TIDMALTN
ALTYNGOLD PLC
Unaudited Interim Results -- six months to 30 June 2023
AltynGold Plc ("AltynGold" or the "Company"), the gold mining
and development company, announces its unaudited results for the
six months to 30 June 2023.
The Company has increased the level of ore extraction with the
expanded fleet of mining equipment. However the redevelopment and
expansion of the processing plant and overhaul and maintenance of
the existing plant has had a knock on effect on output volumes in
the current period, as more fully explained in the Chief Executives
Report.
Highlights:
Mine development
-- Transport declines No.1 and No. 2 have both been developed to the
horizons +67 and 62masl respectively.
-- Development of the mine tunneling amounted to 2,964 linear metres,
(H12022: 2,992 linear metres).
-- Exploration drilling amounted to 611 linear metres, (2022: 11,040).
-- Ore was mined in the period principally from ore bodies 6-8 and 5.5 at
horizons between 150masl to 100masl.
-- The extension for the licence at Teren-Sai has been resubmitted with
amendments in August 2023 to continue exploration works for a further two
years -- expected to be received in Q4 2023.
Production
-- The ore mined was 331,183t (H1 2022: 277,398t) an increase of 19%.
-- Average processed gold grade in the period was 1.95g/t (H1 2022:
2.06g/t).
-- Gold recovery averaged 82.77% during the 6 month period (H1 2022:
83.44%).
-- H1 2023 gold production from Sekisovskoye was 14,440oz, compared with
H1 2022 of 16,965oz
-- H1 2023 gold sold was 14,284oz, compared with H1 2022 of 17,542oz
Financial
-- The turnover decreased to US$28m (H1 2022: US$32m).
-- The gold price achieved averaged US$1,939oz during the period (H1 2022:
US$1,830oz).
-- The Company made a gross profit of US$9.5m (H1 2022: gross profit of
US$17m), with a net profit before taxation of US$4.6m (H1 2022: loss of
US$11.6m).
-- The total cash cost of production was US$1,344oz (H1 2022: US$884oz).
-- Adjusted EBITDA achieved was US$8.5m (H1: 2022: US$17m).
For further information please contact:
AltynGold plc
Rajinder Basra, CFO +44 (0) 203 432 3198
Email: info@altyn.uk
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014, as it forms part of
domestic law by virtue of the European Union (Withdrawal) Act
2018.
Information on the Company
AltynGold Plc (LSE:ALTN) is an exploration and development
company, which is listed on the Main Market segment of the London
Stock Exchange.
This report will be available on our website at
www.altyngold.uk
H1 2023 Review
Key Statistics H1 2023 H1 2022
Ore mined tons 331,183 277,398
Milling tons 280,155 306,599
Gold grade g/t 1.95 2.06
Silver grade g/t 1.72 1.69
Gold recovery % 82.77% 83.44%
Silver recovery % 73.85% 72.34%
Gold produced ounces 14,440 16,965
Silver produced ounces 8,402 11,306
The production results were below those budgeted, with a
shortfall of 12% at 280kt of milled ore (H1 2022 306.5kt) from the
planned level of 315kt of ore milled.
Plans were put in place for the expansion of the production
facility which is currently in process to be completed by the end
of the year. The initial plans envisaged that there would be
minimal disruption to the current level of production. However on a
practical level this turned out not to be the case resulting in
stoppages and interruptions to normal workflows in the processing
plant. Due to the effect on workflows it was decided that it would
be the appropriate time to also overhaul one of the existing mills,
to coincide with the expansion works. This resulted in reduced
volumes of processed ore, in order to manage the ongoing situation,
the planned level of processing was decreased going forward for
2023 to 50/55kt a month.
As the new mining equipment was delivering increased levels of
mined ore, increasing in the period to 331kt from 277kt last year.
It was decided to limit the volume to be extracted to 700kt for the
year as significant stockpiles of ore were building up. The
increased capacity of the processing plant of 1mt a year will be in
place from Q1 2024, with work to be substantially completed by the
end of 2023.
The Company has reported a gross profit of US$9.5m for H1 2023,
against US$17m for H1 2022, with turnover of US$28m (H1 2022
US$32m). The reduction in turnover is as a result of the issues
noted above.
The principal reason for the drop in margin resulted from the
following two principal factors:
-- Increased costs of mining ore due to inflationary price increases
rising in the period from the prior year. The Company has currently
absorbed this but is reviewing options to manage the costs as it is a
significant component going forward.
-- Increase in extraction taxes that also rose by 40%, the taxes are
calculated on the quantity of ore mined at current gold prices. The
average gold price achieved increased as prices rose in the period to
US$1,939/oz (H1 2021 US$1,830/oz).
