Whilst building profits and revenues remains a key objective for 
Goldplat, the exploration and development of brownfield projects is 
where we see the growth and value uplift potential as we continue to 
build the Company into a mid tier gold producer in Africa.
GOLDPLAT 
AFRICAN-FOCUSED GOLD PRODUCTION AND
ADVANCED EXPLORATION
CONTENTS
1 Highlights 
2 Statement from the Chief Executive Officer
3 Chairman’s Statement
8 The Board 
9 Directors’ Report 
12 Independent Auditor’s Report to the Members of Goldplat plc
14 Consolidated Statement of Comprehensive Income
15 Consolidated Statement of Financial Position 
16 Consolidated Statement of Changes in Equity - 30 June 2011 
17 Consolidated Statement of Changes in Equity - 30 June 2012
18 Consolidated Statement of Cash Flows
19 Company Statement of Financial Position
20 Company Statement of Changes in Equity
21 Company Statement of Cash Flows
22 Notes to the Consolidated Financial Statements
57 Company Information HIGHLIGHTS
1
GOLDPLAT Annual Report 2012
• Market leaders in gold recovery in Africa – production from Ghana and South Africa 
totalled 31,354 ounces
• Establishing a new gold recovery processing unit in Burkina Faso; registered a new 
trading company, Midas Gold SARL, and initial plant designs are underway
• Achieved first gold pour at Kilimapesa Gold Mining Project in Kenya in January 2012
• 162% JORC compliant resource upgrade at Kilimapesa to 649,804 ounces 
at 2.44 g/t gold
• Strong progress made to advance gold development portfolio in 
Ghana and Burkina Faso
• Aim to delineate in excess of 1 million ounces of gold resources across 
Kenya, Ghana and Burkina Faso gold mining projects by the end of 2012
HIGHLIGHTS
FOR THE YEAR ENDED 30 JUNE 2012
52
%
INCREASE IN PROFIT BEFORE TAX TO
£5.24 million
(2011: £3.43 million)
52
%
NET CASH POSITION OF 
£4.57 million
(2011: £3.01 million) 
48
%
INCREASE IN OPERATING PROFITS TO
£4.53 million
(2011: £3.05 million) 
0.6pper share
MAIDEN DIVIDEND TOTALLING 
£1.01 million
(2011: nil)  2
STATEMENT FROM THE 
CHIEF EXECUTIVE OFFICER
RUSSELL LAMMING – CHIEF EXECUTIVE OFFICER
GOLDPLAT Annual Report 2012
STATEMENT FROM THE CHIEF EXECUTIVE OFFICER
Goldplat CEO Russell Lamming said, “I am delighted to have joined Goldplat as
CEO at such an exciting time in the Company’s development. With record profits of
£5.24 million before tax and gold production reaching 31,354 ounces, 2012 has
been a truly exceptional year for Goldplat. In addition, the declaration of a maiden
dividend represents a key milestone for the Company and highlights the considerable
progress made by Goldplat to date. 
“Looking ahead, I plan to build on the success of former CEO Demetri Manolis and
continue to deliver on the Company’s key strategy of building a highly lucrative gold
recovery and mining company in Africa. To this end, we will maintain growth and seek
new opportunities for our highly lucrative gold recovery businesses in Ghana and South
Africa.  Furthermore, I look forward to reporting on developments at our latest gold
recovery venture in Burkina Faso, which we believe will be an excellent fit with our
existing recovery operations. 
“We remain committed to developing our gold mining projects in Kenya (Kilimapesa
Gold), Ghana (Amunso) and Burkina Faso (Nyieme). We aim to increase production at
our first gold mine, Kilimapesa Gold, towards the 10,000 ounce mark over the next two
years and delineate in excess of 1 million ounces of resources across our whole
development portfolio by the end of the year.  
“With a robust treasury to support growth at our existing operations and fund future
acquisitions, Goldplat looks set to hit its key targets and in turn realise value for shareholders.” 
RUSSELL LAMMING – CHIEF EXECUTIVE OFFICER
28 September 2012 3
GOLDPLAT Annual Report 2012
This has been another excellent year for
Goldplat, and our stated objective of
building a cash generative, profitable, debt
free gold producer focussed in Africa is
being realised. We have reached multiple
milestones during the period, including the
first gold pour at the new Kilimapesa gold
mine in Kenya, achieved record revenues
from the gold recovery operations in Ghana
and South Africa, and through defined
exploration programmes, we are expecting
to have in excess of a one million ounce
gold resource in the near future. 
With revenues and margins continuing to improve, a net
cash position of £4.573 million at the year end, and truly
exciting projects being expanded and developed, we remain
committed to building shareholder value and reflecting our
strong operational performance in our market value, which
we believe remains significantly below its fair level. 
Our mining and exploration portfolio consists of the
producing Kilimapesa Gold Mine in Kenya and the Anumso
and Nyieme gold exploration and development projects in
Ghana and Burkina Faso, which have near term resource
upgrade and production potential.
While good progress is being made on these projects, our
two gold recovery operations in South Africa and Ghana
remain key to our profitability and cash generation,
underpinning our share price. The success of these
operations has enabled us to recommend a maiden
dividend of 0.6p per share, totalling £1,030,000. To ensure
increasing profits of the recovery business, we intend to
establish a further operation in Burkina Faso, as described
below. We have also taken important steps to expand our
operations in South Africa, and in this context I should
stress that we have been completely unaffected by the well
publicised problems affecting mines in the Rustenburg
area. Our record of no reportable accidents demonstrates
the commitment of management and staff there, and
remains a source of pride.
With a balanced portfolio of producing and exploration
assets we expect to be able to finance the majority, if not
all of our development work internally or through project
finance, negating any need for further dilution on the
corporate level, which we believe is important when
considering our value against our peer group. 
FINANCIALS
The Group reports a 53% increase in pre-tax profit for the
twelve months to 30 June 2012 to £5,244,000 (2011:
£3,428,000) and a 57% increase in after tax profit to
£4,644,000 (2011: £2,956,000). Importantly, there was a
contribution from three areas of the business and for the
first time, the profits earned in Ghana exceeded those
earned in South Africa. Basic earnings per share (pence)
jumped to 2.77p against 2.12p for 2011, a 30% increase.
These profit increases are even more impressive when
taking account of the background of declining gold prices
in the second half of the year, a trend which has now
reversed with gold at near record levels. 
At the period end, the Group retained a strong cash balance
of £4.573 million, a 52% increase compared to £3.010
million last year. 
As a result of this and the cash generative nature of the
business, the Board is recommending the payment of a
maiden dividend of 0.6p per share, totalling £1.01 million.
If approved, this dividend is expected to be paid on 
16 November 2012 to shareholders on the register on 
26 October 2012. The ex-dividend date is 24 October
2012. In future we intend to pursue a progressive dividend
policy based initially on the profits and cash generation
from our gold recovery business.
GOLD RECOVERY OPERATIONS
Our gold recovery operations in Ghana and South Africa
continue to deliver and remain market leaders in precious
metal recovery from by-products of the mining process
such as woodchips, mill liners, fine carbon, slags, sludges
CHAIRMAN’S 
STATEMENT
BRIAN MORITZ – CHAIRMAN
CHAIRMAN’S STATEMENT
“The Board is recommending the payment
of a maiden dividend of 0.6p per share” 4
GOLDPLAT Annual Report 2012
Woodchips to process gold at 
Gold Recovery Ghana Limited
and waste grease. They once again posted record results
during the period producing a total of 31,354 ounces of
gold (2011: 28,185 ounces) and 7,976 ounces of silver,
with 17,762 ounces of gold attributed from Ghana and
13,592 ounces of gold from our South African operations.
These businesses have significant stockpiles of material
for processing, continue to grow and remain important to
the business as they provide investment capital to advance
our other exploration and mining projects, which negates
the need to turn to other funding options. We have
therefore focussed on maintaining each plant’s operational
efficiency with profitability remaining a key focus. 
GOLD RECOVERY GHANA LIMITED ('GRG') – GHANA
This has been another record period for GRG which
operates a processing plant in Tema, in a Free Zone Status
area, which has favourable accompanying tax benefits.
The plant, which provides an economic method for mines
to dispose of waste materials while at the same time
adhering to various environmental obligations, has
excellent relations with the Ghanaian Government and we
see it as a hub for further growth within the region.
This successful period not only saw a marked increase in
revenue and profitability but also a rise in by-products
received for processing through clients including Goldfield
Limited, AngloGold Ashanti Limited and Golden Star
Resources Limited. Due to the increased level of by-
products purchased, a second Fluidised Bed Incinerator
was purchased and installed to increase capacity.
Furthermore we continue to build on our contract base and
have secured agreements with additional mining
companies regarding acquiring gold bearing by-products.  
The toll processing operation that GRG has in place with
Adamus Resources ('Adamus'), a gold mining company in
Ghana, whereby some by-product materials purchased by
GRG is processed off-site at Adamus' processing site, also
continues to perform well and is being improved by
sourcing materials closer to its plant to reduce the
transport costs. A second receiving area at Adamus' plant
has been constructed, which has enabled GRG to
increase the volumes of by-products delivered each month.
In addition, tailings at Goldplat's brownfield Anumso gold
mining project, also in Ghana, are currently being
investigated as a potential source of material for Adamus.
GOLDPLAT RECOVERY (PTY) LTD - SOUTH AFRICA
('GOLDPLAT RECOVERY') 
Goldplat's gold recovery operation in South Africa has
continued to perform strongly and has maintained its
dominant position in South Africa in its business sector. To
maintain its leading position, improve the plant's
operational efficiency and maintain profitability, we initiated
an investment programme, which we are already seeing
the benefits of. A Fluidised Bed Incinerator project for
processing fine carbon has now been commissioned and
enables Goldplat Recovery to compete for the higher
margin fine carbon business and reduce the current stocks
of fine carbon.
In terms of processing by-product stockpiles, the
Company is currently sorting a significant volume of gold
bearing material accumulated from screening material
delivered, which we believe will increase gold recovery at
the plant going forward and positively impact Goldplat
Recovery's bottom line. Additionally the procurement of
new gold bearing materials is on-going and stocks of raw
material are stable. New clients with higher grade margin
material have been identified.
We plan to reprocess selected tailings from Goldplat
Recovery's own operation. The laboratory and bulk
samples have shown that this operation will be successful
and we are now purchasing the required equipment. Once
commissioned, this project should have a significant
positive impact on the costs of transport and procurement
of raw materials for Goldplat Recovery and hence improve
CHAIRMAN’S STATEMENT
“With a balanced portfolio of producing
and exploration assets we expect to be
able to finance the majority, if not all our
development work internally or through
project finance”
CHAIRMAN’S 
STATEMENT 
(CONTINUED) 5
GOLDPLAT Annual Report 2012
profitability for years to come. In addition, the Company
has significant reserves of coarse material that has been
screened out of purchased material prior to processing.
We have commenced the crushing and screening of this
material to provide a viable grade fine fraction that can be
processed for gold recovery and the coarse fraction for sale. 
Due diligence is continuing based on an agreement with
Central Rand Gold, whereby Goldplat Recovery will
arrange for the mining of two of the shallow shafts at the
Crown East and CMR Bird Reef mines in the West Rand
area near Johannesburg in South Africa on a 5% net
smelter return basis. We continue to sample at CMR Bird
Reef, however our priority is Crown East where we have
established safe access for a travelling way. We have also
established a small hoisting capacity for equipment
required underground and sample hoisting. We are busy
opening up and developing to gain access to the main reef
and main reef leader reserves.
The intention is that Goldplat will employ contract miners
to supply ore to the Benoni processing plant, and that 
the mining right will be retained by Central Rand Gold.
Under these arrangements Goldplat will not incur the
onerous potential liabilities inherent in underground mining
in South Africa.
On a wider note, Rand Refinery, Goldplat Recovery's
strategic partner, has expressed its intention to expand the
cooperation between the two companies in South Africa,
East and West Africa. The strategy is to utilise Goldplat's
recovery operations to upgrade material to such a 
grade that it is viable for Rand Refinery to process the
concentrated material in its works. Joint ventures will be
considered if required. 
