GoldBridges Global Resources Plc 
Annual Report 201 5
C
GoldBridges  
Global Resources Plc
Annual Report 20 1 5
GoldBridges Global Resources Plc Annual Report 2015 GoldBridges Global Resources Plc 
Annual Report 201 5
At a glance
GoldBridges’ main asset is its 100% interest in the 
Sekisovskoye gold mine in North East Kazakhstan 
with probable reserves of 2.26Moz. The Company 
has a strategy to deliver transformational growth  
at Sekisovskoye, as it completes the move from an 
open pit mine to a solely underground operation. 
The mining licence for Sekisovskoye is valid until  
18 July 2020 with a 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 of Karasuyskoye ore fields and 
this is expected to lead to a sub-soil user contract 
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, each 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. 
During 2015 the Company reviewed its approach 
to mining Sekisovskoye, and decided to adopt  
a decline strategy rather than sinking a shaft. The 
development plan was adjusted accordingly with  
a revised mining method and an updated capital 
expenditure budget. 
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. The family’s 
shareholding currently stands at 61.69%.
Our focus 
The focus in 2015 shifted from production from the open pit to the 
underground development. Inevitability, this has had an effect on 
current year results as time, money and resources were spent on 
re-positioning the Company to unlock the significant potential of the 
underground mine. The key highlights are documented below: 
Welcome to GoldBridges 
Global Resources Plc
Once the underground 
mine is operating at full 
capacity, the Company 
expects gold poured 
annually to increase  
from the current level 
achieved in 2015 to 
100,000oz by 2019, 
with the initial increase 
expected in H2 2016. 
To read more about GoldBridges Global Resources Plc 
please visit our website www.goldbridgesplc.com
 ■ Detailed plans developed internally using advice from 
external consultants leading to a revised approach to 
the development of the mine and a reduction in capex 
requirement – expansion capex now reduced to an external 
funding requirement of US$20-US$30m, of which US$10m 
was raised in 2016.
 ■ Approximately 570m of development undertaken on second  
 transportation decline to date.
 ■ Transportation decline on track for completion by May 2016  
 allowing an underground production run rate  
 of 500,000t/year.
 ■ The Company is actively pursuing the balance of funds,  
 the expected requirement is in H2 2017. 
 ■ Loss of US$(10.2m) (2014: US$(0.25m)), and a total 
comprehensive loss to include exchange differences  
of US$(40m) (2014: US$(9m)).
 ■ Equity raising of US$5.1m completed in April 2015.
 ■ Turnover decreased in the year to US$24m (2014: US$35.2m), 
 principally a reflection of the time and resources spent  
 on the development of the underground workings. 
 ■ 20,890 oz of gold sold (2014: 27,959oz), a reduction  
 of 7,069oz. 
 ■ Decrease in finished gold stockholding to 1,819oz  
 (2014: 7,307oz), a reflection of decreased production.
 ■ Average gold price achieved (including silver as a by- 
 product), US$1,151/oz, (2014: US$1,258/oz). 
 ■ Adjusted EBITDA (Earnings before interest, tax, depreciation  
 and amortisation), of US$(2.3m) (2014: positive US$5.3m).
 ■ Net asset value decreased as the Kazakh Tenge devalued  
 against the US dollar – however, no practical impact on the  
 Company’s value.
 ■ Gold poured 15,534oz, (2014: 32,994oz) a 52.9% decrease  
 year-on-year, principally due to the winding down of the  
 open pit and development of the underground.
 ■ Gold grade 1.12g/t, (2014: 1.81g/t). The reduction is  
 a reflection of the processing of the lower grade ore from  
 the open pit and use of low grade ore stock piles, in order  
 to maximise throughput while the underground  
 developments continue. 
 ■ Cash cost of production US$837/oz (2014: US$834/oz). 
 ■ Gold recovery rate 76.04% (2014: 83.3%) was due to variable  
 grade and ore composition, it is expected to increase to  
 over 80% after plant improvements.
Underground development
Financial highlights
Operational highlights Strategic Report
Governance
Financial Report
GoldBridges Global Resources Plc 
Annual Report 201 5
01
Contents
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 
Strategic Report Areas of exploration
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
Governance
 Sekisovskoye Karasuyskoye Ore Fields
Consolidated statement of profit or loss 28
Consolidated statement of  
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
Notice of Annual General Meeting 54
Company information 60
Glossary of terms 61
Financial Statement
In January 2015, the Company was awarded the 
tender to perform further confirmatory testing 
in order to gain the subsoil user contract to the 
Karasuyskoye Ore Fields. The final subsoil contract 
terms and conditions, including the new financial 
incentives now offered specifically to the Company 
through the state programme on forced industrial-
innovative development (SFIID), have taken longer 
to finalise than originally anticipated but should  
be forthcoming in 2016. These additional terms  
are still expected to include investment incentives 
and tax reductions. 
The geological data that the Company acquired 
indicates that there are several mineralised zones 
at Karasuyskoye and this leads the Company to 
believe that this project 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 
a feasibility study and an independent Competent 
Persons Report (CPR) to international standards  
in the longer term. 
During 2015, the Company performed data 
validation exercises to confirm the accuracy of the 
existing geological data. The results obtained did 
not indicate that the value of the asset as shown  
in the financial statements should be impaired.
The Company was granted all required approvals 
to include legal, environmental and economic 
expertise reviews. The project, including the 
working programme, was updated for the technical 
comments of the Central Mining Exploration and 
Development Commission of Kazakhstan. The 
subsoil contract is expected to be approved  
in H2 2016.
On completion of a (CPR), the Company envisages 
progressing towards mining from the Karasuyskoye 
Ore Fields, primarily using cash generated from 
existing operations. 
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 2015, 15,534oz of gold  
was produced. 
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 development plan to 
increase annual gold production to 100,000oz. 
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 per year to 1 million tonnes  
per year.
During 2015, the open pit mine closed, and 
increased decline access to the deeper underground 
reserves has commenced at Sekisovskoye, with 
production from the underground mine planned  
to increase incrementally between 2016 and 2019.
KAZAKHSTAN
Russia
Russia
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1 2 GoldBridges Global Resources Plc 
Annual Report 201 5
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Chairman’s Statement
Dear shareholders,
During the year, we continued with the move 
from the open pit gold mine at Sekisovskoye to 
a solely underground operation, and this process 
is to be completed in the near term. Mid-year, 
we announced our decision to access our 
substantial gold reserves by developing a decline 
underground, rather than by sinking a shaft as 
described in the Venmyn Deloitte CPR that we 
released in November 2014. 
In that report, the overall capital expenditure 
(capex) outlay was estimated to be US$130m  
for the shaft based solution. Based on our current 
plans, the overall capex requirement to achieve 
100,000oz of production in three years is now only 
estimated to be US$42m, of which only US$20-
US$30m needs to be externally funded. US$10m  
of this total has already been successfully raised.
As previously announced, GoldBridges has 
already commenced development of the new 
transportation decline, improving access to its 
significant deeper gold reserves. Development  
of the decline is well underway. 
Construction of the portal in the open pit, which 
is in the process of being closed, has already 
commenced. As part of the preparation of the 
underground mine for more extensive mining in 
2016, the Company is in the process of sourcing 
the capital equipment required from various 
providers. It will include the purchase of larger 30 
tonne underground trucks, a load-haul-dumper 
and associated equipment. A drilling rig is already 
commissioned for underground works. On 
completion of the second decline development, 
the Company will again have the capacity to 
increase gold production from Sekisovskoye. This 
is expected to have a marked effect on production 
in H2 2016.
Unsurprisingly, our gold production fell from 
32,994oz in 2014 to15,534oz in 2015 as the open 
pit part of Sekisovskoye wound down and is 
expected to close.
In April 2015, we announced a successful capital 
raising of £3.4m (US$5.1m), through the placing 
of 123m new shares at a price of 2.8p/share, and 
we thank our existing and new shareholders 
for their support and belief in our business. The 
net proceeds of this placing have been used to 
fund working capital and the expansion of our 
underground mine.
In terms of the gold market, we have witnessed 
another challenging year as the gold price fell 
by around US$200/oz during the course of 2015, 
putting more pressure on higher cost producers. 
Currently the gold price is in the range of  
US$1,200-1,250oz.
Fortunately for Kazakh mine operators, our local 
currency, the Tenge, fell from around 182KZT to 
339KZT to the US dollar in 2015 and has further 
weakened to current levels of about 340KZT to 
the US dollar. This devaluation was due to the 
National Bank of Kazakhstan taking the decision 
to allow the currency to float. This was as a result 
of weakening currencies of some of Kazakhstan’s 
key trading partners, such as China and Russia, 
and the National Bank of Kazakhstan will now 
target inflation rate control rather than its currency 
valuation. Given that a significant portion of our 
operating costs are Tenge denominated, while the 
sales of gold are linked to US dollar prices, this has 
aided us in lowering costs in US dollar terms. 
With recent currency based developments in mind, 
we continue to believe that we are located in  
the right country in terms of our gold operations, 
and will continue to focus on Kazakhstan and 
other neighbouring Central Asia countries for our 
business development going forwards. Kazakhstan 
is immensely resource rich, has a motivated and 
able mining workforce, and is becoming even 
more cost effective. Changes to mining code are 
underway with the overarching aim to attract more 
direct foreign investment in the country. All in all, 
we continue to see a strong natural resources long 
term future in Kazakhstan, not withstanding near 
term difficulties faced by weaker commodity prices.
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 
29 April 2016
“2015 has been a year of operational 
transition for GoldBridges, and one 
which has seen the challenges of  
the gold market persist.”
Equity raised
570m
Total of 570m of decline development  
to date, of second (additional) decline.
US$5.1m
During 2015 123m shares were issued  
raising a total of US$5.1m.
Underground development Strategic Report
Governance
Financial Report
GoldBridges Global Resources Plc 
Annual Report 201 5
03
Chief Executive 
Officer’s Review
Overview
During 2015, our operational performance at 
Sekisovskoye was affected by the winding down 
of our open pit operations and the management 
and team re-focusing on developing the decline 
to access our higher grade underground reserves. 
This necessitated the closure of operations for two 
months at the ore mining facility. This was required 
in order to make modifications and upgrades 
to transition to the underground operation. Our 
reduced gold production together with the lower 
global price of gold has led inevitably to a decrease 
in revenue, however we have maintained tight 
control of costs, which will have a positive impact 
as the Company revenue increases in the medium 
term. Management has taken the opportunity 
to review the assets and operations and made 
impairments as necessary. 
Expansionary capex significantly reduced
Many of our achievements during 2015 were 
focussed on the continued development of our 
underground mine. As previously discussed, during 
2015 we made the decision to develop a decline 
underground rather than to sink a shaft to access 
our higher grade gold reserves at depth. To that 
end, we re-developed our underground mining 
access approach and, in early 2016, reported that 
we had finalised our new capital expenditure 
budget. In order to expand and further develop our 
underground mine, expand our processing plant 
and to produce 100,000oz of gold annually, we will 
need to spend US$42m excluding contingency. 
This is a marked decrease on the US$130m 
estimated in our 2014 Venmyn Deloitte competent 
person’s report, which assumed we would sink a 
shaft to access our reserves. 
“While our gold production at 
Sekisovskoye fell year on year, we 
are pleased to report that significant 
progress has been made in 2015 to 
transition our open pit mine to an 
underground mine. This will secure our 
long term future and we expect our 
gold production to begin to increase 
again in 2016.”
  Total  2016 2017 2018 2019 2020
Development Capex 46.0 14.6 16.2 10.2 2.5 2.5
Prospecting Drilling 4.0 0.9 – 0.1 1.5 1.5
Underground Development 4.4 0.8 1.1 0.6 0.9 1.0
Infrastructure  1.3 1.3 – – – –
Ore Handling Facilities 20.6 10.4 7.6 2.6 – –
Process Plant Expansion 
and Paste Plant 
Construction  12.0 – 6.0 6.0 – –
Contingency  3.7 1.2 1.5 0.9 0.1 –
Projected capital expenditure underground operation
Of the US$42m expansionary capital expenditure 
required, GoldBridges only requires external 
financing of between US$20m and US$30m, as 
the remainder is expected to be generated from 
operational cash flows. 
Our supportive shareholder, African Resources, 
which is indirectly owned by members of the 
Assaubayev family, has agreed to finance the 
development of the underground mine if other 
sources of funding are unsuitable. To that end,  
in February 2016, African Resources bought 
US$10m of five year, 10% coupon convertible 
bonds that can be redeemed at over 3p/share,  
a significant premium to the current share price. 
This demonstrates the family’s continued support.
Underground mine development
In terms of decline development, significant 
progress was made in 2015 and early 2016.  
To date, a total of approximately 570m of 
development work has been undertaken on the 
new transportation decline. Construction of the 
portal has already commenced, with completion 
expected in May 2016.
By completing the initial development works 
of the new decline in May 2016, the Company 
expects to reduce the current haulage distance 
from 3km to 1.2km and to increase the ore 
throughput capacity to 45,000 tonnes per month. 
This should enable the company to mine at an 
annualised run rate of 500,000 tonnes per year 
from May 2016. GoldBridges Global Resources Plc 
Annual Report 201 5
04
Chief Executive  
Officer’s Review continued
Work undertaken by Mining Plus 
In H2 2015, Mining Plus, the international mine 
consultancy group, was retained by GoldBridges 
to undertake studies on the underground 
mining plans and to assist it in transitioning its 
Sekisovskoye mine into a large underground gold 
operation with 100,000oz annual output.