Sekisovskoye produced 14,440oz of gold in H1 2022 (H1 2022:
16,965oz), a shortfall of 15% from the prior year. Gold sold during
the period amounted to 14,284oz (H2 2021: 17,542oz).
Due to the increase in the operating costs the cash cost of
production (cost of sales excluding depreciation and provisions)
for the period was US$1,110/oz (H1 2022 US$730/oz). The total cash
cost was US$1,344/oz as compared to US$884/oz in H1 2022. This is
expected to decrease as the planned level of production rises.
In terms of administrative costs these increased by US$600k, as
a result of inflationary price rises, and increased promotional
activity.
The Group's gearing has increased as substantial amounts have
been invested in equipment and upgrades to the processing plant.
With the planned repayments being made during the year, the amount
due within one year has dropped to US$16.8m from US$19.4m, total
borrowings are US$55m (2022: US$25m).
As of 30 June 2023, the Group had cash balances of US$5.4m
(2022: US$1.1m).
Mine developments
H1 2023 Operational Overview -- Sekisovskoye
The principal development milestones achieved in the period
were:
Tunnelling and decline development of 2,963 linear metres was
carried out in the period, exploration drilling amounted to 611
metres.
The ore bodies that have been developed for mining extraction
are ore body No. 5.5 which produced 112,000t of ore, ore bodies No.
6-6 producing 139,000t . In addition ore body 11produced 54,000t,
and other sites 128,000t
Ore bodies 11 and 5.5 are continuing to be developed at +84masl
and +67masl. Initial indications are that the ore bodies will
generate grades of between 2 and 2.10g/t, with the lowers grades
achieved in the period due to the dilution of ore as extensive
mining was carried out.
H1 2023 -- Teren-Sai
In the current period there has been reduced development
activity at the Teren-Sai project as the Company has been waiting
on the approval of the licence extension and development plan.
Due to administrative delays, resulting from strict timelines in
processing forms at each stage of review or resubmission process
the final approval is now expected in Q4 2023 as the licence
application in final form was resubmitted in August 2023. The
licence will run for a two year period from the date of grant.
In summary there are 5 identified areas with the most promising
areas of mineralisation being areas No. 2, 4 and 5, further
detailed delineation of the ore bodies will be performed:
-- Area 2 -- 25 main ore intersections in 7 wells.
-- Area 4 -- 15 main ore intersections in 6 wells.
-- Area 6 -- 14 main ire intersections in 14 wells.
The work program will involve the development of 133 wells, and
geophysical research amounting to 1,995 linear metres , as well as
directional core drilling amounting to 39,900 linear metres.
Aidar Assaubayev
Chief Executive Officer
29 September 2023
Directors Responsibility Statement and Report on Principal Risks
and Uncertainties
Responsibility statement
The Board confirms to the best of their knowledge, that the
condensed set of financial statements have been prepared in
accordance with the UK-adopted International Accounting Standard
34, 'Interim Financial Reporting' and the Disclosure Guidance and
Transparency Rules sourcebook of the United Kingdom's Financial
Conduct Authority.
The interim management report includes a fair review of the
information required by:
DTR 4.2.7R of the Disclosure and Transparency Rules, being an
indication of important events that have occurred during the first
six months of the financial year and their impact on the condensed
set of financial statements; and a description of the principal
risks and uncertainties for the remaining six months of the year;
and
DTR 4.2.8R of the Disclosures and Transparency Rules, being
related party transactions that have taken place in the first six
months of the current financial year and that have materially
affected the financial position or performance of the entity during
the period; and any changes in the related party transactions
described in the last annual report that could do so.
The Company's management has analysed the risks and
uncertainties and has in place control systems that monitor daily
the performance of the business via key performance indicators.
Certain factors are beyond the control of the Company such as the
fluctuations in the price of gold and possible political upheaval.
However, the Company is aware of these factors and tries to
mitigate these as far as possible. In relation to the gold price
the Company is pushing to achieve a lower cost base in order to
minimise possible downward pressure of gold prices on
profitability. In addition, it maintains close relationships with
the Kazakhstan authorities in order to minimise bureaucratic delays
and problems.
Risks and uncertainties identified by the Company are set out on
page 9 and 10 of the 2022 Annual Report and Accounts and are
reviewed on an ongoing basis. There have been no significant
changes in the first half of 2023 to the principal risks and
uncertainties as set out in the Annual Report and Accounts and
these are as follows:
-- Fiscal changes in Kazakhstan
-- No access to capital
-- Commodity price risk
-- Currency risk
-- Reliance on operating in one country
-- Reliant on one operating mine
-- Technical difficulties associated with developing the underground mines
at Sekisovskoye and Teren-Sai
-- Failure to achieve production estimates
-- Inflationary and currency risk
-- Health, safety and environment
The Directors do not expect any changes in the principal risks
for the remaining six months of the financial year.