MIDAS GOLD SARL ('MIDAS') - BURKINA FASO
Research undertaken by us in Burkina Faso has indicated
that there are significant volumes of tailings at attractive
grades available for processing. With this in mind, we plan
to establish a new processing unit in Burkina Faso and
have registered a new trading company, Midas Gold SARL,
to operate it. 
Midas is preparing a feasibility report of setting up the new
processing unit and to this end initial designs have been
drawn and equipment sourced. An appropriate site in the
vicinity of Goldplat's brownfield Nyieme gold project also
in Burkina Faso has also been selected, the coordinates
of which are required to be included in the application for
an operating licence.
Midas is preparing an Environmental Report which is the
final document required in order to submit our mining
licence application. 
Importantly, the Company has good relations with the
relevant Government institutions which would give
approval to develop the plant, and it also has the support
of the local Mayor for this new initiative. 
MINING AND DEVELOPMENT 
Kilimapesa Gold - Kenya
Progress at Kilimapesa Gold, our wholly owned high grade
auriferous vein mine, located in the historically productive
Migori Archaean Greenstone Belt in western Kenya
continues at pace. Having received a 21 year Mining Lease
in November 2011, the first gold project to be given a
mining licence in the country since its independence in
1963, we completed the construction and commissioning
of a processing facility including an elution plant to enable
Kilimapesa to smelt and produce doré on site on an on-
going basis. 
Production of doré commenced in January 2012 and
continues on a regular basis, with the gold sold to Rand
Refinery Limited in South Africa. The plant is currently
operating primarily on stoping tonnage sourced from the
underground operations at Kilimapesa Hill, with grades and
recoveries as forecast, averaging 5-6 g/t and +85%
respectively. Self-financing ramp up at the mine remains
CHAIRMAN’S STATEMENT
“We remain committed to building
shareholder value and reflecting our strong
operational performance in our market value”
Mine workers at Kilimapesa Gold Mine in Kenya Exploration Drilling at Anumso Gold Project, Ghana 
on track, with annual production targeted at 10,000 ounces
in the next two years. To aid this programme, a 500 Kva
generator was bought to act as a power supply back-up
in the case of grid power outages. The plant has been
assembled, primarily in South Africa, for shipping to Kenya.
The target date for commissioning the new plant was the
beginning of 2013, but difficulties with shipping, clearance
and onward transportation mean that commission may be
slightly delayed.
Underground development is on-going, primarily focussed
on extending the 1.2km strike length of the auriferous
quartz veins over the Kilimapesa Hill. The current
development programme at Kilimapesa Hill comprises
three on-strike development ends on the auriferous quartz
vein aimed at extending the exposure of vein to the east
increasing the flexibility of the mining operation. The vein
structures across Kilimapesa Gold have been historically
worked in places and results indicate grade continuity.
Following extensive resource drilling, to expand the
resource beyond the current underground development
both along strike and at depth, we raised the total
underground JORC-Compliant gold resource estimate to
8,292,613 tonnes at 2.44 g/t gold ('Au') for 649,804
ounces Au at a cut-off grade of 1 g/t Au. This represents
a 402,320 ounces Au or 162% increase from previously
published JORC-Compliant 3,133,613 tonnes at 2.46 g/t
gold for 247,484 ounces Au announced in May 2012.
Importantly the resource limits remain open and we aim to
continue to extend the current known limits of
mineralisation on strike and in depth.
From the 649,804 ounces Au, a JORC-Compliant mineral
resource, 531,631 ounces Au at an average grade of 2.43
g/t at a 1 g/t cut-off covers the 1.2km strike length over
the Kilimapesa Hill target area. This is contained within
three sub-parallel east-west trending quartz veins intruded
into Archaean Banded Iron Formation and basaltic country
rocks. The main mineralisation is contained within the
quartz veins, which lie within a low grade halo in the
bounding country rocks. Access to the orebody is via a
northerly developed horizontal adit, that has intersected
the east-west trending quartz veins on which reef drives
and raises have been developed.
In particular, work has been carried out at the new Adit D,
which lies 60 metres vertically below Adit B, and will
contribute significantly to the increase of available ore 
at Kilimapesa Hill, as well as increasing mining tonnages
as part of the ramp up to 10,000 ounces per annum.
Underground development continues to progress well with
an exposed and sampled combined strike length over the
two main auriferous quartz veins of 425 metres. Selected
rock chip sampling stretch values include 13.55 g/t over
an average width of 1.27 metres across 54 metres of strike
and 8.65 g/t over an average width of 1.50 metres over a
strike of 57 metres. 
At the Vim/Rutha and Red Ray target areas 21 holes for a
total of 921 metres and 13 holes drilled for a total of 650
metres have been drilled at each target respectively. 
A maiden resource has been declared over the Red Ray
area of 118,173 ounces Au at an average grade of 2.48
g/t at a cut-off of 1 g/t. A further drilling programme has
been completed at Red Ray designed to extend the
resource strike limits to 2.5km – assay results are pending
with an update scheduled for Q3 2012. 
Anumso Gold Exploration (previously the Banka Gold
Project) – Ghana – 90% interest
In line with our strategy of developing brownfield sites, we
continue to advance the 29 sq km Anumso Gold
Exploration licence, located in the highly prospective
Amansie East and Asante Akim South Districts of the
Ashanti Region of the Republic of Ghana, 10km southwest
of Newmont’s 14 million ounces Akyem gold deposit. The
current non-JORC compliant resource is 262,107 ounces
of gold to a depth of 100 metres, however, we believe there
CHAIRMAN’S STATEMENT
6
GOLDPLAT Annual Report 2012
CHAIRMAN’S 
STATEMENT 
(CONTINUED)
“We have reached multiple milestones
during the period, including the first 
gold pour at the new Kilimapesa gold
mine in Kenya” is significant potential to upgrade and increase this with infill
drilling and increase the depth of drilling to 250 metres.
Previous diamond core drilling programmes defined
significant high grade gold intersections located within a
broad low grade mineralised zone along a 4 km strike with
surface outcropping. Results include best intersections of
0.8m at 13.2g/t gold and 1m at 11.30 g/t of gold and
historical mine records suggest artisanal miners were
exploiting a gold resource estimated to be at a grading of
up to 26.9 g/t gold.
A 33 hole 6,125 metre drilling exploration programme
commenced on 22 November 2011 aimed at converting
and supplementing the existing gold resource to a JORC
compliant status. The drilling programme is now complete
with all the assay results due in October 2012. Importantly,
the continuation of mineralised Tarkwaian conglomerates
has been confirmed, underlining the prospectivity of the
project. The final results will be collated and a suitable
action plan communicated. 
Nyieme Licence - Burkina Faso
The 246 sq km Nyieme project is located in the prospective
Birimian Greenstone Belt in southern Burkina Faso, West
Africa. A 3,100 metre drilling programme was undertaken
in 2011, which defined a resource of 1,395,000 tonnes at
2.06g/t gold for 92,589 ounces. This focussed on the
Nyieme Village high grade zone, which was extended at
depth and to the north. Multiple additional anomalous
zones were identified up to 15 metre thick. Additionally,
four newly discovered mineralised zones were identified in
the A1 zone, 1.5km south of the Nyieme Village Zone.
Goldplat is now constructing a work programme to target
additional areas of economic potential. This will include drill
testing the northerly extension of the Nyieme Village Zone,
the gap between the Nyieme Village Zone and the A1 Zone,
and the four zones at the A1 Zone, which remain open to
the north and south. It also aims to drill test the depth
extensions of the zones at A1 Zone, investigate the D Zone
for a possible new zone and drill artisanal workings located
3 km to the south of the A1 Zone. Further exploration work
will be conducted on the extension of considerable
artisanal workings immediately south of the Nyieme
Licence as well as other targets that were highlighted after
the initial early 2011 soil sampling programme. In addition,
a regional structural mapping and geophysical programme
is being considered.
We are also in discussions with other licence holders within
the Nyieme project vicinity regarding joint venture and
consolidation opportunities to increase our geographic
footprint in the country. 
OUTLOOK
Goldplat is developing into a very exciting, robust gold
company that is profitable, debt free and has a realistic
growth trajectory which I believe will significantly enhance
shareholder value. With revenue generated from three
separate areas, I am confident that our growth will continue
and we will build on our current value. If you evaluate us
on a cash basis we are currently trading on a PE of
approximately 6 which is a huge discount to our peers, and
the payment of dividends distinguishes Goldplat further still
from other companies in the junior mining sector. We have
a strong asset base and are looking to reinforce our
business through the enlargement of our gold recovery
business and the Kilimapesa mine in Kenya, as well as by
the definition of further ounces and the bringing into
production of our extremely promising brownfield sites.
Once again our management and staff in all the countries
where we operate deserve the thanks of the Board and
shareholders for their dedicated and successful efforts on
behalf of the Group. 
Finally and by no means least, I would like to thank Demetri
Manolis for his exceptional work in building Goldplat into
the company it is today. He has achieved what he set out
to do and has decided to hand over the reins to Russell
Lamming, who brings with him, international finance and
mining experience. Demetri will stay as a consultant to the
Company and I look forward to working with him and
Russell to ensure that the success and growth of Goldplat
is maintained over the coming years. 
BRIAN MORITZ – CHAIRMAN
28 September 2012
CHAIRMAN’S STATEMENT
7
GOLDPLAT Annual Report 2012
Gold Recovery rotary kiln, South Africa 8
GOLDPLAT Annual Report 2012
BOARD OF DIRECTORS
BRIAN MORITZ
Chairman
Brian is a Chartered Accountant and former Senior Partner
of Grant Thornton, London. He formed Grant Thornton's
Capital Markets Team, which floated over 100 companies
on AIM under his chairmanship. In 1995 he retired to
concentrate on bringing new companies to the market as
a director. He focuses on mining companies, primarily in
Africa, and was formerly Chairman of African Platinum PLC
and Metal Bulletin PLC as well as currently being Chairman
of several junior mining companies. Brian is a member of
the audit and remuneration committees of the Company
and is responsible for corporate governance issues and
compliance with AIM.
RUSSELL LAMMING
Chief Executive
Russell is a qualified geologist with an honours degree in
geology from the University of the Witwatersrand and a
Bachelor of Commerce in Economics from the University
of Natal in South Africa. Russell has a wealth of experience
in the resource arena, having held a directorship of a South
African mining consultancy and having worked as a
precious metals analyst for a leading international broker.
During his 15 year career he has worked with a number of
AIM listed resource companies including African Platinum
Plc, which was sold to Impala Platinum and Chromex
Mining Plc, where as CEO he was instrumental in bringing
the Stellite Chrome Mine into production in South Africa
and selling the company to Synergy Africa Ltd. Russell is
also a founder and currently acts as a Non-Executive
Director of Ferrex Plc, an AIM quoted iron ore and
manganese development company focussed on near term
production in Africa.
IAN VISAGIE
Finance Director
Ian is a chartered accountant who has worked in senior
positions in the mining industry since 1990. A South
African citizen he trained as a Chartered Accountant with
KPMG in its Pretoria office. Having gained post-qualifying
experience with KPMG he moved into a mining
environment in 1990 when he joined Consolidated
Modderfontein Mines Limited as Financial Manager where
he first worked with Demetri Manolis. In 1992, he joined
Gravelotte Mines Limited as Financial Manager and
Goldplat Recovery in March 1997 as Financial Director.
With Demetri Manolis, he took over management control
of Goldplat Recovery in November 2000.
DR ROBERT PITTS SMITH
Executive Director 
With a PhD in Chemical Engineering and a Masters in
business administration, Robert has been active in the
precious metals recovery industry since 1979 when he
originally joined Golden Dumps Research Limited. In 1992
he joined Gravelotte Mines Limited in charge of
metallurgical processes and began working with Demetri
Manolis on Goldplat Recovery matters in 2000 before
formally joining Goldplat Recovery in September 2003. He
is currently responsible for marketing and technical matters.
THE BOARD The Directors present their annual report together with
the audited financial statements of the Group and
auditor’s report for the year ended 30 June 2012.
PRINCIPAL ACTIVITY
Goldplat plc is incorporated in England and Wales as a
public limited company.
The principal activity of the Company continues to be the
management of a Group which produces and explores
precious metals on the African continent.