Mining Plus has expertise in geological 
modelling and geotechnical aspects for hard rock 
underground mines, combined with underground 
mine planning experience, particularly using 
decline haulage. It has offices in Australia, Canada 
and Peru and provides mining expertise from the 
conceptual stage of projects, through to feasibility 
study work, project delivery, commissioning, and 
mine closure.
Under the scope of this assignment, Mining 
Plus re-modelled the Sekisovskoye drilling data 
and reviewed all mining methods that could 
potentially be applicable to the underground mine 
development at Sekisovskoye. The studies had 
important findings. Firstly, Mining Plus identified 
that, while several mining methods are applicable 
at Sekisovskoye, the most efficient methods in 
terms of mining recovery, dilution and costs are 
long hole open stoping methods with either paste 
fill or with cemented aggregate fill. Both mining 
methods provide high selectivity and sequencing 
flexibility, giving GoldBridges the opportunity to 
extract higher grade ore earlier in the schedule. 
Secondly, the Mining Plus work identified the 
opportunity to increase the overall head grade of 
the ore mined by selectively mining the deposit, 
giving the Company increased flexibility. 
These findings mean that GoldBridges could 
further reduce its cash cost of operation at full 
production, as it has the option of mining fewer 
tonnes at a higher grade. This could enhance the 
value of the project, over and above the US$226m 
that was estimated by Venmyn Deloitte in 
November 2014 using a gold price of US$1,100/oz 
and a 9.3% discount rate. 
Sekisovskoye gold mine – our operational 
track record 
The operational performance of the Company’s 
Sekisovskoye gold mine during 2015 against the 
prior year is shown in the adjacent tables. 
Total gold production for 2015 was 15,534oz. This 
is a 53% reduction on the 2014 gold output of 
32,994oz. This result reflects the winding down 
and closure of the open pit mine at Sekisovskoye, 
while the Company’s efforts were focused on 
increasing its underground development in order 
to increase underground gold production for  
the future.
In total, 566,664 tonnes of ore were milled  
(2014: 728,620 tonnes), of which 79,276 tonnes or 
14% were mined from the underground operation.  
This compares to 82,045 tonnes or 11% in 2014.
The average gold grade of ore milled during 2015 
was 1.12g/t (2014: 1.81g/t), and comprised ore 
mined at an average grade of 1.06g/t from the 
open pit mine and 2.55g/t from the underground 
mine. Open pit gold grades were lower than the 
1.26g/t achieved in 2014 due to the exhaustion of 
the open pit economic reserves. Gold grades are 
expected to increase in 2016 and onwards as the 
production from Sekisovskoye is solely from the 
higher grade reserves of the underground mine.
At 76.04% and 64.91% respectively, both gold 
and silver recoveries were lower than 2014. This 
was related to lower recoveries experienced 
predominantly in H1 2015 as a result of variable 
grade and ore composition and also reflected 
plant improvement works undertaken during the 
period. 
As the proportions of sulphidic minerals in the ore 
and the amount of gold in fine grains increases 
during underground mining, the characteristics 
of the free gold generally improve, and some 
changes were made to the ore process in the 
plant to reflect this. The work was largely related 
to introducing a fuller gravity circuit into the 
operational process. This processing route consists 
of jigs, washers and centrifugal concentrators 
and refining this part of the process allows the 
plant to recover the finer grained gold particles 
  2015  2014
Ore mined Tonnes 339,111 570,991
Gold grade g/t 1.06 1.26
Silver grade g/t 2.03 1.89
Contained gold oz 11,595 23,050
Contained silver oz 22,139 34,620
  2015  2014
Ore mined Tonnes 79,276 82,045
Gold grade g/t 2.55 2.96
Silver grade g/t 3.7 4.05
Contained gold oz 6,492 7,807
Contained silver oz 9,441 10,680
  2015  2014
Crushing Tonnes 570,949 726,427
Milling Tonnes 566,664 728,620
Gold grade g/t 1.12 1.71
Silver grade  g/t 2.25 2.37
Gold recovery % 76.04 83.3
Silver recovery % 64.91 74.4
Contained gold oz 20,428 39,798
Contained silver oz 40,994 55,603
Gold poured oz 15,534 32,994
Silver poured oz 26,608 41,390
Mining – open pit
Mining – underground
Mining processing
from this circuit. This material is then processed 
in line with the Company’s standard processing 
procedure. Additionally, the technology will 
enable the Company to reduce its consumption 
of key reagents, in particular cyanide and calcium 
hypochlorite. Gold and silver recoveries are 
projected to be at around 84% for the life of  
the operation. Strategic Report
Governance
Financial Report
GoldBridges Global Resources Plc 
Annual Report 201 5
05
Market review 
Operating in challenging times
Market and share price overview
2015 marked one of the worst years on record 
for the mining industry as the prices fell for the 
vast majority of mined commodities, and heavily 
indebted companies struggled to retain profit 
margins. The chart shows the FTSE 350 mining 
index and demonstrates that, between May 2015 
and December 2015, the sector lost 50% of its 
value. 
Unsurprisingly against this backdrop, GoldBridges 
shares also fell during the year, by approximately 
30%.
The gold market in 2015
From the gold price highs of almost US$1,900/oz in 
2011, the gold price has fallen over the last 4 years 
to end 2015 at only US$1,070/oz. During 2015, the 
gold price fell from its high in January by about 
US$200/oz. The average gold price achieved by the 
Company (to include silver as a by-product) for the 
year was US$1,151/oz.
 
A key reason for gold’s weakness in US dollar 
terms was that the US economy performed well 
and this enabled the Federal Reserve to raise 
interest rates in December, marking the first time 
interest rates have risen for almost ten years. In the 
months leading up to the rise in interest rates, the 
market valuations of bond yields increased and 
this strengthened the dollar and, consequently, 
put pressure on the gold price. The increased bull 
market which we have seen for gold since 2001 
has been in large part driven by increased demand 
from emerging economies and, in 2014 onwards, 
we have seen these emerging market economies 
weakening and this, in combination with the 
improving economic outlook in the US, has also 
contributed to the falling gold price. 
That said, while the gold price reduced during  
2015 in US dollar terms, it rose against some 
currencies such as the Russian rouble and the 
Indonesian Rupiah. 
According to the World Gold Council, gold is 
certainly in a bear market, and has been since late 
2011. That said, the consensus view appears to be 
for a more stable outlook for gold in 2016. Indeed 
during the last part of 2015 and early 2016, gold 
has traded sideways and it appears likely that the 
relatively benign environment for US interest rates 
will continue. 
Some respite from weakening operating 
currencies
Against a backdrop of generally falling commodity 
prices, many operating currencies have weakened 
during the course of 2015, allowing the mining 
companies to reduce their costs in US dollar terms 
and therefore maintain larger profit margins than 
would have ordinarily been the case. 
One of the more dramatic examples of this has 
been that of the Kazakh Tenge, which depreciated 
materially in August 2015 due to the Kazakh 
National Bank making the decision to float the 
currency. The price weakened initially from about 
182KZT to the US Dollar to 250KZT to the US Dollar, 
and continued weakening throughout 2015, 
ending the year at approximately 339KZT to the US 
Dollar. The National Bank floated the currency to 
ensure the country remained competitive against 
weakening currencies of many of its nearby trading 
partners, not least Russia and China. 
Results have been positive for Kazakh mining 
companies reporting in US Dollars as operating 
costs have been materially reduced. Approximately 
50% of GoldBridges operating costs are Kazakh 
Tenge denominated and the local devaluation has 
eased pressure on both operating and capital costs. 
 
In these broadly challenging and volatile markets. 
GoldBridges focuses on areas under its control, 
such as keeping its operations as low cost as 
possible to maintain profit margins where possible.
FTSE 350 Mining Index
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Gold price US$/oz
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03/2015 GoldBridges Global Resources Plc 
Annual Report 201 5
06
Our business
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 2019. 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 model is simple – we intend to generate 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 continue developing the high grade 
underground mine to replace the low grade open-pit operation where reserves have been depleted. 
This should result in gold production increasing to 100,000oz annually from 2019 onwards at highly 
competitive industry relative costs. 
The acquisition of the adjacent Karasuyskoye Ore Fields geological data and imminent conclusion 
expected of subsoil user rights should ensure gold production growth into the future. The Company 
is continually looking to complement existing operations with other targeted acquisitions. 
We have four pillars to our business:
Develop
Continue to develop our high 
grade underground mine  
at Sekisovskoye
Grow
Production and asset base 
growth via the highly prospective 
Karasuyskoye Ore Fields
Progress
Continue to grow our business
Mining Development Exploration Growth and  
Evaluation
Mining – In prior years, we have demonstrated our cost effective open pit production track record  
at Sekisovskoye to our shareholders and stakeholders. We intend to demonstrate our capabilities 
once again with our new underground mine. 
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 deeper ore reserves.  
Accessing these reserves should add significantly to the life of mine and increase our annual gold 
production to 100,000oz. 
Exploration – While finalising the terms of our Karasuyskoye licence area has taken longer than we 
originally anticipated, we should see a resolution to this in H1 2016. Geologically, we see potential  
for this area to contain multiple mineralised zone that could potentially host future mines. We believe 
our efforts are well focussed in this highly prospective land package that 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 going forwards.
Our business model Our strategy Strategic Report
Governance
Financial Report
GoldBridges Global Resources Plc 
Annual Report 201 5
07
Financial performance
“The repositioning of the Company to 
focus on the underground development 
has had a marked influence on the 
results for the year.”
Key performance indicators (KPIs)
Revenue (US$m)
US$24m
2015
35.2
42.4
24
2014
2013
Annual gold poured (oz)
15,534oz
2015 15,534
32,994
30,699
2014
2013
Cash production costs (US$oz)
US$837oz
2015
834
903
837
2014
2013
EBITDA (US$m)
US$(2.3)m
2015
5.3
(0.6)
(2.3)
2014
2013
Net assets (US$m)
US$38.4m
2015
73.8
59.9
38.4
2014
2013
The transition to a fully operational underground 
mine has been delayed from that previously 
anticipated as a number of development and 
mining options were assessed by management 
to ascertain the optimal approach in terms of 
efficiency and cost. During the period under 
review, the underground ore was mixed with 
lower grade open pit ore and stockpiled ore. 
This blending of the ore led in part to a lower 
recovery. In the future, as the mine moves to the 
processing of only higher grade underground 
ore, this is not anticipated to be an issue. This 
combined with interruptions to processing due 
to the plant upgrade led to a lower production 
achievement in 2015. As the underground mine 
becomes operational in H2 2016 at its enhanced 
capability level, with the new mining equipment 
the production is expected to be back on track  
and begin to increase.
The other principal impact on the results for the 
year arises due to the devaluation of the Kazakh 
Tenge against the US Dollar. The impact in the year 
has been on the asset values in the subsidiaries, 
in order to reflect the devaluation of the currency. 
In the accounts of the companies in Kazakhstan, it 
has been necessary to revalue the assets using the 
much lower value of the Tenge against the Dollar. 
This is no way reflects the commercial value of the 
Company, as the revenue generating ability of the 
assets is unchanged. Indeed, there is a positive 
impact as the earnings are generated in US Dollars 
with a significant proportion of the cost base 
payable in Tenge.
The Company has reported a net loss of US$10.2m 
(2014: US$0.3m), with a gross profit of US$4.3m 
(2014: US$7.2m) and an operating loss of US$4.8m 
(2013: US$0.8m). 
During 2015, Sekisovskoye poured 15,534oz of gold 
(2014: 32,994oz). A total of 20,890oz (2014: 27,959oz) 
were sold in 2015 at an average price of US$1,157/
oz (2014: US$1,258/oz). Revenue totalled US$24m 
(2014: US$35.2m) and was lower than 2014 due 
principally to reduced gold sales as the Company 
focused its efforts on developing the underground 
mine. The principal purchaser of the gold dore was 
the Kazakhstan government, as last year.
The total cash cost of sales, which includes 
administrative costs but excludes depreciation 
and provisions, amounted to US$1,263/oz, (2014: 
US$1,084/oz). The production cash cost amounts 
to US$837/oz (2014: US$834/oz). This is based 
on the cost of sales excluding depreciation and 
administrative expenses, and exceptional items. 
The earnings before interest, tax and depreciation, 
(EBITDA), excluding exceptionals, amounted to 
negative US$2.3m (2014: US$5.3m). Due to this 
transition and low level of production in the 
current year, the results are not regarded as typical 
of the operation.
Depreciation is US$4.2m (2014: US$5.4m). 
Amortisation is US$852,000 (2014: US$1.3m) and 
this relates to amortising the value of Karasuyskoye 
data purchased in 2013. This charge will be 
reviewed on successful receipt of the sub-soil user 
contract. The Company is currently in the final 
committee stages and the licence is expected to 
be awarded in 2016.
The Company has reported net cash inflow from 
operating activities of US$7.8m. This was higher 
than the US$5.6m reported in 2014 due principally 
to recoveries in relation to VAT and Akmola 
receivable in the year.
Purchase of property plant and equipment of 
US$8.8m (2014: US$2.6m) reflects the Company’s 
increased capital spend on the migration  
of operations from open-pit to a solely 
underground mine. 