Aidar Assaubayev
Chief Executive Officer
29 September 2023
ALTYNGOLD PLC
Consolidated statement of profit or loss -- six months to 30 June 2023
Six months Six months
ended 30 June ended 30 June
2023 2022
Unaudited Unaudited
US$'000 US$'000
Revenue 27,698 32,095
Cost of sales (18,180) (15,137)
Gross profit 9,518 16,958
Administrative expenses (3,343) (2,714)
Operating profit 6,175 14,244
Foreign exchange 471 (954)
Finance expense (2,092) (1,734)
Profit before taxation 4,554 11,556
Taxation (1,571) (689)
Profit attributable to equity
shareholders
2,983 10,867
Profit per ordinary share Note 10.91c 39.76c
Basic and diluted (US cent) 3
ALTYNGOLD PLC Consolidated statement of profit or loss and other
comprehensive income -- six months to 30 June 2023
Six months Six months
ended 30 June ended 30 June
2023 2022
unaudited unaudited
US$'000 US$'000
Profit for the period 2,983 10,867
Currency translation differences
arising on translations of
foreign operations items which
will or may be reclassified to
profit or loss 1,214 (2,506)
Total comprehensive profit for
the period attributable to
equity shareholders 4,197 8,361
ALTYNGOLD PLC
Consolidated statement of financial position -- as at 30 June 2023
Six months Six months
ended 30 June ended 30 June
2023 2022
Notes (unaudited) (audited)
US$'000 US$'000
Non-current assets
Intangible assets -- Teren Sai 5 12,944 12,576
Others 729 -
Property, plant and equipment 6 50,450 34,130
Other receivables 7 19,238 10,348
Deferred tax asset 4,496 6,936
Restricted cash 41 35
87,898 64,025
Current assets
Inventories 13,916 10,775
Trade and other receivables 7 27,400 21,536
Cash and cash equivalents 5,435 1,148
46,751 33,459
Total assets 134,649 97,484
Current liabilities
Trade and other payables (6,736) (6,030)
Provisions (317) (250)
Borrowings 10 (16,808) (19,374)
(23,861) (25,654)
Net current assets 22,890 7,805
Non-current liabilities
Other financial liabilities &
payables (247) (450)
Provisions (6,095) (5,488)
Borrowings 10 (38,041) (5,366)
(44,383) (11,304)
Total liabilities (68,244) (36,958)
Net assets 66,405 60,526
Equity
Called-up share capital (4,267) (4,267)
Share premium (152,839) (152,839)
Merger reserve 282 282
Currency translation reserve 56,428 56,958
Accumulated loss 33,991 39,340
Total equity (66,405) (60,526)
The financial information was approved and authorised for issue
by the Board of Directors on xx September 2023 and was signed on
its behalf by:
Aidar Assaubayev -- Chief Executive Officer
ALTYNGOLD PLC
Consolidated statement of changes of equity -- six months to 30 June 2023
Currency
Share Share Merger translation Accumulated
capital premium reserve reserve losses Total
Unaudited US$'000 US$'000 US'000 US$'000 US$'000 US$'000
At 1 January 2023 4,267 152,839 (282) (57,642) (36,974) 62,208
Profit for the
period - - - - 2,983 2,983
Exchange
differences on
translating
foreign
operations - - - 1,214 - 1,214
Total
comprehensive
income for the
period - - - 1,214 2,983 4,197
At 30 June 2023 4,267 152,839 (282) (56,428) (33,991) 66,405
Unaudited US$'000 US$'000 US'000 US$'000 US$'000 US$'000
At 1 January 2022 4,267 152,839 (282) (51,412) (50,207) 55,205
Profit for the
period - - - - 10,867 10,867
Exchange
differences on
translating
foreign
operations - - - (5,546) - (5,546)
Total
comprehensive
income for the
period - - - (5,546) 10,867 5,321
At 30 June 2022 4,267 152,839 (282) (56,958) (39,340) 60,526
ALTYNGOLD PLC
Consolidated statement of cash flows -- six months to 30 June 2023
Six months ended Six months ended
30 June 2023 30 June 2022
(unaudited) (unaudited)
Note US$'000 US$'000
Net cash (outflow)/inflow
from operating activities 8 (3,523) 13,622
Investing activities
Purchase of property, plant
and equipment *(19,190) *(11,806)
Acquisition of intangible
assets (739) (188)
Net cash used in investing
activities (19,929) (11,994)
Financing activities
Loans received net of
expenses 37,857 -
Loans repaid (6,191) (2,668)
Interest paid (2,896) (1,282)
Net cash flow
Increase/(decrease) from
financing activities 28,770 (3,950)
Increase/(decrease) in cash
and cash equivalents 5,318 (2,322)
Cash and cash equivalents at
the beginning of the period 116 3,598
Effect of exchange rate
fluctuations on cash held 1 (128)
Cash and cash equivalents at
end of the period 5,435 1,148
* Cash paid to purchase property, plant and equipment represents
additions of US$16m (2022: US$4.9m) (see tangible asset note) plus
the cash amounts paid as a result of the net increase in
prepayments less payables of US$3.2m movement from the prior year
(2022: US$6.9m).