The Group has two main business areas:
• the production of precious metals, primarily gold from
metallurgical challenging materials acquired from
primary produces. This activity takes place in South
Africa and Ghana. To satisfy BEE rules, 15% of the
share capital of the South African subsidiary is held by
a qualifying entity and this is required to increase to
26% by 1 May 2014; and
• the mining of and exploration for gold. The Group’s
Kenyan subsidiary, Kilimapesa Gold (Pty) Limited,
commenced commercial mining with effect from 
1 January 2012. Exploration activities take place in
Kenya, Ghana and Burkina Faso.
REVIEW OF BUSINESS AND FINANCIAL
PERFORMANCE
Further details on the financial position and development
of the Group are set out in the Chairman’s Statement.
RESULTS
The Group reports a pre-tax profit of £5,244,000 (2011:
£3,428,000) and an after tax profit of £4,644,000 (2011:
£2,956,000).
Factors affecting these results are set out in the
Chairman’s Statement.
MAJOR EVENTS AFTER THE BALANCE SHEET DATE
The following events occurred after the balance sheet
date and are further discussed in note 36 to these
financial statements:
• D A Manolis resigned from the Board as Chief
Executive Officer on 1 September 2012;
• R Lamming was appointed to the Board as Chief
Executive Officer on 13 August 2012 with effect from
1 September 2012; and
• 13,500,000 share options with an exercise price of
12.825p per ordinary share were issued.
DIVIDENDS
A dividend of 0.6p per ordinary share is proposed in
respect of the year ended 30 June 2012 (2011: £Nil). 
If approved, this dividend is expected to be paid on 
16 November 2012 to shareholders on the register on 
26 October 2012. The ex-dividend date is 24 October 2012.
FINANCIAL RISK MANAGEMENT
The Group’s operations are exposed to a variety of
financial risks and are detailed in note 31 to these
financial statements.
POLITICAL AND CHARITABLE DONATIONS
There were no political donations during the year (2011:
£Nil).
Goldplat Recovery (Pty) Limited expended £15,768
(2011: £31,290) for the period substantially on their
partial sponsorship of the Inter Africa Soccer Academy
for the previously disadvantaged children and smaller
amounts toward educational requirements of personnel,
their children and other selected individuals.
Other Group subsidiaries made donations towards
community projects as follows:
• Gold Recovery Ghana Limited £1,321 (2011: £421);
and
• Kilimapesa Gold (Pty) Limited £10,536 (2011: £Nil).
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2012
DIRECTORS’ REPORT
9
GOLDPLAT Annual Report 2012 CORPORATE GOVERNANCE STATEMENT
The Board has established an audit committee and a
remuneration committee with formally delegated duties
and responsibilities.
During the year the audit committee consisted of 
B M Moritz. The audit committee has responsibility for
ensuring that the financial performance, position and
prospects of the Company are properly monitored and
reported on, for meeting with the auditor and discussing
their reports on the accounts and the Company’s
financial controls and for recommending the appointment
of auditors.
The remuneration and terms and conditions of
appointment of non-executive directors are set by the
Board. No Director may participate in any discussions or
decisions regarding his own remuneration.
BRIBERY LEGISLATION
The Directors have adopted appropriate procedures to
ensure compliance with the Bribery Act 2010.
DIRECTORS
The following Directors served during the period:
B M Moritz (Non-executive Chairman)
D A Manolis (Chief Executive Officer) – 
resigned 1 September 2012
I Visagie (Chief Financial Officer)
Dr R Pitts Smith (Managing Director – recovery 
operations) – appointed 6 July 2011
DIRECTORS’ INTERESTS
The beneficial interests of the Directors holding office on
30 June 2012 in the issued share capital of the Company
were as follows:
30 June 2012 30 June 2011
Number Percentage Number Percentage
of ordinary of issued of ordinary of issued
shares of shared shares of shared
1p each capital 1p each capital
B M Moritz 1,800,000 1.08% 1,550,000 0.93%
Since 30 June 2012 there has been no change in these
interests which include 250,000 shares purchased by his
wife during the year.
No other Director had a beneficial interest in the share
capital of the Company.
Directors holding office on 30 June 2012 had the
following interests in the options in the Company:
Number of options
D A Manolis 7,000,000
B M Moritz 1,000,000
R P Smith 1,000,000
I Visagie 2,000,000
11,000,000
These options are exercisable at 10p per ordinary share
at any time up to 31 December 2013. Since 1 July 2011,
no options have been granted to or exercised by
Directors holding office at 30 June 2012.
DIRECTORS’ REMUNERATION AND SERVICE
CONTRACTS
Details of directors’ emoluments are disclosed in note 10
to these financial statements.
Salaries Fees Other Total
£‘000 £‘000 £‘000 £ ‘000
D A Manolis 201 - 18 219
B M Moritz - 40 - 40
R P Smith 114 - 14 128
I Visagie 106 - 11 117
421 40 43 504
DIRECTORS’ INDEMNITIES
The Company maintains Directors’ and officers’ liability
insurance providing appropriate cover for any legal action
brought against its Directors and/or officers.
10
GOLDPLAT Annual Report 2012
DIRECTORS’ REPORT 
DIRECTORS’ REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2012 GOING CONCERN
The Directors adopt the going concern basis in preparing
these financial statements. This is further explained in
note 2 to the financial statements.
CREDITORS PAYMENT POLICY
The Group’s policy is to ensure that, in the absence of
dispute, all suppliers are dealt with in accordance with its
standard payment practice whereby all outstanding trade
accounts are settled within the term agreed with the
supplier at the time of supplying or otherwise 30 days
from the month end of receipt of the relevant invoice.
EMPLOYEES
The Directors have a participative management style with
frequent direct contact between junior and senior
employees. A two-way flow of information and feedback
is maintained through formal and informal meetings
covering Group performance. The Group is an Equal
Employment Opportunity employer.
STATEMENT OF DIRECTORS’ RESPONSIBILITIES
The Directors are responsible for preparing the directors’
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 have elected to prepare the financial
statements in accordance with International Financial
Reporting Standards (“IFRSs”) as adopted by the
European Union. The financial statements are required by
law to give a true and fair view of the state of affairs of
the Company and the Group and of the Group’s profit or
loss for that year. 
In preparing these financial statements, the Directors are
required to:
• select suitable accounting policies and then apply
them consistently;
• make judgements and estimates that are reasonable
and prudent;
• state whether the financial statements comply with
IFRS as adopted by the European Union; and 
• prepare the financial statements on the going concern
basis unless it is inappropriate to presume that the
Group and Company will continue in business
The Directors are responsible for keeping adequate
accounting records that are sufficient to show and
explain the Group’s and Company’s transactions and
disclose with reasonable accuracy at any time the
financial position of the Group and Company and enable
them to ensure that the financial statements comply with
the Companies Act 2006. 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.
STATEMENT OF DISCLOSURE TO AUDITOR
So far as the Directors are aware:
• there is no relevant audit information of which the
Group’s and Company’s auditor is unaware; and
• all the Directors have taken steps that they ought to
have taken to make themselves aware of any relevant
audit information and to establish that the auditors are
aware of that information.
AUDITOR
A resolution to re-appoint Chantrey Vellacott DFK LLP as
auditors of the Group and Company will be proposed at
the Annual General Meeting.
By order of the Board
B Moritz   Director
28 September 2012
DIRECTORS’ REPORT
11
GOLDPLAT Annual Report 2012
Gold Pour at Goldplat Recovery, South Africa We have audited the financial statements of Goldplat Plc
for the year ended 30 June 2012 which comprise the
Consolidated and Company Statements of Financial
Position, the Consolidated Statement of Comprehensive
Income, the Consolidated and Company Cash Flow
Statements, the Consolidated and Company Statements
of Changes in Equity and the related notes. The financial
reporting framework that has been applied in their
preparation is applicable law and International Financial
Reporting Standards (IFRSs) as adopted by the
European Union and, as regards the parent company
financial statements, as applied in accordance with the
provisions of the Companies Act 2006.
This report is made solely to the Company’s members,
as a body, in accordance with Chapter 3 of Part 16 of
the Companies Act 2006. Our audit work has been
undertaken so that we might state to the Company’s
members those matters we are required to state to them
in an auditors’ 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 Auditing
Practices Board's (APBs) Ethical Standards for Auditors.
SCOPE OF THE AUDIT OF THE FINANCIAL
STATEMENTS
An audit involves obtaining evidence about the amounts
and disclosures in the financial statements sufficient to
give reasonable assurance that the financial statements
are free from material misstatement, whether caused by
fraud or error. This includes an assessment of: whether
the accounting policies are appropriate to the group's
and the parent company's circumstances and have been
consistently applied and adequately disclosed; the
reasonableness of significant accounting estimates made
by the directors; and the overall presentation of the
financial statements. In addition, we read all the financial
and non-financial information in the Chairman’s
Statement, and the Director’s Report to identify material
inconsistencies with the audited financial statements. 
If we become aware of any apparent material
misstatements or inconsistencies we consider the
implications for our report.
OPINION ON FINANCIAL STATEMENTS
In our opinion:
• the financial statements give a true and fair view of the
state of the group's and of the parent company's
affairs as at 30 June 2012 and of the group's profit for
the year then ended;
• the group financial statements have been properly
prepared in accordance with IFRSs as adopted by the
European Union; the parent company financial
statements have been properly prepared in
accordance with IFRSs as adopted by the European
Union; and
• the financial statements have been prepared in
accordance with the requirements of the Companies
Act 2006.
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF GOLDPLAT PLC
12
GOLDPLAT Annual Report 2012
INDEPENDENT AUDITOR’S REPORT OPINION ON OTHER MATTERS PRESCRIBED BY THE
COMPANIES ACT 2006
In our opinion:
• the information given in the 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 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.
GARETH JONES (Senior Statutory Auditor)
for and on behalf of CHANTREY VELLACOTT DFK LLP
Chartered Accountants and Statutory Auditor
London
28 September 2012
INDEPENDENT AUDITOR’S REPORT
13
GOLDPLAT Annual Report 2012 Notes 2012 2011
£’000 £’000
CONTINUING OPERATIONS
REVENUE 7 26,225 19,620
Cost of sales (20,178) (15,239)
Gross profit 6,047 4,381
Administrative expenses (1,520) (1,327)
RESULTS FROM OPERATING ACTIVITIES 4,527 3,054
Finance income 925 68
Finance costs (208) (119)
NET FINANCE COSTS 11 717 (51)
Exceptional gain 12 – 425
PROFIT BEFORE TAX 5,244 3,428
Taxation 13 (600) (472)
PROFIT FOR THE YEAR 4,644 2,956
PROFIT ATTRIBUTABLE TO:
Owners of the Company 4,467 2,728
Non-controlling interests 177 228
PROFIT FOR THE YEAR 4,644 2,956
OTHER COMPREHENSIVE INCOME
Exchange translation (1,625) (128)
OTHER COMPREHENSIVE LOSS FOR THE YEAR, NET OF TAX (1,625) (128)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 3,019 2,828
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO:
Owners of the Company 2,842 2,600
Non-controlling interests 177 228
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 3,019 2,828
Earnings per share – continuing operations
Basic earnings per share (pence) 24 2.77 2.12
Diluted earnings per share (pence) 24 2.53 1.90
The notes on pages 22 to 56 are an integral part of these consolidated financial statements.
CONSOLIDATED STATEMENT OF 
COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2012
14
GOLDPLAT Annual Report 2012
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Notes 2012 2011
£’000 £’000
ASSETS
Property, plant and equipment 14 4,112 3,903
Intangible assets 15 8,909 6,920
Pre-production expenditure 16 3,205 2,748
Proceeds from sale of shares in subsidiary 17 219 383
NON-CURRENT ASSETS 16,445 13,954
Inventories 20 4,524 3,367
Trade and other receivables 21 5,863 6,584
Cash and cash equivalents 22 4,575 3,127
CURRENT ASSETS 14,962 13,078
TOTAL ASSETS 31,407 27,032
EQUITY
Share capital 23 1,679 1,671
Share premium 11,449 11,401
Exchange reserve 23 (1,442) 183
Retained earnings 12,035 7,568
EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY 23,721 20,823
Non-controlling interests 742 676
TOTAL EQUITY 24,463 21,499
LIABILITIES
Obligations under finance leases 25 39 62
Provisions 27 181 220
Deferred tax liabilities 28 418 457
NON-CURRENT LIABILITIES 638 739
Loans and borrowings 25 2 117
Obligations under finance leases 25 109 157
Taxation 16 43
Trade and other payables 29 6,179 4,477
CURRENT LIABILITIES 6,306 4,794
TOTAL LIABILITIES 6,944 5,533
TOTAL EQUITY AND LIABILITIES 31,407 27,032
The financial statements of Goldplat plc, company number 05340664, were approved by the Board of Directors and
authorised for issue on 28 September 2012. They were signed on its behalf by:
Ian Visagie, Director
The notes on pages 22 to 56 are an integral part of these consolidated financial statements.