Cash at year-end was US$1.1m. Cash at  
31 December 2014 was US$1.7m. During the 
year, the Company placed shares, raising equity 
amounting to US$5.1m and this was largely spent 
on capex in the year. 
The Company’s principal debts are that owed to 
The European Bank for Reconstruction (EBRD),  
and the convertible loan note recently issued in 
2016. The EBRD loan is set to be paid over twelve 
equal quarterly instalments. The repayments 
commenced in January 2015. At the current time 
there are seven instalments remaining amounting 
to US$5.8m. In relation to the convertible bond, 
this is not expected to impact the cash flow until 
maturity, at which point it could be converted  
into shares. 
The consolidated net assets of the Company are 
US$38.4m (2014: US$73.8m) and the decrease arises 
principally from the devaluation of the functional 
currency in Kazakhstan, the Tenge, against the US 
dollar. This resulted in the assets in Kazakhstan 
being devalued in terms of dollars. GoldBridges Global Resources Plc 
Annual Report 201 5
08
Risk Mitigation
Fiscal changes in Kazakhstan Given that GoldBridges 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. However, the country is outward looking and committed to attracting direct foreign 
investment. In late 2015, the Kazakh president, Nursultan Nazarbayev, visited the UK to promote 
investment in Kazakhstan’s state owned businesses, which he believes could be privatised. We 
therefore believe that the Kazakh government is aligned with potential foreign investors and 
would be very cautious in implementing any fiscal changes which could deter investment. 
The Kazakhstan subsidiaries were the subject of a tax audit by the tax authorities, covering the 
period to 31 December 2014. No material discrepancies or issues were indicated.
Not being awarded the subsoil user  
licence for Karasuyskoye
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. 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 strong indications 
the licence will 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. Being awarded  
the subsoil user licence for Karasuyskoye would be a positive development for GoldBridges 
but not receiving this permit would not be unduly negative from the current position as the 
Company does not believe that its valuation reflects the potential in Karasuyskoye and the  
long term production assumptions and financial model do not as yet include production  
from Karasuyskoye. In addition to the above there is a risk that the grades or amount of gold 
may not be in accordance with the initial estimates to make the development of the mine 
commercially viable.
No access to capital / funding Sekisovskoye In order to continue with the underground development at Sekisovskoye, the Company must 
incur additional capital expenditure. Currently, the Company does have the funds available to 
commence the capital work programme. To complete the project the Company is dependent 
on cash from external sources and therefore its future is at risk if funds from these external 
sources are unavailable. While this is no guarantee, the Assaubayev family, which owns 61.69% 
of the GoldBridges shares through its vehicle, African Resources, has invested in and lent to the 
Company in the past and is keen to see the Company succeed. However, without funding to 
complete the underground mine, production would eventually cease and earnings and cash 
would therefore not be generated.
Commodity price risk 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 again in 2015 and it appears unlikely that this movement will be materially 
corrected in 2016. 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 that can 
withstand prolonged weak or precious metals prices. 
Currency risk The Company sells its metal in Tenge but with a gold price linked to the US Dollars, although 
it incurs operating costs in large part in the local currency, the Kazakh Tenge. In August 2015, 
the National Bank of Kazakhstan allowed the Tenge, which was previously pegged to the US 
dollar, to float. The currency has since devalued materially, from about 182KZT to the US dollar 
to 339KZT to the US dollar at the end of 2015. This devaluation has a positive impact on Kazakh 
mining companies’ operating costs.
Changes to mining code in Kazakhstan 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.
Principal risks  
and uncertainties Strategic Report
Governance
Financial Report
GoldBridges Global Resources Plc 
Annual Report 201 5
09
Risk Mitigation
Reliance on operating in one country 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.
GoldBridges reliant on one operation 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.
Cost inflation 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 operating 
and capital 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.
Technical difficulties developing the underground 
mine at Sekisovskoye
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 consultants to ensure that the most appropriate 
development methods are utilised. 
Failure to achieve production estimates 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. 
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 201 5
10
Corporate social 
responsibility
Human resources
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. 
However, there are 21 women in senior managerial 
positions within the Company. The accompanying 
table shows their current employees and gender.
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.
Recruitment, employment and training
The Company complies with all statutory 
regulations, in relation to employment regulation. 
The Company trains staff on an ongoing basis, 
adapting the training to the changing demand 
as the Company grows. In 2015 the Company 
received an award for conducting training in the 
field of industry safety. 
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 disabled people wherever 
suitable opportunities 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.
Environment
Environmental and Social Impact Report (ESIA)
During 2015 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.
Our approach to the environment
The Company’s policies outline 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. 
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.
“Our operations at Sekisovskoye are 
important for all of our stakeholders.”
Gender diversity
  Male Female Total
2015 564 128 692
2014 630 138 768
The table above shows the staff employment 
by gender. The Company places a great deal 
of emphasis on gender equality and diversity. 
As present there are 21 women in senior 
management positions (2014: 19), male senior 
managers in 2015 were 42 (2014: 42), (including 
Directors). Strategic Report
Governance
Financial Report
GoldBridges Global Resources Plc 
Annual Report 201 5
11
Scope  Source Tonnes CO
2
  Tonnes CO
2
 
  2015 2014
Scope 1 Plant 7,368 7,635
Scope 2 Electricity 3,118 2,492
Scope 3 Other equipment 137 152
Total  10,623 10,279
   2015 2014
Intensity 1 Tonnes CO
2
e produced per dollar of revenue 0.004387720 0.000290157
Intensity 2 Tonnes CO
2
e produced per oz of gold produced 0.683919 0.383951
The Company’s emissions by scope
The Company is required to report scope 1 and 2 emissions for the year ended 31 December 2015. Scope 
3 reporting is not yet mandatory, however, the Company has chosen to also report these emissions.
Health and safety
GoldBridges is pleased to report that during 2015, 
there were no accidents at the Sekisovskoye 
mine. However, there was one safety incident in 
the processing plant area where an employee’s 
arm and shoulder were injured. The appropriate 
remedial action was taken and the employee is 
recovering on sick leave. The Company maintains 
its first aid rooms to the highest standards and 
ensures that rescue contracts are in place for 
employees in the event of an emergency. 
Our community
The support of the local community is key to the 
success of the Company, and the various initiatives 
and projects have been undertaken to ensure that 
the success of the mine is of a benefit to all parties.
In this regard the Company has committed to the 
development of the local village and has currently 
pledged a total of approximately US$200,000 in 
funds to enhance the infrastructure of the village. 
This is regarded as an ongoing commitment by the 
Company to the local community and has been 
formalised in a memorandum of co-operation 
by the Company with the authorities of the rural 
district.
The Company’s emissions by scope GoldBridges Global Resources Plc 
Annual Report 201 5
12
Mineral resources 
statement
In 2014, 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 was 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, and expected to renew until 2033. 
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 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.
 “Our November 2014 Competent Person’s 
Report identified JORC compliant 
indicated and inferred mineral resources 
which total 5.14Moz and a further  
3.3Moz have been identified as an 
exploration result.”
Sekisovskoye open-pit and underground workings
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.
GoldBridges has not updated its mineral resources 
since 2014. Strategic Report
Governance
Financial Report
GoldBridges Global Resources Plc 
Annual Report 201 5
13
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 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 and signed on its behalf by
Aidar Assaubayev 
Chief Executive Officer 
29 April 2016
   Gold  Silver  Contained  Contained 
JORC Tonnes Pay Limit grade grade Gold 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 Tonnes   Gold Contained Silver Contained 
 Classification off grade  grade Gold grade Silver 
  (g/t)  (g/t) (Moz) (g/t) (Moz)
Surface to Indicated 
–400m  3.00 15,700 5.32 2.67 6.99 3.52
Surface to Inferred 
-400m  2.00 3,500 4.21 0.48 No estimation
Surface to Inferred 
-800m  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 Tonnes   Gold Contained Silver Contained 
 Classification off grade  grade Gold grade Silver 
  (g/t)  (g/t) (Moz) (g/t) (Moz)
–800m to Exploration 
–1500m  2.00 24,400 4.21 3.30 No estimation
Total average 
JORC resources  2.00 24,400 4.21 3.30 No estimation
The following tables show the reserves, resources and exploration results as at November 2014:
Reserves
Resources
Exploration GoldBridges Global Resources Plc 
Annual Report 201 5
14
Board of
Directors
GoldBridges Resources 
has a highly experienced 
Board of Directors with  
a commitment to driving 
profitability and long-
term shareholder value.
Kanat Assaubayev 
Appointment Kanat Assaubayev 
was appointed to the Board as 
Chairman on 23 October 2013.
 
Experience 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
Appointment Aidar Assaubayev 
was appointed to the Board as Chief 
Executive Officer on 25 February 2013.
Experience 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.
Sanzhar Assaubayev
Appointment Sanzhar Assuabayev 
was appointed to the Board as 
Executive Director on 29 February  
2016.
Experience Sanzhar Assaubayev was 
formerly Director of International 
Affairs of JSC MMC Kazakhaltyn 
and an Executive Director of 
KazakhGold Group Limited, the 
gold mining corporation. He is also 
a member of the board of directors 
of AltynGroup plc. He was educated 
at the Leysin American School in 
Switzerland, where he specialised 
in management, and the American 
University in the United Kingdom. 
Sanzhar Assaubayev is the son of 
Kanat Assaubayev.
Chairman Chief Executive Officer Executive Director Strategic Report
Governance
Financial Report
GoldBridges Global Resources Plc 
Annual Report 201 5
15
Ashar Qureshi
Appointment Ashar Qureshi  
was appointed to the Board as  
Non-Executive Director on  
7 December 2012.
Experience Ashar Qureshi is a 
London based US qualified lawyer. 
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.
Alain Balian
Appointment Alain Balian  
was appointed to the Board as  
Non-Executive Director on  
23 October 2013. 
Experience 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
Appointment William Trew  
was appointed to the Board as  
Non-Executive Director on  
20 February 2013. 
Experience 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 60 to view  
our Company details
Neil Herbert
Appointment Neil Herbert  
was appointed to the Board as  
Non-Executive Director on  
29 February  2016.
Experience Neil has a wealth of 
experience managing, advising and 
investing in growth companies 
through business expansion, M&A 
and IPOs. Prior to Polo Resources, 
where he worked until 2013, he 
was Finance Director of Galahad, 
another investment company, 
which achieved an average IRR of 
66%pa over its four year existence. 
Neil became Finance Director of its 
most successful investment which 
he took from start-up to a $2.5bn 
takeover with Galahad achieving 
an annualised return of 167%. He 
has worked with natural resources 
since joining Antofagasta during 
its 1990s transformation into a 
major copper producer with the 
$1.3bn Los Pelambres and $0.3bn El 
Tesoro mines taken into production. 
Following that he was CFO of gold 
explorer Brancote until its $0.4bn 
acquisition. Neil began his career 
working with PwC, he is a Fellow 
of the Association of Chartered 
Certified Accountants and has a BA 
Joint Honours degree in Economics 
& Economic History. He has served 
as a director of companies on 
the AIM, ASX, LSE, JSE and TSX. 
Today Neil works with growth 
companies across sectors and he 
is a founder & chairman of Siderian 
Resource Capital, HeliumOne 
and Anglo African Agriculture.
Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director GoldBridges Global Resources Plc 
Annual Report 201 5
16
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 2016 is set out in the Strategic report on pages 1 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$10.2m (2014 loss: US$255,000). 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 (2014: nil). 
Financial instruments
The Company has not entered into any derivative transactions in 2015. 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 49 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 2015 and 2014 are set out in note 25. 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 on page 17. 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 the date this report was approved.
Kanat Assaubayev  Chairman
Aidar Assaubayev  Chief Executive Officer
Sanzhar Assaubayev  Executive Director (appointed on 29 February 2016)
Ken Crichton  Chief Technical Officer (resigned on 29 February 2016)
Ashar Qureshi  Non-Executive Director
William Trew  Non-Executive Director
Alain Balian  Non-Executive Director
Neil Herbert  Non-Executive Director (appointed on 29 February 2016)
All Directors will offer themselves for re-election at the next Annual General Meeting.
Directors’ report
year ended 31 December 2015 Strategic Report
Governance
Financial Report
GoldBridges Global Resources Plc 
Annual Report 201 5
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 per cent or more of the issued share capital of the Company as at 28 April 2016. 
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, Kanat Assaubayev and Sanzhar Assaubayev have a beneficial interest in African Resources Limited. 
