
Web
www.goldbridgesplc.com
Kazakhstan office
10 Novostroyevskaya
Sekisovskoye Village
Kazakhstan
Telephone: +7 (0) 72331 27927
Fax: +7 (0) 72331 27933
Financial advisers and brokers
Strand Hanson Limited
26 Mount Row 
Mayfair 
London 
W1K 3SQ 
Telephone: +44 (0) 20 7409 3494 
Cantor Fitzgerald
1 Churchill Place
Canary Wharf
London 
E14 5RB
Telephone: +44 (0) 20 7894 7000
Auditors to the Group
BDO LLP
55 Baker Street
London 
W1U 7EU
Telephone: +44 (0) 20 7486 5888
BDO Kazakhstanaudit, LLP
56 “A” , micro region 6
Almaty city, 050036
Kazakhstan
Registrars
Neville Registrars
18 Laurel Lane
Halesowen
West Midlands 
B63 3DA
Telephone: +44 (0) 121 585 1131
Lawyers 
Gowlings (UK) LLP 
15th Floor  
Old Broad Street 
London 
EC2N 1AR 
Telephone: +44 (0) 20 3004 3500 
Cleary Gottlieb Steen & Hamilton LLP
City Place House
55 Basinghall Street
London
EC2V 5EH
Telephone: +44 (0) 20 7614 2200
Bankers 
Natwest Bank plc 
London City Commercial Business Centre  
7th Floor, 280 Bishopsgate 
London  
EC2M 4RB 
LGT Bank
Herengasse 12
FL-9490 Vaduz
Liechtenstein
Telephone: + 423 235 11 22
Company information GoldBridges Global Resources Plc  Annual Report 2014 55
Glossary of terms
The tenor or concentration by weight of a metal in a mineral deposit or ore.
Metres above sea level.
A metric tonne of 1,000 kilograms.
Troy ounce.
Grammes per tonne of mineralised rock.
Australasian code for the reporting of exploration results, mineral resources and ore reserves (Joint Ore Reserves 
Committee). See www.jorc.org/main.php 
A concentration or occurrence of solid material of economic interest in such form, grade (or quality), and quantity that 
there are reasonable prospects for eventual economic extraction. The location, quantity, grade (or quality), continuity 
and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological 
evidence and knowledge, including sampling. 
That part of a Mineral Resource for which quantity, grade (or quality), densities, shape and physical characteristics are 
estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine 
planning and evaluation of the economic viability of the deposit. Geological evidence is derived from adequately 
detailed and reliable exploration, sampling and testing gathered through appropriate techniques from locations 
such as outcrops, trenches, pits, workings and drill holes, and is sufficient to assume geological and grade (or quality) 
continuity between points of observation where data and samples are gathered. An Indicated Mineral Resource has a 
lower level of confidence than that applying to a Measured Mineral Resource and may only be converted to a Probable 
Ore Reserve.
That part of a Mineral Resource for which quantity and grade (or quality) are estimated on the basis of limited 
geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade 
(or quality) continuity. It is based on exploration, sampling and testing information gathered through appropriate 
techniques from locations such as outcrops, trenches, pits, workings and drill holes. An Inferred Mineral Resource has 
a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to an 
Ore Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated 
Mineral Resources with continued exploration.
The economically mineable part of a Measured and/or Indicated Mineral Resource. It includes diluting materials and 
allowances for losses, which may occur when the material is mined or extracted and is defined by studies at Pre-
Feasibility or Feasibility level as appropriate that include application of Modifying Factors. Such studies demonstrate 
that, at the time of reporting, extraction could reasonably be justified. The reference point at which Reserves are defined, 
usually the point where the ore is delivered to the processing plant, must be stated. It is important that, in all situations 
where the reference point is different, such as for a saleable product, a clarifying statement is included to ensure that 
the reader is fully informed as to what is being reported.
The economically mineable part of an Indicated, and in some circumstances, a Measured Mineral Resource.  
The confidence in the Modifying Factors applying to a Probable Ore Reserve is lower than that applying to a  
Proved Ore Reserve.
A term used to describe mineral resources and mineable reserves which are not static as additional resource 
delineation is not yet complete, and engineering calculations are pending. As such what might be a mineral resource 
today may be a mineable reserve tomorrow.
Grade
masl
Tonne
oz
g/t
JORC code
Mineral resource
Indicated resource
Inferred resource
Ore reserve
Probable reserve
Mineral inventory GoldBridges Global Resources Plc  Annual Report 2014 56
GoldBridges Global Resources Plc
(Incorporated in England and Wales with registered number 05048549)
This page has been left intentionally blank. Design & production
www.carrkamasa.co.uk GoldBridges  
Global Resources Plc
28 Eccleston Square
London
SW1V 1NZ
www.goldbridgesplc.com
GoldBridges Global Resources Plc Annual Report 2014