CONSOLIDATED STATEMENT OF 
FINANCIAL POSITION
AS AT 30 JUNE 2012
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
15
GOLDPLAT Annual Report 2012 Attributable to equity holders of the Company
Non
Share Share Exchange Retained controlling Total
capital premium reserve earnings Total interests equity
£’000 £’000 £’000 £’000 £’000 £’000 £’000
Balance at 1 July 2010 1,121 6,772 311 4,738 12,942 475 13,417
TOTAL COMPREHENSIVE 
INCOME FOR THE YEAR
Profit – – – 2,728 2,728 228 2,956
Total other comprehensive income – – (128) – (128) – (128)
TOTAL COMPREHENSIVE INCOME 
FOR THE YEAR – – (128) 2,728 2,600 228 2,828
TRANSACTIONS WITH OWNERS 
OF THE COMPANY RECOGNISED 
DIRECTLY IN EQUITY
CONTRIBUTIONS BY 
AND DISTRIBUTIONS TO 
OWNERS OF THE COMPANY
Issue of ordinary shares 550 4,950 – – 5,500 – 5,500
Costs of share issue – (370) – – (370) – (370)
Settled by issue of warrants – 49 – – 49 – 49
Share-based payment transactions – – – 102 102 – 102
TOTAL CONTRIBUTIONS BY 
AND DISTRIBUTIONS TO 
OWNERS OF THE COMPANY 550 4,629 – 102 5,281 – 5,281
CHANGES IN OWNERSHIP 
INTERESTS IN SUBSIDIARIES
Non-controlling interests in 
subsidiary dividend – – – – – (27) (27)
TOTAL TRANSACTIONS WITH 
OWNERS OF THE COMPANY 550 4,629 – 102 5,281 (27) 5,254
BALANCE AT 30 JUNE 2011 1,671 11,401 183 7,568 20,823 676 21,499
The notes on pages 22 to 56 are an integral part of these consolidated financial statements.
CONSOLIDATED STATEMENT OF 
CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2011
16
GOLDPLAT Annual Report 2012
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Attributable to equity holders of the Company
Non
Share Share Exchange Retained controlling Total
capital premium reserve earnings Total interest equity
£’000 £’000 £’000 £’000 £’000 £’000 £’000
Balance at 1 July 2011 1,671 11,401 183 7,568 20,823 676 21,499
TOTAL COMPREHENSIVE 
INCOME FOR THE YEAR
Profit – – – 4,467 4,467 177 4,644
Total other comprehensive income – – (1,625) – (1,625) – (1,625)
Total comprehensive income 
for the year – – (1,625) 4,467 2,842 177 3,019
TRANSACTIONS WITH OWNERS 
OF THE COMPANY RECOGNISED 
DIRECTLY IN EQUITY
CONTRIBUTIONS BY
AND DISTRIBUTIONS TO 
OWNERS OF THE COMPANY
Issue of ordinary shares 8 48 – – 56 – 56
TOTAL CONTRIBUTIONS BY 
AND DISTRIBUTIONS TO 
OWNERS OF THE COMPANY 8 48–– 56 – 56
CHANGES IN OWNERSHIP 
INTERESTS IN SUBSIDIARIES
Non-controlling interests in 
subsidiary dividend – – – – – (111) (111)
Total transactions with 
owners of the Company 8 48 – – 56 (111) (55)
BALANCE AT 30 JUNE 2012 1,679 11,449 (1,442) 12,035 23,721 742 24,463
The notes on pages 22 to 56 are an integral part of these consolidated financial statements.
CONSOLIDATED STATEMENT OF 
CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2012
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
17
GOLDPLAT Annual Report 2012 Notes 2012 2011
£’000 £’000
CASH FLOWS FROM OPERATING ACTIVITIES
Results from Operating Activities 4,527 3,054
Adjustments for:
Depreciation 401 287
Amortisation 111 –
Loss on sale of property, plant and equipment – 8
Exceptional gain – (425)
Equity-settled share-based payment transactions – 102
Reversal of gold inventory 201 –
Foreign exchange differences (1,035) –
4,205 3,026
Changes in:
– inventories (1,157) 458
– trade and other receivables 721 (4,718)
– trade and other payables 1,688 2,011
– provisions (39) –
CASH GENERATED FROM OPERATING ACTIVITIES 5,418 777
Interest received 925 68
Interest paid 30.1 (194) (105)
Taxes paid (666) (724)
NET CASH FROM OPERATING ACTIVITIES 5,483 16
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of property, plant and equipment 38 16
Acquisition of mining rights (2,085) (1,140)
Acquisition of property, plant and equipment 30.2 (1,164) (680)
Pre-production expenditure (627) (1,391)
NET CASH USED IN INVESTING ACTIVITIES (3,838) (3,195)
Cash flows from financing activities
Proceeds from issue of share capital 56 5,179
Proceeds from sale of interest in subsidiary undertaking – 27
Finance leases raised – 119
Payment of finance lease liabilities (138) (107)
NET CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES (82) 5,218
NET INCREASE IN CASH AND CASH EQUIVALENTS 1,563 2,039
Cash and cash equivalents at 1 July 3,010 1,018
Effect of exchange rate fluctuations on cash held – (47)
CASH AND CASH EQUIVALENTS AT 30 JUNE 22 4,573 3,010
The notes on pages 22 to 56 are an integral part of these consolidated financial statements.
CONSOLIDATED STATEMENT OF 
CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2012
18
GOLDPLAT Annual Report 2012
CONSOLIDATED STATEMENT OFCASH FLOWS Notes 2012 2011
£’000 £’000
ASSETS
Loans to subsidiary companies 18 7,422 4,124
Investments 19 6,425 6,425
NON-CURRENT ASSETS 13,847 10,549
Trade and other receivables 21 22 32
Cash and cash equivalents 22 501 2,061
CURRENT ASSETS 523 2,093
TOTAL ASSETS 14,370 12,642
EQUITY
Share capital 23 1,679 1,671
Share premium 11,449 11,401
Retained surplus/(deficit) 1,180 (507)
EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY 14,308 12,565
TOTAL EQUITY 14,308 12,565
LIABILITIES
Trade and other payables 29 62 77
CURRENT LIABILITIES 62 77
TOTAL LIABILITIES 62 77
TOTAL EQUITY AND LIABILITIES 14,370 12,642
These financial statements were approved by the Board of Directors and authorised for issue on 28 September 2012. 
They were signed on its behalf by:
Ian Visagie, Director
The notes on pages 22 to 56 are an integral part of these consolidated financial statements.
COMPANY STATEMENT OF 
FINANCIAL POSITION
AS AT 30 JUNE 2012
COMPANY STATEMENT OF FINANCIAL POSITION
19
GOLDPLAT Annual Report 2012 Attributable to owners of the Company
Retained
Share Share (deficit)/ Total
capital Premium surplus equity
£’000 £’000
Balance at 1July 2010 1,121 6,772 (198) 7,695
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
Loss – – (411) (411)
Total other comprehensive income – – – –
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD – – (411) (411)
TRANSACTIONS WITH OWNERS OF THE COMPANY
RECOGNISED DIRECTLY IN EQUITY
CONTRIBUTIONS BY AND DISTRIBUTIONS TO
OWNERS OF THE COMPANY
Issue of ordinary shares 550 4,950 – 5,500
Costs of share issue – (370) – (370)
Settled by issue of warrants – 49 – 49
Share-based payment transactions – – 102 102
TOTAL CONTRIBUTIONS BY AND DISTRIBUTIONS
TO OWNERS OF THE COMPANY 550 4,629 102 5,281
BALANCE AT 30 JUNE 2011 1,671 11,401 (507) 12,565
Balance at 1July 2011 1,671 11,401 (507) 12,565
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
Profit – – 1,687 1,687
Total other comprehensive income – – – –
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD – – 1,687 1,687
TRANSACTIONS WITH OWNERS OF THE COMPANY
RECOGNISED DIRECTLY IN EQUITY
CONTRIBUTIONS BY AND DISTRIBUTIONS TO
OWNERS OF THE COMPANY
Issue of ordinary shares 8 48 – 56
TOTAL CONTRIBUTIONS BY AND DISTRIBUTIONS
TO OWNERS OF THE COMPANY 848 – 56
BALANCE AT 30 JUNE 2012 1,679 11,449 1,180 14,308
The notes on pages 22 to 56 are an integral part of these consolidated financial statements.
COMPANY STATEMENT OF 
CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2012
20
GOLDPLAT Annual Report 2012
COMPANY STATEMENT OF CHANGES IN EQUITY Notes 2012 2011
£’000 £’000
CASH FLOWS FROM OPERATING ACTIVITIES
Results from Operating Activities (324) (397)
Adjustments for:
Equity-settled share-based payment transactions – 102
(324) (295)
Changes in:
-  trade and other receivables 10 (15)
-  trade and other payables (15) 29
CASH USED IN OPERATING ACTIVITIES (329) (281)
Interest received 11 1
Interest paid – (15)
NET CASH USED IN OPERATING ACTIVITIES (318) (295)
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends received 2,000 –
NET CASH FLOWS FROM INVESTING ACTIVITIES 2,000 –
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of share capital 56 5,179
Loans to subsidiary (3,298) (3,120)
NET CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES (3,242) 2,059
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (1,560) 1,764
Cash and cash equivalents at 1 July 2,061 297
CASH AND CASH EQUIVALENTS AT 30 JUNE 22 501 2,061
The notes on pages 22 to 56 are an integral part of these consolidated financial statements.
COMPANY STATEMENT OF 
CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2012
COMPANY STATEMENT OF CASH FLOWS
21
GOLDPLAT Annual Report 2012 1. REPORTING ENTITY
Goldplat plc (the ‘Company’) is a company domiciled in England and Wales. The address of the Company’s registered
office is 55 Gower Street, London, WC1E 6HQ. The Group primarily operates as a producer of precious metals on the
African continent.
2. GOING CONCERN
The Company’s business activities, together with the factors likely to affect its future development, performance and
position are set out in the Chairman’s Statement. The financial position of the Company, its cash flows, liquidity position
and borrowing facilities are described in these financial statements. The financial statements include the Company’s
objectives, policies and processes for managing its capital; its financial risk management objectives, details of its financial
instruments and hedging activities; and its exposures to credit risk and liquidity risk.
The Company has sufficient reserves of raw materials and ongoing contracts with its current suppliers. The Company
has a secure market for its precious metal products which are sold at market related prices which are above production
costs.
The Directors believe that this performance will be sustainable for the forseeable future and therefore continue to adopt
the going concern basis of accounting in preparing the annual financial statements.
3. BASIS OF PREPARATION
(a) Statement of compliance
The consolidated financial statements have been prepared in accordance with International Financial Reporting
Standards (‘IFRSs’) as issued by the International Accounting Standards Board (‘IASB’) and as adopted by the European
Union.
The Company’s individual profit and loss account has been omitted from the Group’s annual financial statements having
taken advantage of the exemption not to disclose under Section 408(3) of the Companies Act 2006. The Company’s
comprehensive profit for the year ended 30 June 2012 was £1,687,000 (2011: £411,000 loss).
The consolidated financial statements were authorised for issue by the Board of Directors on 28 September 2012.
(b) Basis of measurement
The consolidated financial statements have been prepared on the historical cost basis.
(c) Functional and presentation currency
These consolidated financial statements are presented in Pounds Sterling (‘GBP’), which is considered by the Directors
to be the most appropriate presentation currency to assist the users of the financial statements. All financial information
presented in GBP has been rounded to the nearest thousand, except when otherwise indicated.
The Company’s functional currencies are considered to be the US Dollar (“USD”) and South African Rand (“ZAR”) as
these currencies mainly influence sales prices and expenses respectively.
NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2012
22
GOLDPLAT Annual Report 2012
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (d) Use of estimates and judgements
The preparation of the consolidated financial statements in conformity with IFRSs requires management to make
judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of
assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience
and various other factors that are believed to be reasonable under the circumstances, the results of which form the
basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other
sources. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimates are revised if the revision affects only that period, or in the period of
revision and future periods of the revision if it affects both current and future periods.
Critical estimates and assumptions that have the most significant effect on the amounts recognised in the consolidated
financial statements and/or have a significant risk of resulting in a material adjustment within the next financial year are
as follows:
• Carrying value of goodwill – Notes 4(a)(i) and 15
• Capitalisation of pre-production expenditure – Notes 4(e)(iii) and 15
• Valuation of warrants issued – Notes 4(i) and 26
Accounting entries are made in accordance with the accounting policies detailed below.
4. SIGNIFICANT ACCOUNTING POLICIES
The accounting policies set out below have been applied consistently to all periods presented in these consolidated
financial statements, and have been applied consistently by Group entities.
(a) Basis of consolidation
(i) Business combinations
Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on
which control is transferred to the Group. Control is the power to govern the financial and operating policies of an entity
so as to obtain benefits from its activities. In assessing control, the Group takes into consideration potential voting rights
that currently are exercisable.
The Group measures goodwill at the acquisition date as:
• the fair value of the consideration transferred; plus
• the recognised amount of any non-controlling interests in the acquiree; plus
• if the business combination is achieved in stages, the fair value of the pre-existing equity interest in the acquiree;
less
• the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
23
GOLDPLAT Annual Report 2012 4. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(a) Basis of consolidation (continued)
(i) Business combinations (continued)
When the excess is negative, a bargain purchase price is recognised immediately in profit or loss.
The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such
amounts generally are recognised in profit or loss.
Transaction costs, other than those associated with the issue of debt or equity securities, that the Group incurs in
connection with a business combination are expensed as incurred.
Any contingent consideration payable is measured at fair value at the acquisition date. If the contingent consideration
is classified as equity, then it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent
changes in the fair value of the contingent consideration are recognised in profit or loss.
When share-based payment awards (replacement awards) are required to be exchanged for awards held by the
acquiree’s employees (acquiree’s awards) and relate to past services, then all or a portion of the amount of the acquirer’s
replacement awards is included in measuring the consideration transferred in the business combination. This
determination is based on the market-based value of the replacement awards compared with the market-based value
of the acquiree’s awards and the extent to which the replacement awards relate to past and/or future service.
(ii) Subsidiaries
Subsidiaries are entities controlled by the Group. The financial statements of subsidiaries are included in the consolidated
financial statements from the date that control commences until the date that control ceases.
(iii) Loss of control
On the loss of control, the Group derecognises the assets and liabilities of the subsidiary, any non-controlling interests
and other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of control is recognised
in profit or loss. If the Group retains any interest in the previous subsidiary, then such interest is measured at fair value
at the date that control is lost. Subsequently it is accounted for as an equity-accounted investee or as an available-for-
sale financial asset depending on the level of influence retained.
(iv) Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions,
are eliminated in preparing the consolidated financial statements. 
(b) Foreign currency
(i) Foreign currency transactions
Monetary and non-monetary items denominated in foreign currencies are translated at the closing rate at the balance
sheet date. Income and expense items are translated at an average rate for the year.
All differences are charged to the statement of comprehensive income.
(ii) Foreign operations
The assets and liabilities of foreign operations, including goodwill and the fair value adjustments arising on acquisition,
are translated to GBP at exchange rates at the reporting date. The income and expenses of foreign operations, are
translated to GBP at exchange rates at the dates of the transactions.
NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2012
24
GOLDPLAT Annual Report 2012
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Foreign currency differences are recognised in other comprehensive income, and presented in the exchange reserve in
equity. However, if the foreign operation is a non-wholly owned subsidiary, then the relevant proportion of the translation
difference is allocated to non-controlling interests. When a foreign operation is disposed of such that control, significant
influence or joint control is lost, the cumulative amount in the translation reserve related to that foreign operation is
reclassified to profit or loss as part of the gain or loss on disposal. When the Group disposes of only part of its interest
in a subsidiary that includes a foreign operation while retaining control, the relevant proportion of the cumulative amount
is reattributed to non-controlling interests.
When the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely
in the foreseeable future, foreign currency gains and losses arising from such item are considered to form part of a net
investment in the foreign operation and are recognised in other comprehensive income, and presented in the exchange
reserve in equity.
(c) Financial instruments
(i) Non-derivative financial assets
The Group initially recognises loans and receivables on the date that they are originated. All other financial assets are
recognised initially on the trade date, which is the date that the Group becomes a party to the contractual provisions of
the instrument.
The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it
transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards
of ownership of the financial asset are transferred. Any interest in such transferred financial assets that is created or
retained by the Group is recognised as a separate asset or liability.
Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and
only when, the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realise the
asset and settle the liability simultaneously.
The Group’s non-derivative financial assets comprise loans and receivables.
Loans and receivables
Loans and receivables are financial assets with fixed or determinable payments that are not quoted in an active market.
Such assets are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial
recognition, loans and receivables are measured at amortised cost using the effective interest method, less any
impairment losses. A provision is established when there is objective evidence that the Group will not be able to collect
all amounts due. The amount of any provision is recognised in the consolidated statement of comprehensive income.
Loans and receivables comprise trade and other receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash held by the Group and short-term bank deposits with an original maturity of
three months or less. Bank overdrafts that are repayable on demand and form part of the Group’s cash management
are included as a component of cash and cash equivalents for the purposes of the statement of cash flows.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
25
GOLDPLAT Annual Report 2012 4. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(c) Financial instruments (continued)
(ii) Non-derivative financial liabilities
The Group initially recognises debt securities issued and subordinated liabilities on the date that they are originated. All
other financial liabilities (including liabilities designated at fair value through profit or loss) are recognised initially on the
trade date, which is the date that the Group becomes a party to the contractual provisions of the instrument.
The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expire.
The Group classifies non-derivative financial liabilities into the other financial liabilities category. Such financial liabilities
are recognised initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition, these
financial liabilities are measured at amortised cost using the effective interest method.
Other financial liabilities comprise loans and borrowings, finance lease obligations, and trade and other payables.
Bank overdrafts that are repayable on demand and form an integral part of the Group’s cash management are included
as a component of cash and cash equivalents for the purpose of the statement of cash flows.
(iii) Share capital
Ordinary shares
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are
recognised as a deduction from equity, net of any tax effects.
(d) Property, plant and equipment
(i) Recognition and measurement
Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated
impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. 
The cost of the mining asset includes the costs of dismantling and removing the items and restoring the site on which
they are located.
When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate
items (major components) of property, plant and equipment.
Any gain or loss on disposal of an item of property, plant and equipment (calculated as the difference between the net
proceeds from disposal and the carrying amount of the item) is recognised in profit or loss.
(ii) Subsequent costs
Subsequent expenditure is capitalised only when it is probable that the future economic benefits associated with the
expenditure will flow to the Group. Ongoing repairs and maintenance is expensed as incurred.
(iii) Depreciation
Items of property, plant and equipment are depreciated on a straight-line basis in profit or loss over the estimated useful
lives of each component. Leased assets are depreciated over the shorter of the lease term and their useful lives unless
it is reasonably certain that the Group will obtain ownership by the end of the lease term. Freehold land is not depreciated.
NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2012
26
GOLDPLAT Annual Report 2012
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Items of property, plant and equipment are depreciated from the date that they are installed and are ready for use, or in
respect of internally constructed assets, from the date that the asset is completed and ready for use.
The estimated useful lives for the current and comparative years of significant items of property, plant and equipment
are as follows:
• leasehold land lease period
• buildings 20 years
• plant and equipment 10 years
• motor vehicles 5 years
• office equipment 6 years
• insurance spares 10 years
• environmental assets life of mine
• pre-production expenditure life of mine
Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.
(e) Intangible assets
(i) Goodwill
Goodwill that arises on the acquisition of subsidiaries is presented with intangible assets. For the measurement of
goodwill at initial recognition, see note 4(a)(i).
Subsequent measurement
Goodwill is measured at cost less accumulated impairment losses. 
(ii) Mining rights, exploration and development
Mining rights, exploration and development includes rights in production, development and exploration phase properties.
The amount capitalised represents fair value at the time acquired, plus enhancement expenditure at cost.
Mining rights comprise production phase properties and are amortised over the estimated life of the mine.
Impairment of mining rights in production phase properties is considered based on expected future cash flows and
estimates of recoverable minerals.
Rights associated with development and exploration phase properties are not amortised until such time as the underlying
property is converted to the production phase.
Rights associated with exploration and development properties are individually evaluated for impairment based on
exploration results.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
27
GOLDPLAT Annual Report 2012 4. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(e) Intangible assets (continued)
(iii) Pre-production expenditure
Pre-production expenditure, including evaluation costs, incurred on mines to establish or expand productive capacity,
or to support and maintain that productive capacity are capitalised. Capitalisation ceases when the mine is in a condition
necessary to operate as intended by management.
(iv) Subsequent expenditure
Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific
asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is
recognised in profit or loss as incurred.
(v) Amortisation
Except for goodwill, intangible assets are amortised on a straight-line basis in profit or loss over their estimated useful
lives, from the date that they are available for use.
Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.
Amortisation is included within administrative expenses in the Statement of Comprehensive Income.
(f) Leased assets
Leases in terms of which the Group assumes substantially all of the risks and rewards of ownership are classified as
finance leases. On initial recognition, the leased asset is measured at an amount equal to the lower of its fair value and
the present value of the minimum lease payments.
Subsequent to initial recognition, the asset and corresponding liability are accounted for in accordance with the
accounting policy applicable to that asset.
Other leases are operating leases and are not recognised in the Group’s statement of financial position.
(g) Inventories
Consumable stores and raw materials are measured at the lower of cost and net realisable value. The cost of inventories
is based on the weighted average basis and includes expenditure incurred in acquiring the inventories, production or
conversion costs, and other costs incurred in bringing them to their existing location and condition.
Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of
completion and selling expenses.
Bullion on hand, gold and platinum represents production on hand after the smelting process, gold contained in the
elution process, gold loaded carbon the in carbon-in-leach (“CIL”) and carbon-in-pulp (“CIP”) processes, gravity
concentrates, platinum group metals (“PGM”) concentrates and any form of precious metal in process where the
quantum of the contained metal can be accurately determined. It is valued at the average production cost for the year,
including amortisation and depreciation.
NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2012
28
GOLDPLAT Annual Report 2012
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (h) Impairment
The carrying amounts of the Group’s non-financial assets, other than inventories and deferred tax assets, are reviewed
at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the
asset’s recoverable amount is estimated.
An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit (“CGU”) exceeds
its value in use. Impairment losses are recognised in the Group statement of comprehensive income.
Goodwill is assessed annually for impairment. Impairment losses relating to goodwill are not reversed.
(i) Employee benefits
Share-based payment transactions
Equity-settled share-based payments are measured at fair value (excluding the impact of any non-market vesting
conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments
is expensed on a straight line basis over the vesting period, based on the Group’s estimate of shares that will eventually
vest and adjusted for the effect of non market-based vesting conditions. Fair value is measured by use of the Black
Scholes model. The expected life used in the model has been adjusted, based on management’s best estimate, for the
effects of non-transferability, exercised restrictions and behavioural considerations.
(j) Provisions
A provision is recognised in the statement of financial position if, as a result of a past event, the Group has a present
legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will
be required to settle the obligation. If the effect is material, provisions are determined by discounting the expected future
cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate,
the risks specific to the liability. The unwinding of the discount is recognised as finance cost.
Environmental obligation
In accordance with the Group’s environmental policy and applicable legal requirements, a provision for site restoration
in respect of contaminated land is recognised when the land is contaminated.
The estimated long-term environmental obligations, comprising rehabilitation and mine closure, are based on the Group’ s
environmental management plans in compliance with current environmental and regulatory requirements. The amounts
disclosed in the financial statements as environmental assets and obligations include rehabilitation.