Auditor
All Directors that are in office at the date of this report being approved 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 Board acknowledges the importance of the guidelines set out in the Quoted Companies Alliance (QCA) published Corporate Governance Code and complies 
with these so far as is appropriate having regard to the size and nature of the Company. The paragraphs below set out how the Company has applied this 
guidance during 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, after the year end Ken Crichton resigned from the Board. Two new Directors were appointed, Sanzhar Assaubayev as an 
Executive Director and Neil Herbert as a Non-Executive Director.  Their details appear on pages 14 to 15.  The Board is responsible to shareholders for the proper 
management of the Company. The statement of Directors’ responsibilities 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 201 5
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Directors’ report continued
year ended 31 December 2015
Audit Committee 
The Audit Committee comprises Ashar Qureshi, Neil Herbert 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; 
 ■ 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 2015 and attendance at regular Board meetings and Board committees was as follows:
 
    Meetings  Meetings 
    held attended
Kanat Assaubayev Board    8 8
Aidar Assaubayev Board    8 8
Ken Crichton Board   8 8 
 Audit committee   2 2
Ashar Qureshi Board   8 8 
 Audit committee   2 2
Alain Balian Board    8 2 
 Audit committee   2 1
William Trew Board   8 2
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;
 ■ UK financial reporting is closely monitored by members of the Board to enable them to assess risk and address the adequacy of measures in place for its 
monitoring and control. The Kazakh operations are closely supervised by the Board reviewing monthly, half-year and annual financial reports from the Directors 
and senior officers in Kazakhstan. This is supplemented by regular visits of the UK based finance officer to the Kazakh operations which include checking the 
integrity of financial information supplied to the UK. The finance officer is ultimately responsible for the preparation of the consolidated financial statements 
which are then reviewed by the Board of Directors.
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 2015 (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
Governance
Financial Report
GoldBridges Global Resources Plc 
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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 to 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 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 10.
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 24 June  
at 11.15am. 
The details of the resolutions are given on page 54. 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 (2014: Nil). 
Future development and availability of project finance/going concern
The Company is in the advanced stages of its plans to move production from the open pit to the underground operations at Sekisovskoye. It is expected that the 
underground mine will be producing at significantly higher levels from May 2016 onwards, and will increase again once further development of the decline is 
completed. The funding for the initial stage has been obtained from the corporate bond issued in February 2016. The external debt in the Company (other than 
the corporate bond), consists of US$6.67m payable to EBRD. This amount is repayable by eight equal quarterly payments of US$833,000 each. As at the date of this 
report there are seven instalments remaining, however as the Company has breached certain covenants in relation to the borrowing the full amount of the loan is 
shown as falling due within one year.
The Company raised funding of US$10m in February 2016 via a corporate bond to its parent company, African Resources Limited. This provided additional working 
capital to the Company, and also provides the further capital required to progress the underground project development. The Company is actively pursuing 
further funding to raise the balance of the funds needed to complete the planned full scale development of the underground mine and the Directors are 
confident that further funding can be obtained in the timescales required to meet the future developmental requirements of the Company. Should the funding 
be delayed or additional funding is required to cover any unforeseen production shortfalls and additional working capital requirements arising from the move to 
the underground operations or in the event that the EBRD loan is requested for repayment earlier than scheduled, the parent company has confirmed its intention 
to provide further funding to enable the Company to continue its planned operations for at least twelve months from the date of approval of the financial 
statements. 
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 201 5
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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
29 April 2016 Strategic Report
Governance
Financial Report
GoldBridges Global Resources Plc 
Annual Report 201 5
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Audit Committee report
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 three Non-Executive Directors, Ashar Qureshi, Alain Balian and Neil Herbert.
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 11 on page 41 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  GoldBridges Global Resources Plc 
Annual Report 201 5
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Statement of the Chairman  
of the Remuneration Committee
The Remuneration Committee presents its report for the year ended 31 December 2015 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 2016.
The second part, is the remuneration policy report which details the remuneration policy for Directors. 
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 Strategic Report
Governance
Financial Report
GoldBridges Global Resources Plc 
Annual Report 201 5
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Annual Remuneration report
Remuneration Committee
The Remuneration Committee currently comprises of two Directors – Ashar Qureshi and Neil Herbert. 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 at present a base salary. As outlined above the approach to such appointments are detailed within the future policy table 
below. 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
The following information has been audited.
Amounts paid by the Company in respect of Directors’ services:
     2015 2014 
     US$ US$
Executive Directors  
Kanat Assaubayev     – –
Aidar Assaubayev     174,840 81,576
Ken Crichton     223,881 138,020
  
Non-Executive Directors  
Ashar Qureshi     41,121 44,496
William Trew     41,121 44,496
Alain Balian     41,121 44,496
Total     522,084 353,084
The total amount remaining unpaid with respect to Directors’ remuneration amounted to US$140,000.
The increase in the year was due to the two factors, firstly the appointment of Ken Crichton as Executive Director on 9 August 2014, and Aidar Assaubayev the 
Chief Executive Officer commencing to draw a salary July 2014. This resulted in a lower charge in 2014. In 2016 the total remuneration is expected to be at a similar 
level to this year.
Performance targets
Currently no Director has any share options, and there are no performance measures or targets associated with the Directors’ remuneration GoldBridges Global Resources Plc 
Annual Report 201 5
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Annual Remuneration report continued
Summary of Directors’ terms
    Date of contract Unexpired term Notice period
Executive Directors   
Kanat Assaubayev    23 October 2013 5 months 3 months
Aidar Assaubayev    20 February 2013 22 months 3 months
Sanzhar Assaubayev    29 February 2016 34 months 3 months
   
Non-Executive Directors   
Ashar Qureshi    7 December 2015 32 months 3 months
William Trew    20 February 2016 35 months 3 months
Alain Balian    23 October 2013 5 months 3 months 
Neil Herbet    29 February 2016 34 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 2015.
Payments for loss of office
No payments for loss of office were made in the year ended 31 December 2015.
Statement of Directors’ shareholding and share interest
The interests of the Directors in the shares of the Company, including family and trustee holdings are disclosed on page 17 of the Accounts.
Performance graph
The following information is unaudited.
GBGR against FTSE all share mining
4/28/2006
4/28/2007
4/28/2008
4/28/2009
4/28/2010
4/28/2011
4/28/2012
4/28/2013
4/28/2014
4/28/2015
FTSE All-Mining
GBGR LN
0
5
10
15
20
25
0
5000
10000
15000
20000
25000
30000 Strategic Report
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GoldBridges Global Resources Plc 
Annual Report 201 5
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Remuneration of the Chief Executive Officer over the last ten 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 and his salary for the year ended 31 December 2015 was US$174,840.
The table below demonstrates the remuneration of the Chief Executive Officer for the last ten years.
   Total remuneration  
Year Chief Executive Officer  US$
2015 Aidar Assaubayev  175
2014 Aidar Assaubayev  82
2013 Aidar Assaubayev  –
2013 Timothy Daffern  626
2012 Timothy Daffern  282
2011 Timothy Daffern  271
2010 Timothy Daffern  69
2010 Nicholas Bridgen  466
2009 Nicholas Bridgen  227
2008 Nicholas Bridgen  240
2007 Nicholas Bridgen  222
2006 Nicholas Bridgen  219
Timothy Daffern was appointed on 5 November 2010 and resigned as Chief Executive Officer on 20 February 2013 and his remuneration for 2013 includes a 
payment in relation to change of control of US$307,432. Nicholas Bridgen resigned as Chief Executive Officer on 5 November 2010.
Percentage change in remuneration of Director undertaking role of Chief Executive Officer
 
  Chief Executive Officer  UK based employees
 2015 2014  2015 2014  
 US$000 US$000 % change US$000 US$000 % change
Base salary 175 82 53% 510 441 15%
The comparator group chosen is all UK based employees as the remuneration committee believe this provides the most accurate comparison of underlying 
increases.
Relative importance of spend on pay
The total expenditure of the Company on remuneration to all employees in shown in note 7 to the financial statements and in the table below.
     2015  2014 
Remuneration     US$000 US$000
Directors’ emoluments     522 353
Employee wages and salaries     5,415 6,820
Employer social tax and national insurance     666 707
Total     6,603 7,880
Statement of implementation of remuneration policy in the following year
The policy was approved at the Annual General Meeting in June 2015. At that meeting a total of 1,626,897,862 votes were cast with 1,626,721,629 voting in 
favour of the proposed policy. It is intended that the remuneration policy will be subject to approval by shareholders again, in December 2018. 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 2015. No increases were awarded and no external advice was taken in reaching this decision.
Shareholder voting
At the Annual General Meeting in June 2016, there will be a vote on the resolution to approve the remuneration report.
Members of the Remuneration Committee
The following Directors are members of the Remuneration Committee:
Ashar Qureshi and Neil Herbert GoldBridges Global Resources Plc 
Annual Report 201 5
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Remuneration policy report
The remuneration policy of the Company was approved by a binding vote at the 2014 Annual General Meeting. At present the only remuneration payable  
to the Directors’ is that of a base salary, 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 Company’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 in the same sector.
 ■ The need to align the interests of the shareholders with the long term growth and interests of the Company.
 ■ The need to be flexible and adjust with operational changes throughout the term of the policy.
The remuneration of the Non-Executives Directors is determined by the Board, and takes into account additional remuneration for services outside the scope  
of the ordinary duties of the Non-Executive Directors. Strategic Report
Governance
Financial Report
GoldBridges Global Resources Plc 
Annual Report 201 5
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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 2015 which comprise the consolidated statement 
of profit or loss, the consolidated statement of other comprehensive income, the consolidated statement of financial position, the Company statement of financial 
position, the consolidated statement of changes in shareholders’ equity, the Company statement of changes in shareholders’ equity, the consolidated statement 
of cash flows, the Company statement of cash flow and the related notes. The financial reporting framework that has been applied in the preparation of the 
Group financial statements 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 2015 and of the Group’s loss  
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
29 April 2016
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127). GoldBridges Global Resources Plc 
Annual Report 201 5
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Consolidated statement of profit or loss
year ended 31 December 2015
Consolidated statement of other  
comprehensive income
year ended 31 December 2015
     2015 2014 
    Notes US$000 US$000
Revenue    5 24,054 35,177
Cost of sales     (19,763) (27,969)
Gross profit     4,291 7,208
Other operating income    8 – 1,141
Administrative Expenses     (9,762) (8,233)
Tailings dam leak    9a – 330
Listing expenses    9b – (702)
Impairments    9c – (1,214)
Impairment reversed    9c 674 2,227
Operating (loss)/profit     (4,797) 757
Finance income    10 – 7
Foreign exchange loss    10 (5,718) (1,418)
Finance expense    10 (1,235) (331)
Loss before taxation    11 (11,750) (985)
Taxation credit    12 1,532 730
Loss attributable to equity holders of the parent     (10,218) (255)
Loss per ordinary share     
Basic & Diluted    13 (0.4c) (0.01c)
     2015 2014 
     US$000 US$000
Loss for the year     (10,218) (255)
Currency translation differences arising on translations of foreign operations items  
that may be reclassified to profit or loss     (34,577) (9,310)
Currency translation differences arising on translations of foreign operations relating to taxation   4,574 737
Total comprehensive loss attributable to equity holders of the parent    (40,221) (8,828)
The accompanying notes are an integral part of these financial statements. Strategic Report
Governance
Financial Report
GoldBridges Global Resources Plc 
Annual Report 201 5
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Consolidated statement  
of financial position
year ended 31 December 2015
     2015 2014
Company number 5048549    Notes US$000 US$000
Non-current assets     
Intangible assets    14 9,887 19,440
Property, plant and equipment    15 35,134 61,238
Inventory    17 604 –
Trade and other receivables    18 1,337 2,553
Deferred tax asset    24 5,145 2,407
Restricted cash    22 137 260
     52,244 85,898
Current assets     
Inventories    17 3,223 10,882
Trade and other receivables    18 2,649 10,260
Cash and cash equivalents     1,084 1,684
     6,956 22,826
Total assets     59,200 108,724
Current liabilities     
Trade and other payables    19 (9,298) (15,725)
Other financial liabilities    20 (297) (326)
Current tax payable    19 (191) (475)
Provisions    22 (247) (335)
Borrowings    23 (6,676) (3,333)
     (16,709) (20,194)
Net current (liabilities)/assets     (9,753) 2,632
Non-current liabilities
Other financial liabilities    20 (537) (709)
Provisions    22 (3,553) (7,400)
Borrowings    23 – (6,667)
     (4,090) (14,776)
Total liabilities     (20,799) (34,970)
Net assets     38,401  73,754 
Equity     
Called-up share capital    25 3,886 3,702
Share premium     141,918 137,234
Merger reserve     (282) (282)
Currency translation reserve     (47,417) (17,414)
Accumulated losses     (59,704) (49,486)
Total equity     38,401 73,754
The financial statements were approved by the Board of Directors on 29 April 2016 and signed on its behalf by
Aidar Assaubayev
Chief Executive
The accompanying notes are an integral part of these consolidated financial statements. GoldBridges Global Resources Plc 
Annual Report 201 5
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Company statement of financial position
31 December 2015
     2015 2014 
Company number 5048549    Notes US$000 US$000
Non-current assets
Property, plant & equipment    15 369 480
Investments    16 225 236
Loans to subsidiaries    16 81,091 73,505
     81,685 74,221
Current assets
Other receivables    18 76 1,147
Cash and cash equivalents     728 1,448
     804 2,595
Total assets     82,489 76,816
Current liabilities
Trade and other payables    19 (1,021) (595)
Net current (liabilities)/assets     (217) 2,000
Net assets     81,468 76,221
Equity
Called up Share Capital    25 3,886 3,702
Share Premium     141,918 137,234
Currency translation reserve     (16,338) (12,600)
Accumulated Losses     (47,998) (52,115)
Total equity     81,468 76,221
The financial statements were approved by the Board of Directors on 29 April 2016 and signed on its behalf by
Aidar Assaubayev
Chief Executive
The accompanying notes are an integral part of these company financial statements. Strategic Report
Governance
Financial Report
GoldBridges Global Resources Plc 
Annual Report 201 5
31
Consolidated statement  
of changes in equity
year ended 31 December 2015
   Currency 
  Share  Share Merger  Translation Accumulated 
  Capital Premium Reserve Reserve Losses Total 
 Note US$000 US$000 US$000 US$000 US$000 US$000
1 January 2014  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)
Shares issued on conversion of loan notes  1,067 22,095 – – – 23,162
Issue costs  – (455) – – – (455)
31 December 2014  3,702 137,234 (282) (17,414) (49,486) 73,754
Loss for the year  – – – – (10,218) (10,218)
Other comprehensive loss  – – – (30,003) – (30,003)
Total comprehensive loss  – – – (30,003) (10,218) (40,221)
Shares issued  184 4,968 – – – 5,152
Issue costs  – (284) – – – (284)
31 December 2015  3,886 141,918 (282) (47,417) (59,704) 38,401
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.
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 201 5
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Company statement of changes in equity
year ended 31 December 2015
    Currency 
  Share  Share translation Accumulated 
  capital  premium reserve losses Total 
 Notes US$000 US$000 US$000 US$000 US$000
1 January 2014  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 on conversion of loan notes  1,067 22,095 – – 23,162
Issue costs  – (455) – – (455)
31 December 2014  3,702 137,234 (12,600) (52,115) 76,221
Profit for the year  – – –  4,117   4,117 
Other comprehensive loss  – – (3,738) – (3,738)
Total comprehensive loss  – – (3,738) 4,117 379
Shares issued  184 4,968 – – 5,152
Issue costs  – (284) – – (284)
31 December 2015  3,886 141,918 (16,338) (47,998) 81,468
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
Governance
Financial Report
GoldBridges Global Resources Plc 
Annual Report 201 5
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Consolidated statement  
of cash flows
year ended 31 December 2015
     2015 2014 
    Notes US$000 US$000
Net cash inflow from operating activities    26 8,183  5,601 
Investing activities
Interest received     – 7
Purchase of property, plant and equipment     (9,639) (25,989)
Restricted cash     – (6)
Payment of costs associated with provisions     – (651)
Net cash used in investing activities     (9,639) (26,639)
Financing activities
Proceeds on issue of shares    25 5,152 23,162
Issue costs    25 (284) (455)
Advances paid     – (1,043)
Borrowings and interest paid     (3,990) (750)
Net cash inflow from financing activities     878 20,914
Decrease in cash and cash equivalents     (578) (124)
Foreign currency translation     (22) (259)
Cash and cash equivalents at beginning of the year     1,684 2,067
Cash and cash equivalents at end of the year     1,084 1,684
The accompanying notes are an integral part of these consolidated financial statements. GoldBridges Global Resources Plc 
Annual Report 201 5
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Company statement of cash flows
year ended 31 December 2015
     2015  2014 
    Notes US$000 US$000
Net cash outflow from operating activities    26 (667) (4,241)
Investing activities
Purchase of property, plant and equipment     – (506)
Akmola Gold advances and prepayment of fees recovered     – 1,113
Net loans to subsidiaries     (4,921) (17,488)
Other loans repaid     – (149)
Net cash used in investing activities     (4,921) (17,030)
Financing activities
Proceeds on issue of shares    25 5,152 23,162
Expenses on issue of shares    25 (284) (455)
Net cash inflow from financing activities     4,868 22,707
(Decrease)/increase in cash and cash equivalents     (720) 1,436
Cash and cash equivalents at beginning of the year     1,448 12
Cash and cash equivalents at the end of the year     728 1,448
The accompanying notes are an integral part of these consolidated financial statements. Strategic Report
Governance
Financial Report
GoldBridges Global Resources Plc 
Annual Report 201 5
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Notes to the financial statements
year ended 31 December 2015
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 68 of this annual report. The principal 
activities of the Company and subsidiaries are set out in note 16 and, the strategic review within this annual report.
2 Basis of preparation
The annual report is for the year ended 31 December 2015 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 note 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.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own profit and loss 
account in these financial statements.
Going concern
The Company is in the advanced stages of its plans to move production from the open pit to the underground operations at Sekisovskoye. It is expected that the 
underground mine will be producing at significantly higher levels from May 2016 onwards, and will increase again once further development of the decline is 
completed. The funding for the initial stage has been obtained from the corporate bond issued in February 2016. The external debt in the Company (other than 
the corporate bond), consists of US$6.67m payable to EBRD. This amount is repayable by eight equal quarterly payments of US$833,000 each. As at the date of this 
report there are seven instalments remaining, however as the Company has breached certain covenants in relation to the borrowing the full amount of the loan is 
shown as falling due within one year.
The Company raised funding of US$10m in February 2016 via a corporate bond to its parent company, African Resources Limited. This provided additional working 
capital to the Company, and also provides the further capital required to progress the underground project development. The Company is actively pursuing 
further funding to raise the balance of the funds needed to complete the planned full scale development of the underground mine and the Directors are 
confident that further funding can be obtained in the timescales required to meet the future developmental requirements of the Company. Should the funding 
be delayed or additional funding is required to cover any unforeseen production shortfalls and additional working capital requirements arising from the move to 
the underground operations or in the event that the EBRD loan is requested for repayment earlier than scheduled, the parent company has confirmed its intention 
to provide further funding to enable the Company to continue its planned operations for at least twelve months from the date of approval of the financial 
statements. 
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
None of the amendments to Standards that are effective from that date have resulted in a change of the Group’s accounting policy and they had no material 
impact on the Group’s financial position or performance.
The Group has not adopted any standards or interpretations in advance of the required implementation dates. The following new or revised standards that are 
applicable to the Group were issued but not yet effective:
 ■ IFRS 9 – Financial Instruments
 ■ IFRS 15 – Revenue from Contracts with Customers
 ■ IFRS 16 – Leases
 ■ Amendments to IAS 1 – Presentation of Financial Statements Disclosure Initiative
 ■ Amendments to IAS 16 and IAS 38 – Clarification of Acceptable Methods of Depreciation and Amortisation
 ■ Amendments to IFRS 11 – Accounting amendments relating to acquisitions of interests in joint operation.
The effects of IFRS 15 Revenues from Contracts with Customers and IFRS 9 Financial Instruments are still being assessed, as these new standards may have a 
significant effect on the Group’s future financial statements.
4 Accounting policies
Basis of consolidation
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. GoldBridges Global Resources Plc 
Annual Report 201 5
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Notes to the financial statements continued
year ended 31 December 2015
4 Accounting policies continued
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 Metal”) content of gold dore. Gold dore was delivered to a precious 
metal refiner, based in Kazakhstan during 2015, 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.
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 Sterling. The rates used to convert Pound Sterling  
and Kazakhstan Tenge into United States Dollar in these financial statements are as follows:
    2015  2014
   Closing Average Closing Average
US$ = £   1.48 1.523 1.553 1.648
US$ = KZT   339.47 221.73 182.35 179.19
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 United States 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 being 20 years.
Exploration and evaluation costs
All costs of E&E are initially capitalised as E&E assets once the subsoil contract is awarded. Payments to acquire the legal right to explore, costs of technical services 
and studies, seismic acquisition, exploratory drilling and testing are capitalised as intangible E&E assets.
Treatment of E&E assets at conclusion of appraisal activities
Intangible E&E assets related to each exploration licence/prospect are carried forward, until the existence (or otherwise) of commercial reserves has been 
determined. If commercial reserves have been discovered, the related E&E assets are assessed for impairment and any impairment loss is recognised in the income 
statement. The carrying value, after any impairment loss, of the relevant E&E assets is then reclassified as mining properties.
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. Strategic Report
Governance
Financial Report
GoldBridges Global Resources Plc 
Annual Report 201 5
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4 Accounting policies continued
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.
During the year ended 31 December 2015, no stripping asset has been recognised in the year (2014: Nil).
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 GoldBridges Global Resources Plc 
Annual Report 201 5
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Notes to the financial statements continued
year ended 31 December 2015
4 Accounting policies continued
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 within 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. 
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 cost.
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.  Strategic Report
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Financial Report
GoldBridges Global Resources Plc 
Annual Report 201 5
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4 Accounting policies continued
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. During the year the underground mine development was interrupted due to operations to close 
the open pit workings, in the current year no interest has been capitalised.
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
Judgements and estimates are continually evaluated and are based on historical experience and other factors, including expectations of future events that are 
believed to be reasonable under the circumstances. These key judgements and estimates 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).
5 Revenue
An analysis of the Company’s revenue is as follows:
     2015 2014 
     US$000 US$000
Sale of gold and silver      24,054  35,177
Included in revenues from sale of gold and silver are revenues of US$24,017,000 (2014: US$34,049,000) which arose from sales to the Company’s only customer the 
state refinery Tau-Ken Altyn LLP , which is located in Astana, Kazakhstan.
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. GoldBridges Global Resources Plc 
Annual Report 201 5
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Notes to the financial statements continued
year ended 31 December 2015
7 Staff costs
The average monthly number of employees (including Executive Directors) was:
     2015 2014
Production     519 592
Administration     173 176
     692 768
Their aggregate remuneration comprised:
     2015 2014 
     US$000 US$000
Directors’ emoluments      522  353
Employee wages and salaries      5,415  6,820
Employer social tax and national insurance      666  707
      6,603  7,880
8 Other income
In 2014 an amount prepaid of 138m Tenge, paid in the prior year by Asia Mining Group (‘AMG’) was offset against sales to AMG of 202m Tenge, being US$1,141,000. 
Being the sale by the Company to AMG of surplus parts and consumables, this transaction was on normal commercial terms.
9a Tailings dam leak
In 2014 the balance of the provision carried forward of US$330,000 was released as all rehabilitation expenses required to be incurred under the agreement with 
the authorities associated with the tailings dam failure were met.
9b Listing expenses
During 2014 the Company successfully moved to the standard segment of the London Stock Exchange from the Alternative Investment Market. The listing 
required the payment of a non-recurring fees to professional advisors, amounting to US$702,000.
9c Impairments
     2015 2014 
     US$000 US$000
Impairments reversed     674 2,227
Impairments      – (1,214)
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. The amount of US$2,227,000 which included costs and interest was received in two tranches in December 2014 and January 2015.
The impairment in the current year against other receivables relates of a credit of US$674,000 received in relation to the recovery of VAT in the parent company.
10 Finance income and finance expense
     2015 2014 
     US$000 US$000
Finance income
Bank interest receivable     –   7 
Finance expense
Foreign exchange losses on EBRD loan     (5,718) (1,418)
Interest paid     (631) – 
Unwinding of discount on provisions and other financial liabilities     (604) (331)
     (1,235) (331) Strategic Report
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Annual Report 201 5
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11 Loss before taxation
The loss on ordinary activities before taxation is stated after charging:
     2015 2014 
     US$000 US$000
Staff costs (note 7)      6,603  7,880
Depreciation of tangible assets     4,224 5,350
Amortisation of intangible asset      852  1,023
Cost of inventories recognised as expense     9,542 17,187
Reversal of inventory impairment     (1,943) –
Fees payable to the Company’s auditors for the audit of the Company and Group financial statements   145 140
Fees payable to the auditors of the Company’s subsidiaries pursuant to legislation     53  60
There were fees payable in the year ended 31 December 2015 of US$1,170 (2014: US$22,674) to the Company’s auditors in respect of taxation and review 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
     2015 2014 
     US$000 US$000
Adjustment in relation to prior years     (211) –
Deferred taxation (note 24)     (1,321) (730)
Total taxation benefit     (1,532) (730)
There is no current taxation charge for the year ended 31 December 2015, 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:
     2015 2014 
     US$000 US$000
Loss before taxation     (11,750) (985)
Loss for the year multiplied by the standard rate of corporation tax of 20% (2014: 21.5%)    (2,350) (212)
Expenses not deductible for tax purposes     – 396
Write back of provisions not taxable     (135)  1,371 
Income not subject to tax     – (670)
Utilisation of tax losses and temporary differences not previously recognised    1,164 (2,554)
Effect of different tax rates of subsidiaries operating in other jurisdictions     – 202
Adjustments relating to prior year     (211) –
Foreign exchange movement     – 737
Total (benefit)     (1,532) (730)
The taxation rate used for taxation on loss on ordinary activities is the standard rate for United Kingdom corporation tax, currently 20.00% (2014: 21.50%), being  
the average applicable rate for the Company in 2015. The rate applicable to the Company’s subsidiaries in Kazakhstan is 20%.
13 Loss per ordinary share
The calculation of basic and diluted earnings per share from continuing operations is based upon the retained loss from continuing operations for the financial 
year of US$10.2m (2014: loss of US$255,000). 
The weighted average number of ordinary shares for calculating the basic loss in 2015 and 2014 is shown below. There were no potential ordinary shares 
outstanding at the reporting date, (2014: Nil) and as such the basic and diluted earnings per share are the same.
     2015 2014
Basic and diluted      2,298,284,596   2,115,470,650  GoldBridges Global Resources Plc 
Annual Report 201 5
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Notes to the financial statements continued
year ended 31 December 2015
14 Intangible assets 
       US$000
Cost
1 January 2014      27,500
Adjustments*      (2,532)
Translation difference      (4,232)
31 December 2014 & 1 January 2015      20,736
Translation difference      (9,597)
31 December 2015      11,139
Amortisation
1 January 2014      343
Charge for the year      1,023
Adjustments*      (70)
31 December 2014 & 1 January 2015      1,296
Charge for the year      852
Translation difference      (896)
31 December 2014      1,252
Net book value
1 January 2014      27,157
31 December 2014      19,440
31 December 2015      9,887
*The adjustment relates to the recovery of VAT reclaimable on the purchase price of the geological data.