The cost of rehabilitation projects undertaken, which has been included in the provision estimate, are charged to the
provision as incurred. The cost of current programs to prevent and control future liabilities are charged to the Group
statement of comprehensive income as incurred.
(k) Revenue
Revenue from the sale of precious metals is recognised in the statement of comprehensive income when the significant
risks and rewards of ownership have been transferred to the buyer excluding sales taxes.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
29
GOLDPLAT Annual Report 2012 4. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(l) Finance income and finance costs
Interest income is accrued on a time basis, by reference to the principal outstanding and the applicable effective interest
rate.
Finance costs comprise interest payable on borrowings calculated using the effective interest rate method, interest
receivable on funds invested and foreign exchange gains and losses that are recognised in the Group statement of
comprehensive income.
The finance expense component of finance lease payments is recognised in the Group statement of comprehensive
income using the effective interest rate method.
(m) Taxation
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the Group statement of
comprehensive income except to the extent that it relates to item recognised directly in equity, in which case it is
recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially
enacted at the balance sheet date and any adjustment to tax payable in respect of previous years.
Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying
amount of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.
(n) Segment reporting
Segment results that are reported to the CEO include items directly attributable to a segment as well as those that can
be allocated on a reasonable basis.
5. NEW STANDARDS AND INTERPRETATIONS NOT YET ADOPTED
A number of new standards, amendments to standards and interpretations are effective for annual periods beginning
after 1 January 2013, and have not been applied in preparing these consolidated financial statements. None of these
is expected to have a significant effect on the consolidated financial statements of the Group, except for IFRS 9 Financial
Instruments, which becomes mandatory for the Group’s 2013 consolidated financial statements and could change the
classification and measurement of financial assets. The Group does not plan to adopt this standard early and the extent
of the impact has not been determined.
6. OPERATING SEGMENTS
Up until 30 June 2011, the Group considered its segments to be most accurately reflected by geographical analysis.
Following the commencement of mining activities in January 2012 the activities of the Group are now broken into the
operating segments Recovery Operations, Mining and Exploration and Administration. The balances for the year ended
30 June 2011 have been reclassified in accordance with the Group’s new operating segments.
For each segment, the Group’s CEO (the chief operating decision maker) reviews internal management reports on at
least a quarterly basis. The following summary describes the operations in each of the Group’s reportable segment.
NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2012
30
GOLDPLAT Annual Report 2012
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS • Recovery operations. Includes the recovery of precious metals from metallurgical challenging materials and the
processing of ore, sourced from other mining operations. These products often represent an environmental
challenge to the primary producer and are processed in a responsible manner by the company.
• Mining and exploration. Includes assets held for commercial exploitation of precious metals and exploration assets
held where the commercial viability of the ore resource has not yet been evaluated or is in the process of evaluation.
• Administration. Includes activities conducted by holding companies in relation to the group and its subsidiaries.
There are varying levels of integration between the three reportable segments. This integration includes the sale of
precious metals from the Ghana recovery operation to the South African recovery operation, and the supply of goods
and services by the South African subsidiary to all group operations. Inter-segment pricing is determined on an arm’s
length basis.
Information regarding the results of each reportable segment is included below. Performance is measured based on
segment profit before tax, as included in the internal management reports that are viewed by the Group’s CEO. Segment
profit is used to measure performance as management believes that such information is the most relevant in evaluating
the results of certain segments relative to other entities that operate within these industries.
Information about reportable segments:
FOR THE YEAR ENDED 30 JUNE 2012
Reconciliation
Recovery Mining and Administration to Group
Operations exploration tration figures Group
£’000 £’000 £’000 £’000 £’000
External revenues 24,800 1,425 – – 26,225
Inter-segment revenues 168 – – (168) –
TOTAL REVENUES 24,968 1,425 – (168) 26,225
Interest expense (22) – – – (22)
Depreciation and amortisation 320 192 – – 512
Reportable segment profit/(loss) before tax 5,208 583 (547) – 5,244
Taxation (600) – – – (600)
Other material non-cash items:
- Revaluation of environmental assets 20 – – – 20
Reportable segment assets 16,236 8,629 6,542 – 31,407
Capital expenditure 704 3,239 – – 3,943
Reportable segment liabilities 6,688 163 93 – 6,944
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31
GOLDPLAT Annual Report 2012 6. OPERATING SEGMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2011
Reconciliation
Recovery Mining and Administration to Group
Operations exploration tration figures Group
£’000 £’000 £’000 £’000 £’000
External revenues 19,620 – – – 19,620
Inter-segment revenues 294 – – (294) –
TOTAL REVENUES 19,914 – – (294) 19,620
Interest expense (22) – – – (22)
Depreciation and amortisation 287 – – – 287
Reportable segment profit/(loss) before tax 3,482 – (54) – 3,428
Taxation (472) – – – (472)
Reportable segment assets 13,300 5,468 8,264 – 27,032
Capital expenditure 1,588 1,639 – – 3,227
Reportable segment liabilities 4,499 218 816 – 5,533
Geographical information
The Recovery Operations, Mining and Exploration and Administration segments are managed on a worldwide basis,
but operate mines entirely on the African continent.
Revenue
Revenues are primarily derived from dore bars and product delivered in concentrate form to the Rand Refinery in South
Africa.
Non-current assets
Non-current assets are primarily based on the African continent.
Major customer
The major customer to the group is Rand Refinery Limited in South Africa. Revenues from this customer presents 97%
(2011: 86%) of the recovery operations revenues and 100% of the mining and exploration revenues. 
NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2012
32
GOLDPLAT Annual Report 2012
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 7. REVENUE
2012 2011
£’000 £’000
Sales of precious metals – Recovery operations 24,672 19,302
Sales of precious metals – Mining and exploration 1,425 –
Processing fees charge to customers 128 318
26,225 19,620
8. EXPENSES BY NATURE
Notes 2012 2011
£’000 £’000
Employee benefit expense 9 2,984 2,056
Depreciation and amortisation expense 14, 15, 16 512 287
Equity-settled share-based payment transactions – 102
Auditor’s remuneration
– Audit fee 50 55
Directors’ remuneration 10 504 367
Loss on disposal of property, plant and equipment – 8
Auditor’s remuneration in respect of the Company amounted to £26,000 (2011: £37,000). Of this amount, £25,000
(2011: £30,000) was in relation to audit services, and £1,000 (2011: £7,000) for tax advice.
9. PERSONNEL EXPENSES
2012 2011
£’000 £’000
Wages and salaries 2,813 1,980
National insurance and unemployment fund 27 18
Skills development levy 28 26
Medical aid contributions 3 3
Group life contributions 45 29
Provident funds 68 –
2,984 2,056
The average monthly number of employees (including directors) during the period was:
2012 2011
Directors 4 4
Administrative personnel 18 16
Production personnel 351 289
373 309
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
33
GOLDPLAT Annual Report 2012 10. DIRECTORS’ EMOLUMENTS
2012
Non-
Executive executive Total
£’000 £‘000 £‘000
Wages and salaries 421 – 421
Fees –4040
Other benefits 43 – 43
464 40 504
2011
Non-
Executive executive Total
£’000 £‘000 £‘000
Wages and salaries 307 – 307
Fees –3333
Other benefits 27 – 27
334 33 367
Emoluments disclosed above include the following amounts paid to the highest director:
2012 2011
£’000 £’000
Emoluments for qualifying services 219 219
The Directors also hold options to acquire 11 million ordinary shares (2011: 11 million ordinary shares) at 10p per share.
These shares are included in the outstanding share options in note 26.
Key management
Apart from the Directors, the emoluments paid to key management personnel amounted to £280,000 (2011: £229,000).
NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2012
34
GOLDPLAT Annual Report 2012
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 11. FINANCE INCOME AND FINANCE COSTS
RECOGNISED IN PROFIT OR LOSS
2012 2011
£’000 £’000
Interest income on cash balances held 3 6
Foreign exchange gains 922 62
Finance income 925 68
Interest expense on utilisation of overdraft facility (4) (7)
Interest on finance leases (17) (15)
Interest on environmental liability (14) (14)
Foreign exchange loss (172) (83)
Other (1) –
Finance costs (208) (119)
Net finance costs recognised in profit or loss 717 (51)
The above finance income and finance costs include the following 
interest income and expense in respect of assets (liabilities) not measured 
at fair value through profit or loss:
– Total interest income on financial assets 3 6
– Total interest expense on financial liabilities (21) (22)
12. EXTRAORDINARY GAIN
2012 2011
£’000 £’000
Gain on settlement agreement – 425
On 1 July 2009 the Group acquired the balance of 50% of the share capital of Kilimapesa Gold (Pty) Limited. Part of the
consideration for the acquisition was paid on signing the agreement with the balance falling due in instalments following
the commencement of commercial production. Under the terms of a settlement agreement, a reduced balancing
payment was agreed giving rise to an exceptional gain of £425,000 in 2011.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
35
GOLDPLAT Annual Report 2012 13. TAXATION
CURRENT TAX EXPENSE
2012 2011
£’000 £’000
TAX RECOGNISED IN PROFIT OR LOSS
CURRENT TAX EXPENSE
Current period 495 477
Adjustment for prior years – (13)
Secondary tax on dividends paid from South Africa 74 18
569 482
DEFERRED TAX EXPENSE
Origination and reversal of temporary differences 18 44
Increase/(Reduction) in tax rate 13 (54)
31 (10)
TOTAL TAX EXPENSE 600 472
RECONCILIATION OF EFFECTIVE TAX RATE
2012 2011
£’000 £’000
Profit for the year 4,644 2,956
Total tax expense 600 472
Profit excluding tax 5,244 3,428
Tax using the estimated tax rate of 25.5% (2011: 28%) 1,337 960
Effects of:
Expenses not deductible for tax purposes 25 (40)
Effect of lower tax levied on overseas subsidiaries (836) (468)
Adjustments to tax charge in respect of previous periods – 2
Secondary tax on dividends paid from South Africa 74 18
600 472
None of the components of other comprehensive income have a tax impact.
NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2012
36
GOLDPLAT Annual Report 2012
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 14. PROPERTY, PLANT AND EQUIPMENT
Freehold/ Environ-
leasehold Plant and Motor Office mental
land Buildings equipment vehicles equipment asset Total
£‘000 £‘000 £‘000 £‘000 £‘000 £‘000 £‘000
COST
Balance at 1 July 2010 259 535 3,149 826 53 137 4,959
Additions – 21 446 184 29 16 696
Disposals – (13) (18) – – – (31)
Effect of movements in 
exchange rates (21) 3 (21) 13 – 7 (19)
BALANCE AT 30 JUNE 2011 238 546 3,556 1,023 82 160 5,605
Balance at 1 July 2011 238 546 3,556 1,023 82 160 5,605
Additions – 55 948 214 14 – 1,231
Disposals – (1) (10) (83) (2) (20) (116)
Transfers to intangible assets – – (139) – – – (139)
Effect of movements in 
exchange rates (46) (75) (417) (139) (10) (25) (712)
BALANCE AT 30 JUNE 2012 192 525 3,938 1,015 84 115 5,869
Depreciation
Balance at 1 July 2010 6 99 898 274 21 72 1,370
Depreciation charge for the year 2 13 168 71 5 28 287
Disposals – (4) (2) – – – (6)
Effect of movements in 
exchange rates – 3 33 10 1 4 51
BALANCE AT 30 JUNE 2011 8 111 1,097 355 27 104 1,702
Balance at 1 July 2011 8 111 1,097 355 27 104 1,702
Depreciation charge for the year 1 17 158 206 9 10 401
Disposals – – (3) (73) (2) – (78)
Effect of movements in 
exchange rates (1) (18) (173) (56) (4) (16) (268)
BALANCE AT 30 JUNE 2012 8 110 1,079 432 30 98 1,757
CARRYING AMOUNTS
At 1 July 2010 253 436 2,251 552 32 65 3,589
At 30 June 2011 230 435 2,459 668 55 56 3,903
AT 30 JUNE 2012 184 415 2,859 583 54 17 4,112
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
37
GOLDPLAT Annual Report 2012 14. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
LEASED PLANT AND EQUIPMENT
The Group leases plant and equipment under a number of finance lease agreements. The leased equipment secures
lease obligations. At 30 June 2012 the net carrying amount of leased plant and equipment was £269,000 (2011:
£267,000). During the year, the Group acquired leased assets of £67,000 (2011: £103,000) (see note 25).