The intagible 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. The Company is in the advanced stages of obtaining the sub-soil user licence from the 
authorities and it is expected to be received in May 2016.
Management have taken a view that a 20 year write is off appropriate being the expected life of the sub-soil user licence. In assessing the carrying value, 
Management have made a number of estimates in determining the level of mineral resources and interpreting the geological data. There are numerous 
uncertainties inherent in estimating mineral resources, and assumptions that were valid at the time of estimation may change when new information becomes 
available. These include assumptions as to grade estimates, cut-off grades and other factors that will affect commercial viability of the deposits such as recovery 
rates, commodity prices, exchange rates, production costs, capital costs, processing and reclamation costs and discount rates. The actual volume of ore extracted 
and any changes in these assumptions could affect prospective amortisation rates and carrying values of intangible assets. Strategic Report
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15 Property, plant and equipment – Company
    Motor 
    vehicle Equipment Total 
    US$000 US$000 US$000
Cost
1 January 2014    90 – 90
Additions    – 505 505
Currency translation adjustment    (16) (21) (37)
31 December 2014    74 484 558
Additions    – – –
Currency translation adjustment    (4) (17) (21)
31 December 2015    70 467 537
Accumulated depreciation
1 January 2014    17 – 17
Additions    22 42 64
Currency translation adjustment    (2) (1) (3)
31 December 2014    37 41 78
Charge for the year    21 69 90
Currency translation adjustment    – – –
31 December 2015    58 110 168
Net book value
1 January 2014    73 0 73
31 December 2014    37 443 480
31 December 2015    12 357 369 GoldBridges Global Resources Plc 
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Notes to the financial statements continued
year ended 31 December 2015
15 Property, plant and equipment – Group
 Mining Freehold, Equipment, Plant,  
 properties  land and fixtures and machinery and Assets under 
 and leases  buildings fittings vehicles construction Total 
 US$000 US$000 US$000 US$000 US$000 US$000
Cost
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 & 1 January 2015 16,541 15,434 18,852 8,041 29,414 88,282
Additions 104 1,210 1,782 92 6,451 9,639
Disposals (863) – (288) (8) (21) (1,180)
Transfers – – – – – –
Currency translation adjustment (7,392) (7,564) (9,245) (3,752) (16,425) (44,378)
31 December 2015 8,390 9,080 11,101 4,373 19,419 52,363
Accumulated depreciation
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 & 1 January 2015 3,432 6,046 12,768 4,798 – 27,044
Charge for the year 425 1,136 1,840 823 – 4,224
Disposals – – – (81) – (81)
Currency translation adjustment (1,736) (3,193) (6,550) (2,479) – (13,958)
31 December 2015 2,121 3,989 8,058 3,061 – 17,229
Net book value
1 January 2014 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
31 December 2015 6,269 5,091 3,043 1,312 19,419 35,134
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$Nil relating to interest 
that has been capitalised (2014: US$750,000, 2013: US$744,000).
Under the terms of the loan agreement with the European Bank for Reconstruction and Development (EBRD), the Company and its subsidiaries has pledged 
certain assets as security for the loan that was entered into (see further details in note 23).
The Directors are required to consider whether the non-current assets comprising, mineral properties 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 the cash flows. The directors have concluded that no adjustment is required for impairment. Strategic Report
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Annual Report 201 5
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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 2014    251 54,850 55,101
Loan in relation to Karsuyskoye    – 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
Net cash movements    – 5,010 5,010
Management charges and interest    – 2,576 2,576
Foreign exchange movement     (11) – (11)
31 December 2015    225 81,091 81,316
The investments together with the loans which are denominated in US Dollars represent the investments into the 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 the initial funding to the 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 
investments 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
     2015 2014 
     US$000 US$000
Non-current
Work in progress      604  –
Current 
Spare parts and consumables     1,328 4,478
Work in progress     1,196 940
Finished goods     699 5,464
     3,223 10,882
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$135,000 (2014: US$873,000) and work in progress of US$Nil (2014: US$114,000).
The total cost of inventory recognised as an expense is shown in note 11. GoldBridges Global Resources Plc 
Annual Report 201 5
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Notes to the financial statements continued
year ended 31 December 2015
18 Trade and other receivables
Non-current
   Company Company Group Group 
   2015 2014 2015 2014 
   US$000 US$000 US$000 US$000
Other receivables and prepayments   –  – 1,337  2,553
   –  – 1,337   2,553
Other receivables included within non-current assets for 2015 and 2014 relate to an amount recoverable in relation to Value Added Tax, recovery is expected  
in Q1 2017.
Current
   Company Company Group Group 
   2015 2014 2015 2014 
   US$000 US$000 US$000 US$000
Trade receivables   – – 156  456
Akmola Gold  – recoverable   – 1,108 – 1,108 
VAT  – recoverable    42  728 1,992  5,651 
 – provision   – (728) – (728)
Other receivables – recoverable   – 6 148  324 
 – provision   –  – (34) (64) 
Prepayments    34  33 387  3,513 
   76 1,147 2,649 10,260
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. 
Other prepayments included within non-current assets relate to advances for plant and equipment.
19 Trade and other payables
Current
   Company Company Group Group 
   2015 2014 2015 2014 
   US$000 US$000 US$000 US$000
Trade creditors   655 340  6,363  13,016
Other payables and accruals   366 255  2,935  2,709 
    1,021  595   9,298 15,725
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. It is not practical to calculate the average credit period taken in respect of trade purchases for these creditors due 
to current business practices in the former Soviet Union. 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.
20 Other financial liabilities
     2015 2014 
     US$000 US$000
Liability for historic cost     834 1,035
Current     297 326
Non-current     537 709
     834 1,035
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$3,312,000 to the Kazakhstan Government for historic costs. From 1 January 2009, the balance of the historical costs is being paid  
on a quarterly basis and the final payment is due to be paid on 21 December 2018.
The future historic costs have been discounted to their net present value. This discounted value has been capitalised as property, plant and equipment (note 15) 
and will be amortised over the productive period. Any changes in estimated costs and discount rate are dealt with prospectively and result in a corresponding 
adjustment to property plant and equipment. Strategic Report
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Annual Report 201 5
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21 Related party transactions
Remuneration of key management personnel
The remuneration of the Directors, who are the key management personnel of the Company, is set out below in aggregate for each of the categories specified 
in IAS 24 – “Related Party Disclosures” . Further information about the remuneration of the individual directors is set out in the audited section of the report on 
directors’ remuneration on page 25.
     2015 2014 
     US$ US$
Directors emoluments      522,084  353,084
Social Security costs      30,392  28,515
     552,476 381,599
During the year the following transactions was connected with the Company’s controlled by the Assaubayev family: 
Purchases, rental and other payments totalling US$3.2m (2014: US$5.6m) and sales amounting to US$Nil (2014: US$1.1m), were made to Asia Mining Group 
(AMG) for the supply and sale of equipment and spares. At the year end an amount of US$2.5m is due to AMG and is included within other trade payables (2014: 
US$3.1m).
22 Provisions
   Tailings Abandonment 
   dam leak  and restoration Holiday pay Total 
   US$000 US$000 US$000 US$000
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 & 1 January 2015   – 7,400 335 7,735
Change in estimate of provision   – (863) 249 (614)
Unwinding of discount   – 355 – 355
Paid during the year   – (136) (147) (283)
Currency translation adjustment   – (3,203) (190) (3,393)
31 December 2015   – 3,553 247 3,800
31 December 2014
Current   – – 335 335
Non-current   – 7,400 – 7,400
   – 7,400 335 7,735 
31 December 2015
Current   – – 247 247
Non-current   – 3,553 – 3,553
   – 3,553 247 3,800
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. During the year the provision was reassessed and a downward revision made of US$1.1m, and the change is 
reflected within mining properties in note 15.
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 2015 there was US$137,000 
(being 47,401,000 Tenge (2014: US$260,000 – being 47,401,000 Tenge) on deposit in the bank account maintained for restoration costs. GoldBridges Global Resources Plc 
Annual Report 201 5
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Notes to the financial statements continued
year ended 31 December 2015
23 Borrowings
Secured borrowings at amortised cost
     2015 2014 
     US$000 US$000
Current liabilities
Due within one year      6,676  3,333
Non-current liabilities
Due within one – two years     –  3,333 
Due two – five years     –   3,334 
Bank loan      6,676  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, at the 
date of this report there are currently seven instalments remainig. 
 ■ 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% (2014: 7.5%).
 ■ The Company and its subsidiaries have to comply with a number of financial and non-financial covenants as part of the loan agreement. During the year due  
to the late payment of an instalment the company was in breach of one of the bank covenant conditions. As the Company has not received a waiver from  
the bank that it will not enforce the covenant , the total outstanding amount due to EBRD is shown as arising in less than one year. The bank could technically  
call for the loan to be repaid on demand and as such the total amount of the loan is shown as arising in less than one year.
Interest of US$77,000 (2014: US$189,000) has been accrued and is included within other payables and accruals (see note 19).
24 Deferred taxation
Deferred taxation asset
    Accelerated 
   Taxation  taxation 
   losses  depreciation Other Total 
   US$000 US$000 US$000 US$000
1 January 2014   873 166 106 1,145
Credit to income   626 112 (8) 730
Credit to other comprehensive income   737 – – 737
Currency translation   (164) (25) (16) (205)
31 December 2014 & 1 January 2015   2,072 253 82 2,407
Credit to income (see note 12)   – (54) 1,375 1,321
Credit to other comprehensive income   4,574 – – 4574
Currency translation   (2,544) (98) (515) (3,157)
31 December 2015   4,102 101 942 5,145
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 from the projected operations from the underground mine to recover carried forward losses. 
Unutilised taxation losses arising in Kazakhstan of US$54.1m (2014: US$2.3m) are available to carry forward for a maximum of ten years. The tax losses available  
to carry forward expire in 2025.
Unrecognised deferred taxation asset
The unrecognised deferred taxation asset is as follows:
     2015 2014 
     US$000 US$000
Temporary differences      –  267
Taxation losses      8,799  19,200
      8,799 19,467
Included within the unrecognised taxable losses above is an amount of US$10.05m (2014: US$11.2m) in relation to the Company, and US$6.78m (2014: US$8m) 
in relation to the 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.  Strategic Report
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Annual Report 201 5
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25 Called-up equity share capital
Issued and fully paid
     Number US$000
1 January 2014     1,563,370,130 2,635
Issued during the year
Share placements     647,972,000 1,067
At 31 December 2014 and 1 January 2015     2,211,342,130 3,702
Issued during the year 
Share placements     123,000,000 184
31 December 2015     2,334,342,130 3,886
During April 2015, the Company issued 123,000,000 new ordinary shares of 0.1 pence each. Net proceeds of US$4.9m 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 Company Group Group 
   2015 2014 2015 2014 
   US$000 US$000 US$000 US$000
Profit/(loss) before taxation    4,117 4,902 (11,750) (985)
Adjusted for:     
Finance income   (2,422) (722) – (7)
Finance expense    – 1,235 331
Depreciation of tangible fixed assets   90 64 4,224 5,350
Amortisation of intangible asset   – – 852 1,023
Impairment/(Reversal of impairment)   (674) 191 (2,617) –
(Increase)/Decrease in inventories   – – 5,042 (3,013)
(Increase) in trade and other receivables   1,567 (3,259) 5,338 (4,391)
(Decrease) in other financial liabilities   – – (272) (184)
(Decrease)/Increase in trade and other payables   503 (662) 363 4,905
Loss on disposal of property, plant and equipment   – – 236 1,237
Foreign currency translation   (3,848) (4,755) 5,718 1,418
Cash inflow from operations   (667) (4,241) 8,368 5,684
Income taxes receivable/(payable)   – – (185) (83)
   (667) (4,241) 8,183 5,601
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 Group’s primary objective when managing capital is to ensure that there is sufficient capital available to support the Group’s funding requirements, including 
capital expenditure, in a way that optimises the cost of capital, maximises shareholders’ returns and ensures the Group’s ability to continue as a going concern. 
There were no changes to the Group’s capital management approach during the year.
The Group may make adjustments to the capital structure as opportunities arise, as and when borrowings mature or as and when funding is required. This may 
take the form of raising equity, debt finance, equipment supplier credits or a combination thereof. GoldBridges Global Resources Plc 
Annual Report 201 5
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Notes to the financial statements continued
year ended 31 December 2015
27 Financial instruments continued
Capital risk management continued
The Group monitors capital on the basis of the gearing ratio, which is defined as net debt divided by total capital. Net debt is calculated as total borrowings 
(including current and non-current borrowings as shown in the consolidated statement of financial position) less cash and cash equivalents. Total capital is 
calculated as equity as shown in the consolidated statement of financial position plus net debt. While the Group does not set absolute limits on the ratio, the 
Group believes that a ratio of up to 30% was acceptable in the final stages of the construction and the commissioning phase of the Seki mine and that optimally 
this should reduce to and remain below 25% thereafter. The Company’s policy in respect of capital risk management is the same as that of the Group.
     2015 2014 
     US$000 US$000
Group
Total borrowings     6,676 10,000
Less: cash and cash equivalents     1,084 1,684
Net debt     5,592 8,316
Total equity     38,401 73,754
Total capital     43,993 82,070
Gearing ratio     12.71% 10.01%
Company
Total borrowings     – –
Less: cash and cash equivalents     728 1,448
Net debt     728 1,448
Total equity     81,468 76,221
Total capital     82,196 77,669
Gearing ratio     0.1% 0.2%
Derivatives, financial instruments and risk management
The Company does not use derivative instruments or other financial instruments to manage its exposure to fluctuations in foreign currency exchange rates, 
interest rates and commodity prices.
Foreign currency risk management
The Company and its subsidiaries have transactional currency exposures. Such exposures arise from sales or purchases by the Company’s two subsidiaries in 
Kazakhstan in currencies other than the Company’s functional currency. The functional currency of TOO Altai Ken-Bayitu and TOO Gornorudnoe Predpriatie 
Sekisovskoye is the Kazakh Tenge. The Company and Hambledon Mining Company Limited have a functional currency which is the United Kingdom pound 
(“Sterling”). The currency transactions giving rise to this foreign currency risk are primarily US Dollar denominated revenues, US Dollar denominated borrowings 
and other financial liabilities and certain US Dollar denominated trade payables. The Company and its subsidiaries do not enter into hedging positions in respect 
of its exposure to foreign currency risk.
The carrying amounts of the Company’s and its subsidiaries’ foreign currency denominated net monetary assets and monetary liabilities at 31 December, are  
as follows:
 2015 US$  2014 US$
 Functional currency  Functional currency
Currency of monetary asset/liability GBP KZT Total GBP KZT Total
US Dollars – (4,450) (4,450) 1,978 (10,000) (8,022)
British Pounds (230) – (230) (17) – (17)
Kazakhstan Tenge – (7,502) (7,502) – (4,439) (4,439)
Net monetary position   (12,182)   (12,478) Strategic Report
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27 Financial instruments continued
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:
     2015 2014 
     US$000 US$000
50% weakening of Kazakh Tenge against the US Dollar      (3,335) (2,000)
50% weakening of British Pound against 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 2015 and 2014 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. It is often impractical in Kazakhstan 
to carry out a check of creditworthiness of suppliers before making the contracted prepayments. There were no significant balances at 31 December 2015 and 
2014 in respect of which suppliers had defaulted on their obligations. A provision made in the parent company financial statements in relation to the recovery  
of VAT in 2014 has been reversed as the amount was received in the year.
The Company’s maximum exposure to credit risk is limited to the carrying amount of financial assets recorded in the financial statements.
The Group is mainly exposed to credit risk on its cash and cash equivalents and trade and other receivables as per the balance sheet. The maximum exposure  
to credit risk is represented by the carrying amount of each financial asset in the balance sheet which at year end amounted to US$657,000 (2014: US$4.6m).  
The Group’s credit risk is primarily attributable to its VAT receivables. Although the full scope tax audit was completed in 2016 there is always a risk on the 
recoverability of the tax receivable balance due to potential 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. GoldBridges Global Resources Plc 
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Notes to the financial statements continued
year ended 31 December 2015
27 Financial instruments continued
Liquidity risk
During the year ended 31 December 2015, the Company was financed by internally generated funds, equity finance and bank borrowings. The bank borrowings 
were US$6.67m at 31 December 2015 (2014: 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 2015
From two to five years  –  – – 240  240 
For one to two years  –  – – 297  297 
Due after more than one year  –  – – 537  537 
Due within one year   7,200   9,298 247 297  17,042 
   7,200   9,298  247 833  17,579 
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 
   Trade  Other 
   and other  financial 
  Borrowings  payables Provisions liabilities Total 
Company  US$000 US$000 US$000 US$000 US$000
31 December 2015
Due within one year  –  1,021  – –  1,021 
31 December 2014
Due within one year  – 595 – – 595
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$66,000 (2014: US$70,000) being expensed to the income statement. See note 23 as the Company is in breach of certain covenants the loan is technically due 
for payment on demand.
The Company places surplus funds on short-term deposit (maximum three months) in Sterling 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 
contractual liabilities.
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. Strategic Report
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28 Commitments and contingencies continued
General conditions continued
(a) Contractual liabilities continued
Training for Kazakhstani specialists
In accordance with the terms of the contract the Company is liable for the annual costs incurred in respect of the 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 2015 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 the development and ensuring social support for the activity of the communities 
near the area of operations of the Company. As at 31 December 2015, 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 the vehicle owners, the employer’s liability and insurance of the subsoil users’ 
liability where the activity of such subsoil users is connected to the damage to third parties.
(c) Court proceedings
The 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.
Apart from the settlement in relation to the tailings dam restoration programme, the Company has a memorandum signed with the local authorities, whereby 
the Company is liable for arranging the construction of the paste plant for US$3,290,000 (US$600m Tenge). It has been agreed that the Company will use its best 
endeavours to have this completed once all necessary permits are obtained.
Other than the paste plant as at the reporting date the Company has fulfilled all of its obligations in relation to the outstanding works which required in relation  
to the tailings dam restoration program. 
(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 investigations of the accounts 
to ensure that the tax payable is accurate are 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
Finance raising
On 29 February 2016 the Company raised funds through the placing of a convertible bond, raising US$10m, this was subscribed by African Resources Limited  
a company controlled by the Assaubayev family.
The Bonds carry a coupon of 10% pa, payable semi-annually in arrears on 29 July and 28 February each year with the first payment due on 29 July 2016.  
Unless the Bonds are re-purchased and cancelled, redeemed or converted prior to the scheduled maturity date, they will be repaid on 28 February 2021 at their 
principal amount. The Bonds can be converted into Ordinary Shares of the Company at a price of 3 pence per share any time prior to maturity upon demand by 
the Bondholder (subject to the receipt of necessary corporate and governmental approvals).
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% (2014: 65.12% ) of the voting rights  
in the Company.
The ultimate controlling party are the Assaubayev family, by virtue of the fact that they are the controlling party of African Resources Limited. GoldBridges Global Resources Plc 
Annual Report 201 5
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Notice of Annual General Meeting
NOTICE IS HEREBY GIVEN THAT the Annual General Meeting of the GoldBridges Global Resources plc (the “Company”) will be held at the offices of BDO LLP 55 
Baler Street London, W1U 7EU on 24 June 2016 at 11.15am in order to consider and, if thought fit, pass resolutions 1 to 9 as ordinary resolutions and resolution 10 
as a special resolution:
ORDINARY RESOLUTIONS
1. To receive the audited accounts and the reports of the Directors and auditors for the year ended 31 December 2015.
 
2. To approve the Directors’ remuneration report.
3. To confirm the appointment of Sanzhar Assaubayev as a Director (Executive) of the Company. 
4. To confirm the appointment of Neil Herbert as a Director (Non-Executive) of the Company. 
5. To re-elect Alain Balian as a Director (Non-Executive) of the Company. 
6. To re-elect Kanat Assaubayev as a Director (Chairman) of the Company.
7. To reappoint BDO LLP as the Company’s auditors to hold office until the conclusion of the next general meeting at which the annual accounts are to laid 
before the Company. 
8. To authorise the Audit Committee of the Board to determine the auditors’ remuneration.
9. That, in accordance with section 551 of the Companies Act 2006 (as amended) (the “Act”) the directors be generally and unconditionally authorised to allot 
Relevant Securities (as defined in the notes to this Notice):
a. comprising equity securities (as defined by section 560 of the Act) up to an aggregate nominal amount of £1,556,228.08 (such amount to be reduced by 
the nominal amount of any Relevant Securities allotted under paragraph 9b. below) in connection with an offer by way of a rights issue:
i. to holders of ordinary shares in proportion (as nearly as may be practicable) to their respective holdings; and
ii. to holders of other equity securities as required by the rights of those securities or as the directors otherwise consider necessary,
 but subject to such exclusions or other arrangements as the directors may deem necessary or expedient in relation to treasury shares, fractional entitlements, 
record dates, legal or practical problems in or under the laws of any territory or the requirements of any regulatory body or stock exchange; and
b. in any other case, up to an aggregate nominal amount of £778,114.04 (such amount to be reduced by the nominal amount of any equity securities allotted 
under paragraph 9a. above in excess of £778,114.04),
 provided that this authority shall, unless renewed, varied or revoked by the Company, expire on the date which is 18 months after the date on which this 
resolution is passed or, if earlier, the date of the next annual general meeting of the Company save that the Company may, before such expiry, make offers 
or agreements which would or might require Relevant Securities to be allotted and the directors may allot Relevant Securities in pursuance of such offer or 
agreement notwithstanding that the authority conferred by this resolution has expired.
 This resolution revokes and replaces all unexercised authorities previously granted to the directors to allot Relevant Securities but without prejudice to any 
allotment of shares or grant of rights already made, offered or agreed to be made pursuant to such authorities. Strategic Report
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SPECIAL RESOLUTION
10. That, conditional on the passing of Resolution 9, the directors be given the general power to allot equity securities (as defined by section 560 of the Companies 
Act 2006 (as amended) (the “Act”) for cash, either pursuant to the authority conferred by resolution 9 or by way of a sale of treasury shares, as if section 561(1)  
of the Act did not apply to any such allotment, provided that this power shall be limited to:
a. the allotment of equity securities in connection with an offer of equity securities (but, in the case of the authority granted under 6a., by way of a rights  
issue only):
i. to the holders of ordinary shares in proportion (as nearly as may be practicable) to their respective holdings; and
ii. to holders of other equity securities as required by the rights of those securities or as the directors otherwise consider necessary,
 but subject to such exclusions or other arrangements as the directors may deem necessary or expedient in relation to treasury shares, fractional entitlements, 
record dates, legal or practical problems in or under the laws of any territory or the requirements of any regulatory body or stock exchange; and
b. the allotment (otherwise than pursuant to paragraph 10a. above) of equity securities up to an aggregate nominal amount of £233,434.21.
 The power granted by this resolution will expire on the date which is 18 months after the date on which this resolution is passed or, if earlier, the conclusion  
of the Company’s next Annual General Meeting (unless renewed, varied or revoked by the Company prior to or on such date) save that the Company may, 
before such expiry make offers or agreements which would or might require equity securities to be allotted after such expiry and the Directors may allot 
equity securities in pursuance of any such offer or agreement notwithstanding that the power conferred by this resolution has expired.
 This resolution revokes and replaces all unexercised powers previously granted to the Directors to allot equity securities as if section 561(1) of the Act did not 
apply but without prejudice to any allotment of equity securities already made or agreed to be made pursuant to such authorities.
By order of the Board
Rajinder Basra
Company Secretary
Registered Office: 
28 Eccleston Square
London SW1V 1NZ
Dated 29 April 2016
Company Number: 05048549 GoldBridges Global Resources Plc 
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Notes to the Notice  
of Annual General Meeting
Relevant Securities means:
 ■ Shares in the Company other than shares allotted pursuant to:
– an employee share scheme (as defined by section 1166 of the Act);
– a right to subscribe for shares in the Company where the grant of the right itself constituted a Relevant Security; or
– a right to convert securities into shares in the Company where the grant of the right itself constituted a Relevant Security.
 ■ Any right to subscribe for or to convert any security into shares in the Company other than rights to subscribe for or convert any security into shares allotted 
pursuant to an employee share scheme (as defined by section 1166 of the Act). References to the allotment of Relevant Securities in the resolution include the 
grant of such rights.
Entitlement to attend and vote
1.  Only those shareholders registered in the Company’s register of members at:
 ■ 6.00 pm on Wednesday 22 June 2016; or,
 ■ if this meeting is adjourned, at 6.00 pm on the day two days prior to the adjourned meeting,
shall be entitled to attend and vote at the meeting. Changes to the register of members after the relevant deadline shall be disregarded in determining the 
rights of any person to attend and vote at the meeting.
Appointment of proxies
2.  If you are a shareholder who is entitled to attend and vote at the meeting, you are entitled to appoint a proxy to exercise all or any of your rights to attend, 
speak and vote at the meeting and you should have received a proxy form with this notice of meeting. You can only appoint a proxy using the procedures  
set out in these notes and the notes to the proxy form.
3.  If you are not a member of the Company but you have been nominated by a member of the Company to enjoy information rights, you do not have a right  
to appoint any proxies under the procedures set out in this “Appointment of proxies” section. Please read the section “Nominated persons” below.
4.  A proxy does not need to be a shareholder of the Company but must attend the meeting to represent you. You may appoint more than one proxy provided 
each proxy is appointed to exercise rights attached to different shares. You may not appoint more than one proxy to exercise rights attached to any one share. 
To appoint more than one proxy, each proxy must be appointed on a separate proxy form. If you wish your proxy to speak on your behalf at the meeting you 
will need to appoint your own choice of proxy (not the chairman) and give your instructions directly to them.
5.  Shareholders can:
 ■ Appoint a proxy and give proxy instructions by returning the enclosed proxy form by post (see note 7).
 ■ Register their proxy appointment electronically (see note 8).
 ■ If a CREST member, register their proxy appointment by utilising the CREST electronic proxy appointment service (see note 9).