15. INTANGIBLE ASSETS
Exploration
Mining and
Goodwill rights develoment Total
£’000 £’000 £’000 £’000
COST
Balance at 1July 2010 5,745 – – 5,745
Additions 35 1,140 – 1,175
BALANCE AT 30 JUNE 2011 5,780 1,140 – 6,920
COST
Balance at 1July 2011 5,780 1,140 – 6,920
Additions – – 2,085 2,085
Transfers from property, plant and equipment – – 139 139
Effect of movements in exchange rates – (215) 14 (201)
BALANCE AT 30 JUNE 2012 5,780 925 2,238 8,943
AMORTISATION AND IMPAIRMENT LOSSES
Balance at 1July 2010 and 30 June 2011 – – – –
AMORTISATION AND IMPAIRMENT LOSSES
Balance at 1July 2011 – – – –
Amortisation for the year – – 34 34
BALANCE AT 30 JUNE 2012 – – 34 34
CARRYING AMOUNTS
Balance at 1 July 2010 5,745 – – 5,745
Balance at 30 June 2011 5,780 1,140 – 6,920
BALANCE AT 30 JUNE 2012 5,780 925 2,204 8,909
Goodwill relates to the investment held in Gold Mineral Resources Limited and is supported by the ongoing gold recovery
operations in South Africa and Ghana and the Kilimapesa mine in Kenya.
The exploration and development rights relate to exploration and mining licenses in Burkina Faso and Ghana, and the
mining rights to the Kilimapesa mine in Kenya.
NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2012
38
GOLDPLAT Annual Report 2012
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 16. PRE-PRODUCTION EXPENDITURE
2012 2011
£’000 £’000
COST
Balance at beginning of year 2,748 1,552
Expenditure incurred 627 1,391
Reversal of gold inventory costs (201) –
Effect of movement in exchange rates 108 (195)
Balance at end of year 3,282 2,748
AMORTISATION AND IMPAIRMENT LOSSES
Balance at 1 July – –
Amortisation for the year 77 –
Balance at end of year 77 –
CARRYING AMOUNTS
At beginning of year 2,748 1,552
At end of year 3,205 2,748
The Group has capitalised all expenditure incurred on the Kilimapesa Hill gold mining project, the Nyieme gold mining
project and the Anumso gold mining project whilst the mines are in the development phase.
17. PROCEEDS FROM SALE OF SHARES IN SUBSIDIARY
Consideration due on sale of 15% of the issued share capital of Goldplat Recovery (Pty) Limited:
2012 2011
£’000 £’000
Balance at beginning of year 383 390
Received from dividends (111) (27)
Effect of movement in exchange rates (53) 20
Balance at end of year 219 383
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
39
GOLDPLAT Annual Report 2012 18. LOANS TO SUBSIDIARY COMPANIES
2012 2011
£’000 £’000
Funds advanced to Gold Mineral Resources Limited 7,422 4,124
Interest is charged at 2% above LIBOR on the monthly outstanding balances. This interest was waived for the year
ended 30 June 2012 (2011: £Nil as waived).
Loans to subsidiary companies are unsecured.
19. INVESTMENTS
2012 2011
£’000 £’000
Investment in Gold Mineral Resources Limited 6,425 6,425
Details of the Company’s significant subsidiaries are outlined in note 35.
20. INVENTORIES
2012 2011
£’000 £’000
Consumable stores 843 590
Raw materials 2,762 962
Precious metals on hand and in process 919 1,815
4,524 3,367
NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2012
40
GOLDPLAT Annual Report 2012
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 21. TRADE AND OTHER RECEIVABLES
GROUP
2012 2011
£’000 £’000
Trade receivables 4,425 5,879
Other receivables 1,438 705
5,863 6,584
COMPANY
2012 2011
£’000 £’000
Other receivables 22 32
The Group and Company’s exposure to credit and currency risk is disclosed in note 31.
The Directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.
22. CASH AND CASH EQUIVALENTS
GROUP
2012 2011
£’000 £’000
Bank balances 4,528 3,076
Short term bank deposits 47 51
4,575 3,127
Bank overdrafts used for cash management purposes (2) (117)
Cash and cash equivalents in the statement of cash flows 4,573 3,010
COMPANY
2012 2011
£’000 £’000
Bank balances 498 2,058
Short term bank deposits 3 3
Cash and cash equivalents in the statement of cash flows 501 2,061
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
41
GOLDPLAT Annual Report 2012 23. CAPITAL AND RESERVES
Share capital and share premium
Number of ordinary shares
2012 2011
On issue at 1 July 167,120,000 112,120,000
Issued for cash 750,000 55,000,000
On issue at 30 June – fully paid 167,870,000 167,120,000
Authorised – par value £0.01 1,000,000,000 1,000,000,000
Ordinary share capital
2012 2011
£‘000 £‘000
Balance at 1 July 1,671 1,121
Share issues 8 550
BALANCE AT 30 JUNE 1,679 1,671
ORDINARY SHARES
All shares rank equally with regard to the Company’s residual assets.
The holders of ordinary shares are entitled to receive dividends as declared from time to time, and are entitled to one
vote per share at meetings of the Company. In respect of the Company’s shares that are held by the Group, all rights
are suspended until those shares are reissued.
DIVIDENDS
A dividend of 0.6p per ordinary share is proposed in respect of the year ended 30 June 2012 (2011: £Nil).
ISSUE OF ORDINARY SHARES
On 26 January 2012 750,000 ordinary shares were issued at an exercise price of £0.075 per share relating to share
options exercised by Ronaldsons Solicitors in the year (2011: 55,000,000 ordinary shares issued at £0.10 per share).
EXCHANGE RESERVE
The exchange reserve comprises all foreign currency differences arising from the translation of the financial statements
of foreign operations.
NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2012
42
GOLDPLAT Annual Report 2012
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 24. EARNINGS PER SHARE
BASIC EARNINGS PER SHARE
The calculation of basic earnings per share at 30 June 2012 was based on the profit attributable to ordinary shareholders
of £4,644,000 (2011: £2,956,000), and a weighted average number of ordinary shares outstanding of 167,440,547
(2011: 139,393,973), calculated as follows:
PROFIT ATTRIBUTABLE TO ORDINARY SHAREHOLDERS
2012 2011
Continuing Continuing
operations operations
£‘000 £‘000
Profit attributable to ordinary shareholders 4,644 2,956
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES
2012 2011
Issued ordinary shares at 1 July 167,120,000 112,120,000
Effect of shares issued 320,547 27,273,973
Weighted average number of ordinary shares at 30 June 167,440,547 139,393,973
DILUTED EARNINGS PER SHARE
The calculation of diluted earnings per share at 30 June 2012 was based on the profit attributable to ordinary
shareholders of £4,644,000 (2011: £2,956,000), and a weighted average number of ordinary shares outstanding after
adjustment for the effect of all dilutive potential ordinary shares of 183,350,000 (2011: 155,567,723), calculated as
follows:
PROFIT ATTRIBUTABLE TO ORDINARY SHAREHOLDERS (DILUTED)
2012 2011
Continuing Continuing
operations operations
£‘000 £‘000
Profit attributable to ordinary shareholders (diluted) 4,644 2,956
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES (DILUTED)
2012 2011
Weighted average number of ordinary shares (basic) 167,440,547 139,393,973
Effect of share options on issue 15,909,453 16,173,750
Weighted average number of ordinary shares (diluted) at 30 June 183,350,000 155,567,723
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
43
GOLDPLAT Annual Report 2012 25. LOANS AND BORROWINGS
This note provides information about the contractual terms of the Group’s interest-bearing loans and borrowings, which
are measured at cost. For more information about the Group’ s and Company’ s exposure to interest rate, foreign currency
and liquidity risk (see note 31).
2012 2011
£‘000 £‘000
NON-CURRENT LIABILITIES
Finance lease liabilities 39 62
CURRENT LIABILITIES
Bank overdrafts 2 117
Current portion of finance lease liabilities 109 157
111 274
Terms and conditions of outstanding loans were as follows:
2012
Nominal Carrying
interest Year of Face value amount
Currency rate maturity £’000 £’000
Unsecured bank facility ZAR 9% 2013 2 2
Finance lease liabilities ZAR 9% 2014 148 148
Total interest-bearing liabilities 150 150
2011
Nominal Carrying
interest Year of Face value amount
Currency rate maturity £’000 £’000
Unsecured bank facility ZAR 9% 2012 117 117
Finance lease liabilities ZAR 9% 2013 219 219
Total interest-bearing liabilities 336 336
NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2012
44
GOLDPLAT Annual Report 2012
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 25. LOANS AND BORROWINGS (CONTINUED)
FINANCE LEASE LIABILITIES
Finance lease liabilities are payable as follows:
2012
Present
Future value of
minimum minimum
lease lease
payments Interest payments
£’000 £’000
Less than one year 117 (8) 109
Between one and five years 40 (1) 39
157 (9) 148
2011
Present
Future value of
minimum minimum
lease lease
payments Interest payments
£’000 £’000
Less than one year 171 (14) 157
Between one and five years 65 (3) 62
236 (17) 219
The average lease term is 2 years. For the year ended 30 June 2012, the average effective borrowing rate was 9%
(2011: 9%). Interest rates are variable over the lease term and vary according to the South African prime interest rate.
The Group’s obligations under finance leases are secured over the leased assets.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
45
GOLDPLAT Annual Report 2012 26. SHARE OPTIONS AND WARRANTS
RECONCILIATION OF OUTSTANDING SHARE OPTIONS
2012 2011
Number Exercise Number Exercise
of options price of options price
Outstanding and exercisable at 1 July and 30 June 17,200,000 10p 17,200,000 10p
In addition to the above, on 26 January 2012 750,000 share options which had been outstanding throughout the
previous year were exercised at 7.5 pence per share as detailed in note 23.
The weighted average remaining contractual life of the options outstanding at the balance sheet date is 1 year 153 days.
RECONCILIATION OF OUTSTANDING SHARE WARRANTS
2012 2011
Number Exercise Number Exercise
of options price of options price
Outstanding at 1 July 1,671,200 10p –
Granted during the year – 1,671,200 10p
Outstanding and exercisable at 30 June 1,671,200 1,671,200
The weighted average remaining contractual life of the warrants outstanding at the balance sheet date is 1 year 184 days.
NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2012
46
GOLDPLAT Annual Report 2012
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 27. PROVISIONS
ENVIRONMENTAL OBLIGATION
2012 2011
£’000 £’000
Balance at 1 July 220 180
Provisions made during the year (20) 17
Unwind of discount 14 14
Effect of foreign exchange movements (33) 9
181 220
Non-current 181 220
Current – –
181 220
The provision relates to a requirement to rehabilitate the land owned in South Africa upon cessation of the mining lease.
28. DEFERRED TAXATION
2012 2011
£’000 £’000
Balance at 1 July 457 444
Current charge
– temporary difference 18 45
– change in tax rate 13 (55)
Effect of foreign exchange movements (70) 23
418 457
Comprising:
Capital allowances (514) (543)
Prepayments 96 86
(418) (457)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
47
GOLDPLAT Annual Report 2012 29. TRADE AND OTHER PAYABLES
GROUP
2012 2011
£’000 £’000
Trade payables 3,051 1,756
Accrued expenses 3,128 2,721
6,179 4,477
COMPANY
2012 2011
£’000 £’000
Trade payables 19 30
Accrued expenses 43 47
62 77
The Group’s and Company’s exposure to currency and liquidity risk related to trade and other payables is disclosed in
note 31.
The Directors consider that the carrying amount of trade payables approximate to their fair value.
30. NOTES TO THE CASH FLOW STATEMENT
30.1 FINANCING COST
2012 2011
£’000 £’000
As per statement of comprehensive income (208) (119)
Adjust for: Interest on environmental liability (note 27) 14 14
(194) (105)
30.2 ACQUISITION OF PROPERTY, PLANT AND EQUIPMENT
2012 2011
£’000 £’000
Additions for the year (1,231) (696)
Adjust for: Additions to environmental assets – 16
Adjust for: Additions acquired on hire purchase 67 –
(1,164) (680)
NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2012
48
GOLDPLAT Annual Report 2012
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31. FINANCIAL INSTRUMENTS
FINANCIAL RISK MANAGEMENT
The Group’s and Company’s operations expose it to a variety of financial risks. Exposure to credit, interest rate and
currency risks arises in the normal course of the Group’s and Company’s business. The Group and Company has in
place a risk management programme that seeks to limit the adverse effect of such risks on its financial performance
which is provided below.