  Appointment of a proxy does not preclude you from attending the meeting and voting in person. If you have appointed a proxy and attend the meeting and 
vote in person, your proxy appointment will automatically be terminated.
6.  A vote withheld is not a vote in law, which means that the vote will not be counted in the calculation of votes for or against the resolution. If no voting 
indication is given, your proxy will vote or abstain from voting at his or her discretion. Your proxy will vote (or abstain from voting) as he or she thinks fit in 
relation to any other matter which is put before the meeting.
Appointment of proxy by post
7.  The notes to the proxy form explain how to direct your proxy how to vote on each resolution or withhold their vote.
 To appoint a proxy using the proxy form, the form must be:
 ■ completed and signed;
 ■ sent or delivered to Neville Registrars (the “Registrar”), at 18 Laurel Lane, Halesowen, West Midlands B63 3DA; and
 ■ received by the Registrar no later than 6:00pm on 9 June 2016.
In the case of a shareholder which is a company, the proxy form must be executed under its common seal or signed on its behalf by an officer of the company  
or an attorney for the company.
Any power of attorney or any other authority under which the proxy form is signed (or a duly certified copy of such power or authority) must be included  
with the proxy form.
If you have not received a proxy form and believe that you should have one, or if you require additional proxy forms, please contact the Registrar on  
+44 (0) 121 585 1131. Strategic Report
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Appointment of proxies electronically
8.  As an alternative to completing the hard-copy proxy form, you can appoint a proxy electronically online at sharegateway.co.uk and completing the 
authentication requirements as set out on the proxy form. For an electronic proxy appointment to be valid, your appointment must be received by the 
Registrar no later than 3:00pm on 22 June 2016.
Appointment of proxies through CREST
9.  CREST members who wish to appoint a proxy or proxies by utilising the CREST electronic proxy appointment service may do so for the meeting and any 
adjournment(s) of it by using the procedures described in the CREST Manual (available via www.euroclear.com). CREST Personal Members or other CREST 
sponsored members, and those CREST members who have appointed a voting service provider(s), should refer to their CREST sponsor or voting service 
provider(s), who will be able to take the appropriate action on their behalf.
 In order for a proxy appointment made using the CREST service to be valid, the appropriate CREST message (a CREST Proxy Instruction) must be properly 
authenticated in accordance with Euroclear UK & Ireland Limited’s (EUI) specifications and must contain the information required for such instructions, as 
described in the CREST Manual. The message, regardless of whether it constitutes the appointment of a proxy or is an amendment to the instruction given to 
a previously appointed proxy, must, in order to be valid, be transmitted so as to be received by the Registrar ID 7RA11 no later than 3:00pm on 22 June 2016, 
or, in the event of an adjournment of the meeting, 48 hours before the adjourned meeting. For this purpose, the time of receipt will be taken to be the time 
(as determined by the timestamp applied to the message by the CREST Applications Host) from which the issuer’s agent is able to retrieve the message by 
enquiry to CREST in the manner prescribed by CREST. After this time, any change of instructions to proxies appointed through CREST should be communicated 
to the appointee through other means.
 CREST members and, where applicable, their CREST sponsors or voting service providers should note that EUI does not make available special procedures 
in CREST for any particular message. Normal system timings and limitations will therefore apply in relation to the input of CREST Proxy Instructions. It is the 
responsibility of the CREST member concerned to take (or, if the CREST member is a CREST personal member or sponsored member, or has appointed a voting 
service provider(s), to procure that his/her CREST sponsor or voting service provider(s) take(s)) such action as shall be necessary to ensure that a message is 
transmitted by means of the CREST system by any particular time. In this connection, CREST members and, where applicable, their CREST sponsors or voting 
service providers are referred, in particular, to those sections of the CREST Manual concerning practical limitations of the CREST system and timings.
 The Company may treat as invalid a CREST Proxy Instruction in the circumstances set out in Regulation 35(5)(a) of the Uncertificated Securities Regulations 2001.
Appointment of proxy by joint members
10. In the case of joint holders, where more than one of the joint holders completes a proxy appointment, only the appointment submitted by the most senior 
holder will be accepted. Seniority is determined by the order in which the names of the joint holders appear in the Company’s register of members in respect 
of the joint holding (the first-named being the most senior).
Changing proxy instructions
11.  Shareholders may change proxy instructions by submitting a new proxy appointment using the methods set out above. Note that the cut-off time for receipt 
of proxy appointments (see above) also apply in relation to amended instructions; any amended proxy appointment received after the relevant cut-off time 
will be disregarded.
 Where you have appointed a proxy using the hard-copy proxy form and would like to change the instructions using another hard-copy proxy form, please 
contact the Registrar on +44 (0) 121 585 1131.
 If you submit more than one valid proxy appointment, the appointment received last before the latest time for the receipt of proxies will take precedence.
Termination of proxy appointments
12. A shareholder may change a proxy instruction but to do so you will need to inform the Company in writing by either:
 ■ Sending a signed hard copy notice clearly stating your intention to revoke your proxy appointment to Neville Registrars, at 18 Laurel Lane, Halesowen,  
West Midlands B63 3DA. In the case of a shareholder which is a company, the revocation notice must be executed under its common seal or signed  
on its behalf by an officer of the company or an attorney for the company. Any power of attorney or any other authority under which the revocation  
notice is signed (or a duly certified copy of such power or authority) must be included with the revocation notice.
 ■ Sending an e-mail to info@nevilleregistrars.co.uk.
 In either case, the revocation notice must be received by the Registrar no later than 3:00pm on 22 June 2016.
 If you attempt to revoke your proxy appointment but the revocation is received after the time specified, your original proxy appointment will remain valid 
unless you attend the meeting and vote in person.
Corporate representatives
13.  A corporation which is a shareholder can appoint one or more corporate representatives who may exercise, on its behalf, all its powers as a member provided 
that no more than one corporate representative exercises powers over the same share. GoldBridges Global Resources Plc 
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Notes to the Notice  
of Annual General Meeting continued
Issued shares and total voting rights
14.  As on 6pm at 28 April 2016, the Company’s issued share capital comprised 2,334,342,130 ordinary shares of 0.1p each. Each ordinary share carries the right  
to one vote at a general meeting of the Company and, therefore, the total number of voting rights in the Company is 2,334,342,130. 
 The Company’s website, www.goldbridgesplc.com will include information on the number of shares and voting rights.
Notification of shareholdings
15.  Any person holding 3% or more of the total voting rights of the Company who appoints a person other than the Chairman of the Annual General Meeting  
as their proxy will need to ensure that both they, and their proxy, comply with their respective disclosure obligations under the Disclosure Rules and 
Transparency Rules.
Questions at the meeting
16.  Any member attending the meeting has the right to ask questions. The Company must answer any question you ask relating to the business being dealt with 
at the meeting unless:
 ■ answering the question would interfere unduly with the preparation for the meeting or involve the disclosure of confidential information;
 ■ the answer has already been given on a website in the form of an answer to a question; or
 ■ it is undesirable in the interests of the Company or the good order of the meeting that the question be answered.
Nominated persons
17. If you are a person who has been nominated under section 146 of the Companies Act 2006 to enjoy information rights (Nominated Person):
 ■ You may have a right under an agreement between you and the shareholder of the Company who has nominated you to have information rights (Relevant 
Shareholder) to be appointed or to have someone else appointed as a proxy for the meeting.
 ■ If you either do not have such a right or if you have such a right but do not wish to exercise it, you may have a right under an agreement between you and 
the Relevant Shareholder to give instructions to the Relevant Shareholder as to the exercise of voting rights.
 ■ Your main point of contact in terms of your investment in the Company remains the Relevant Shareholder (or, perhaps, your custodian or broker) and 
you should continue to contact them (and not the Company) regarding any changes or queries relating to your personal details and your interest in the 
Company (including any administrative matters). The only exception to this is where the Company expressly requests a response from you.
Documents on display
18. Copies of the service contracts of the executive directors and the non-executive directors’ contracts for services are available for inspection at the Company’s 
registered office during normal business hours and at the place of the meeting from at least 15 minutes prior to the meeting until the end of the meeting.
Communication
19.  Except as provided above, shareholders who have general queries about the meeting should use the following means of communication (no other methods 
of communication will be accepted):
 ■ Contact the Company by e-mail to info@aglocore.com.
 You may not use any electronic address provided either:
 ■ in this notice of Annual General Meeting; or 
 ■ any related documents (including the chairman’s letter and proxy form),
 to communicate with the Company for any purposes other than those expressly stated. Strategic Report
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Explanation of resolutions
An explanation of each of the resolutions is set out below.
ORDINARY BUSINESS
Resolutions 1 to 9 will be proposed as ordinary resolutions and will be passed if more than 50% of shareholders’ votes cast are in favour.
Resolution 1: To receive the 2015 report and accounts
The Directors of the Company (the ‘Directors’) must present their Annual Report and Accounts of the Company for the year ended 31 December 2015  
(the ‘Annual Report’) to shareholders for formal adoption at the Annual General Meeting. 
Resolution 2: Directors’ remuneration report
The Directors’ remuneration report is set out in the Annual Report. In accordance with the provisions of the Act the Directors’ remuneration report is the  
Annual Report contains:
 ■ a statement by the Chairman of the Remuneration Committee;
 ■ the Directors’ remuneration policy in relation to future payments to the Directors and former Directors’; and
 ■ the Annual Report on remuneration, which sets out payments made in the financial year ending 31 December 2015.
The statement by the Remuneration Committee Chairman and the Annual Report on remuneration will be put to an annual advisory shareholder vote by ordinary 
resolution.
Accordingly, Resolution 2 is the ordinary resolution to approve the Directors’ remuneration report. As it is an advisory vote it does not affect the actual 
remuneration paid to any Director. 
Resolutions 3 to 6: To re-elect the Directors
Under the Company’s articles of association, one third of the Directors or, if their number is not a multiple of three, then the number nearest to but not less than 
one-third must retire from office and then stand for re-election. 
Biographical details of directors to be re-elected are set out in the Annual Report and are also available for viewing on the Company’s website at  
www.goldbridgesplc.com.
Resolutions 7 & 8: To reappoint the auditors and authorise the Audit Committee of the Board to determine their remuneration
The Company is required to appoint auditors at each general meeting at which the annual accounts and report are to be laid before the Company, to hold office 
until the conclusion of the next such meeting. The Audit Committee has reviewed the effectiveness, independence and objectivity of the external auditors,  
BDO LLP , on behalf of the Board which now proposes their reappointment as auditors of the Company. Resolution 5 also authorises the Audit Committee of the 
Board, in accordance with standard practice, to negotiate and agree the remuneration of the auditors.
SPECIAL BUSINESS
As well as the ordinary business of the meeting outlined above, a number of special matters will be dealt with at the Annual General Meeting. Resolution 9  
will be proposed as an ordinary resolution and will be passed if more than 50% of shareholders’ votes cast are in favour. Resolution 10 will be proposed as  
a special resolution. For this resolution to be passed, at least 75% of shareholders’ votes cast must be in favour.
Resolution 9: Directors’ authority to allot shares
At the last Annual General Meeting held in June 2015 the Directors were given authority to allot shares in the Company, and Resolution 9 seeks to renew this 
authority for a period until the date which is 18 months after the date on which this resolution is passed or, if earlier, the date of the next Annual General Meeting 
of the Company.
This resolution would give the Directors authority to allot ordinary shares, and grant rights to subscribe for or convert any security into shares in the Company, up 
to an aggregate nominal value of £778,114.04. This amount represents approximately one-third (33.33%) of the issued ordinary share capital of the Company, as 
at 28 April 2016, the last practicable date prior to the publication of this document. The Company does not currently hold any shares in treasury. The extent of the 
authority follows the guidelines issued by institutional investors.
The Directors consider that it is appropriate for this authority and these powers to be granted to preserve maximum flexibility for the future. 
Resolution 10: Disapplication of pre-emption rights
Section 561 of the Companies Act 2006 gives all shareholders the right to participate on a pro-rata basis in all issues of equity securities for cash, unless they 
agree that this right should be disapplied. The effect of this resolution is to empower the Directors, until the date which is 18 months after the date on which this 
resolution is passed or, if earlier, the date of the next annual general meeting of the Company, to allot equity securities for cash, without first offering them on 
a pro-rata basis to existing shareholders, but only up to a maximum nominal amount of £233,434.21 representing approximately 10% of the Company’s issued 
ordinary share capital on 28 April 2016 (being the latest practicable date before the date of this document). In addition, the resolution empowers the Directors to 
deal with fractional entitlements and any practical problems arising in any overseas territory on any offer made on a pro-rata basis. The Directors consider that it is 
appropriate for this authority and these powers to be granted to preserve maximum flexibility for the future. GoldBridges Global Resources Plc 
Annual Report 201 5
60
Directors
Kanat Assaubayev Chairman
Aidar Assaubayev Chief Executive Officer 
Sanzhar Assaubayev Executive Director
Ashar Qureshi Non-Executive Director
William Trew Non-Executive Director
Alain Balian Non-Executive Director
Neil Herbert 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
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 
Wragge Lawrence Graham & Co. LLP 
54 More 
London Riverside 
London 
SE1 2AU 
Telephone: +44 (0) 870 903 1000 
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 201 5
61
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
28 Eccleston Square
London
SW1V 1NZ
www.goldbridgesplc.com
GoldBridges Global Resources Plc Annual Report 2015