CREDIT RISK
Credit risk is the risk of financial loss to the Group or Company if a customer or counterparty to a financial instrument
fails to meet its contractual obligations. 
Management has a credit policy in place of and the exposure to credit risk is monitored on an ongoing basis. The Group
primarily deals with reputable mining houses and is unlikely to suffer any losses from this risk.
EXPOSURE TO CREDIT RISK
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk
at the reporting date was as follows.
GROUP
Carrying amount
2012 2011
£’000 £’000
Trade and other receivables 5,863 6,584
Cash and cash equivalents 4,575 3,127
10,438 9,711
COMPANY
Carrying amount
2012 2011
£’000 £’000
Cash and cash equivalents 501 2,061
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
49
GOLDPLAT Annual Report 2012 31. FINANCIAL INSTRUMENTS (CONTINUED)
LIQUIDITY RISK
Liquidity risk is the risk that the Group or Company will encounter difficulty in meeting the obligations associated with
its financial liabilities that are settled by delivering cash or another financial asset. 
The Group reviews its facilities regularly to ensure it has adequate funds for operations and expansion plans.
The following are the contractual maturities of financial liabilities, including estimated interest payments and excluding
the impact of netting agreements.
GROUP
2012
Contractual
Carrying cash 2 months 2-12 More than
amount flows or less months 1-2 years 2-5 years 5 years
£’000 £’000 £’000 £’000 £’000 £’000 £’000
NON-DERIVATIVE FINANCIAL 
LIABILITIES
Finance lease liabilities 148 (157) (20) (97) (40) – –
Trade payables 6,179 (6,179) (6,179) – – ––
Bank overdraft 2 (2) (2) – – – –
6,329 (6,338) (6,201) (97) (40) – –
2011
Contractual
Carrying cash 2 months 2-12 More than
amount flows or less months 1-2 years 2-5 years 5 years
£’000 £’000 £’000 £’000 £’000 £’000 £’000
NON-DERIVATIVE FINANCIAL 
LIABILITIES
Finance lease liabilities 219 (236) (25) (146) (61) (4) –
Trade payables 4,477 (4,477) (4,477) – – ––
Bank overdraft 117 (117) (117) – – – –
4,813 (4,830) (4,619) (146) (61) (4) –
NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2012
50
GOLDPLAT Annual Report 2012
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS LIQUIDITY RISK (CONTINUED)
COMPANY
2012
Contractual
Carrying cash 2 months 2-12 More than
amount flows or less months 1-2 years 2-5 years 5 years
£’000 £’000 £’000 £’000 £’000 £’000 £’000
NON-DERIVATIVE FINANCIAL 
LIABILITIES
Trade payables 62 (62) (62) – – – –
62 (62) (62) – – – –
2011
Contractual
Carrying cash 2 months 2-12 More than
amount flows or less months 1-2 years 2-5 years 5 years
£’000 £’000 £’000 £’000 £’000 £’000 £’000
NON-DERIVATIVE FINANCIAL 
LIABILITIES
Trade payables 77 (77) (77) – – – –
77 (77) (77) – – – –
MARKET RISK
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices
will affect the Group’ s and Company’ s income or the value of its holdings of financial instruments. The objective of market
risk management is to manage and control market risk exposures within acceptable parameters, while optimising the
return.
Due to the nature of the Group’s operations, it is mainly exposed to the following risks:
• fluctuations in the price of gold; and
• exchange rate risk at its operations
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
51
GOLDPLAT Annual Report 2012 31. FINANCIAL INSTRUMENTS (CONTINUED)
MARKET RISK (CONTINUED)
The following applied to the financial years presented in these financial statements:
2012
High Low Average
Gold price – USD/oz 1,895 1,488 1,673
Rand/USD exchange rate 6.61 8.70 7.79
GBP/USD exchange rate 1.66 1.52 1.59
GHC/USD exchange rate 1.48 1.94 1.70
Kshs/USD exchange rate 73.90 105.85 89.98
2011
High Low Average
Gold price – USD/oz 1,552 1,157 1,345
Rand/USD exchange rate 6.49 7.78 7.03
GBP/USD exchange rate 1.67 1.49 1.59
GHC/USD exchange rate 1.57 1.36 1.49
SENSITIVITY ANALYSIS
The Group has applied the following assumptions in its sensitivity analysis:
2012
High case Low case
scenario scenario
Gold price – USD/oz 1,700 1,500
Rand/USD exchange rate 9.00 7.50
GBP/USD exchange rate 1.65 1.50
GHC/USD exchange rate 2.30 1.70
Kshs/USD exchange rate 110.00 75.00
Equivalent Rand price per kilogram 491,906 361,695
Equivalent GBP price per kilogram 33,125 32,151
Equivalent GHC price per kilogram 125,709 81,984
Equivalent Kshs price per kilogram 6,012,181 3,616,954
NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2012
52
GOLDPLAT Annual Report 2012
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS SENSITIVITY ANALYSIS (CONTINUED)
2011
High case Low case
scenario scenario
Gold price – USD/oz 1,600 1,300
Rand/USD exchange rate 7.50 6.50
GBP/USD exchange rate 1.70 1.50
GHC/USD exchange rate 1.65 1.40
Equivalent Rand price per kilogram 385,808 271,673
Equivalent GBP price per kilogram 30,259 27,864
Equivalent GHC price per kilogram 84,878 58,154
THE GROUP’S SENSITIVITY TO MARKET RISK
The following tables illustrate the Group’s sensitivity to these risks based on the above assumptions:
2012
High case Low case
scenario scenario
Effect on the results and equity for the year
based on these assumptions would have been:
– Gold Recovery Ghana Limited 4,803 (1,345)
– Goldplat Recovery (Pty) Limited 2,066 (1,649)
– Kilimapesa Gold (Pty) Limited 345 (360)
2011
High case Low case
scenario scenario
Effect on the results and equity for the year 
based on these assumptions would have been:
– Gold Recovery Ghana Limited 2,327 (751)
– Goldplat Recovery (Pty) Limited 3,071 (1,392)
CURRENCY RISK
The Group is exposed to foreign currency risk on sales and purchases that are denominated in a currency other than
GBP . The currencies giving rise to this risk are primarily the US Dollar (“USD”), South African Rand (“RAND”), Ghanaian
Cedi (“GHC”), CFA Franc and the Kenyan Shilling.
INTEREST RATE RISK
The Group generally adopts a policy of ensuring that its exposure to changes in interest rates is on a floating rate basis.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
53
GOLDPLAT Annual Report 2012 31. FINANCIAL INSTRUMENTS (CONTINUED)
FAIR VALUES
The fair values of financial instruments such as interest-bearing loans and borrowings, finance lease liabilities, trade and
other receivables/payables are substantially identical to carrying amounts reflected in the balance sheet.
CAPITAL MANAGEMENT
The Group’s objective when managing capital is to safeguard its accumulated capital in order to provide an adequate
return to shareholders by maintaining a sufficient level of funds, in order to support continued production and
maintenance at the processing plants and to acquire, explore and develop other precious and base metal deposits in
Africa.
The Group considers its capital to be shareholders’ equity which comprises share capital and retained earnings, which
at 30 June 2012 totalled £25,163,000 (2011: £20,640,000).
32. CAPITAL COMMITMENTS
There were no capital commitments as at 30 June 2012 (2011: £nil).
33. CONTINGENCIES
There were no contingent liabilities as at 30 June 2012 (2011: £nil).
34. RELATED PARTIES
Transactions with external related parties take place on terms no more favourable than transactions with unrelated
parties.
During the year the Group paid professional fees to MSP Secretaries Limited, a company which B Moritz is a director,
in relation to accounting services provided, totalling £9,000 (2011: £10,000). In addition the Group paid professional
fees to Share Registrars Limited, a subsidiary of MSP Secretaries Limited, in relation to the maintenance of the
Company’s share register, totalling £7,100 (2011: £9,500).
TRANSACTIONS WITH GROUP COMPANIES
The Group’s subsidiary Gold Mineral Resources Limited had the following related party transactions and year end
balances:
2012 2011
£’000 £’000
GOLDPLAT PLC
– Loans and borrowings (7,422) (4,124)
KILIMAPESA GOLD (PTY) LIMITED
– Loans and borrowings 2,907 1,856
NYIEME GOLD SARL
– Loans and borrowings 910 875
ANUMSO GOLD
– Loans and borrowings 2,310 982
MIDAS GOLD
– Loans and borrowings 47 –
NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2012
54
GOLDPLAT Annual Report 2012
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS TRANSACTIONS WITH GROUP COMPANIES (CONTINUED)
The Group’s subsidiary Goldplat Recovery (Pty) Limited had the following related party transactions and balances:
2012 2011
£’000 £’000
KILIMAPESA GOLD (PTY) LIMITED
– Trade and other receivables 3 209
– Goods, equipment and services supplied 787 509
GOLD RECOVERY GHANA LIMITED
– Trade and other receivables 9 47
– Goods, equipment and services supplied 161 220
– Purchase of precious metals 168 294
The carrying value of these assets approximates to their fair value and require no impairment.
The Group’s subsidiary Anumso Gold Limited had the following related party transactions and balances in addition to
those already noted:
2012 2011
£’000 £’000
GOLD RECOVERY GHANA LIMITED
– Trade and other payables – (14)
The Group’s subsidiary Midas Gold had the following related party transactions and balances in addition to those already
noted:
2012 2011
£’000 £’000
NYIEME GOLD SARL
- Trade and other receivables 1 –
- Trade and other payables (1) –
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
55
GOLDPLAT Annual Report 2012 35. GROUP ENTITIES
SIGNIFICANT SUBSIDIARIES
Country of Ownership interest
Activity incorporation 2012 2011
DIRECTLY
Gold Mineral Resources Limited Holding company Guernsey 100% 100%
INDIRECTLY 
Gold Recovery Ghana Limited Gold recovery Ghana 100% 100%
Kilimapesa Gold (Pty) Limited Mining minerals Kenya 100% 100%
Anumso Gold Limited
(formerly Banka Gold Limited) Mining minerals Ghana 100% 100%
Nyieme Gold SARL Mining minerals Burkina Faso 100% 100%
Goldplat Recovery (Pty) Limited Gold recovery South Africa 85% 85%
Midas Gold Gold recovery Burkina Faso 100% –
36. SUBSEQUENT EVENTS
On 1 September 2012, D A Manolis resigned as the Chief Executive Officer and replaced by R Lamming with immediate
effect. Upon appointment, 13,500,000 share options were issued with an exercise price of 12.825p per ordinary share.
NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2012
56
GOLDPLAT Annual Report 2012
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 57
GOLDPLAT Annual Report 2012
DIRECTORS:
Brian Moritz
Non-Executive Chairman
Russell Lamming
Chief Executive Officer
Ian Visagie
Chief Financial Officer
Dr Robert Pitts Smith
Managing Director – recovery operations
COMPANY SECRETARY
Stephen Ronaldson
55 Gower Street
London WC1E 6HQ
COMPANY NUMBER:
05340664
REGISTERED OFFICE:
55 Gower Street
London WC1E 6HQ
WEBSITE:
www.goldplat.com
NOMINATED ADVISER AND BROKER:
Fairfax I.S. PLC
46 Berkeley Square
Mayfair
London
W1J 5AT
SOLICITORS:
Ronaldsons Solicitors
55 Gower Street
London WC1E 6HQ
REGISTRARS:
Share Registrars Limited
Suite E, First Floor
9 Lion and Lamb Yard
Farnham
Surrey
GU9 7LL
FINANCIAL PUBLIC RELATIONS:
St. Brides Media & Finance Limited
Chaucer House
38 Bow Lane
London EC4M 9AY
AUDITORS:
Chantrey Vellacott DFK LLP
Russell Square House
10-12 Russell Square
London WC1B 5LF
COMPANY INFORMATION
COMPANY INFORMATION
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