ALTYNGOLD PLC
Notes to the consolidated financial information -- six months 30
June 2023
1. Basis of preparation
General
AltynGold Plc (the "Company") is a Company incorporated in
England and Wales under the Companies Act 2006. The address of its
registered office, and place of business of the Company and its
subsidiaries is set out within the Company information at the end
of this interim report
The Company is registered and domiciled in England and Wales,
whose shares are publicly traded on the London Stock Exchange. The
interim financial results for the period ended 30 June 2023 are
unaudited. The financial information contained within this report
does not constitute statutory accounts as defined by Section 434(3)
of the Companies Act 2006.
This interim financial information of the Company and its
subsidiaries ("the Group") for the six months ended 30 June 2023
have been prepared, in accordance with the UK-adopted International
Accounting Standard 34, 'Interim Financial Reporting' and the
Disclosure Guidance and Transparency Rules sourcebook of the United
Kingdom's Financial Conduct Authority, and on a basis consistent
with the accounting policies set out in the Group's consolidated
annual financial statements for the year ended 31 December 2022. It
has not been audited, does not include all of the information
required for full annual financial statements, and should be read
in conjunction with the Group's consolidated annual financial
statements for the year ended 31 December 2022, which has been
prepared in accordance with both "international accounting
standards in conformity with the requirements of the Companies Act
2006" and "international financial reporting standards as adopted
by the United Kingdom".
These interim financial statements do not comprise statutory
accounts within the meaning of section 434 of the Companies Act
2006. Statutory accounts for the year ended 31 December 2022 were
approved by the board of directors on 5 May 2023 and delivered to
the Registrar of Companies. The report of the auditors on those
accounts was not qualified, further details are available on page
39 of the 2022 annual report.
The financial statements have not been reviewed.
The financial information is presented in US Dollars and has
been prepared under the historical cost convention and IFRS and UK
adopted international accounting standards.
The same accounting policies, presentation and method of
computation together with critical accounting estimates,
assumptions and judgements are followed in this consolidated
financial information as were applied in the Group's latest annual
financial statements except that in the current financial year, the
Group has adopted a number of revised Standards and
Interpretations. However, none of these have had a material impact
on the Group. In addition, the IASB has issued a number of IFRS and
IFRIC amendments or interpretations since the last annual report
was published. It is not expected that any of these will have a
material impact on the Group.
Going concern
Turnover and profitability decreased during the period due to
the set-up of the expanded production facilities that diverted the
Group from its planned processing targets. The processing is now
moving back to its planned production levels.
At the period end the Group had cash resources of US$5.4m (31
December 2022: US$1.1m). The Board have reviewed the Group's cash
flow forecasts for the period to December 2024. The forecasts are
based on the current approved budgets taking into account any
adjustments from current trading. The principal capital costs have
now been made and the Directors are of the opinion that the current
cash balances and cash generated from future mining of the
operation will be sufficient for the Group to meet its cash flow
requirements.
The Board have considered at the period end possible stress case
scenarios that they consider may likely impact the Group's
operations, financial position and forecasts, such as factors
impacting the production and possible falls in gold prices. From
the analysis undertaken the Board have concluded that the Group
will be able to continue to trade based on its existing resources.
The stress tests included a drop in the gold price of 10% from the
current gold price and budgeted production by 10%, in both
scenarios and combination of both together it was concluded that
the Group had sufficient cash reserves to continue to operate. The
Board therefore considers it appropriate to adopt the going concern
basis of accounting in preparing these financial statements.
2. Segmental information
Operating segments are reported in a manner consistent with the
internal reporting provided to the chief operating decision maker.
The chief operating decision maker, who is responsible for
allocating resources and assessing performance of the operating
segments and making strategic decision, has been identified as the
Board of Directors.
The Board of Directors consider there to be two operating
segments, the exploration and development of mineral resources at
Sekisovskoye and at Teren-Sai, both based in one geographical
segment, being Kazakhstan. All sales were made in Kazakhstan from
the mine at Sekisovskoye. However, in relation to Teren-Sai as
there is discrete financial information available and the assets
account for greater than 10% of the combined total assets of all
segments it is a separate operating segment.
Teren-Sai is an exploration asset, details of the carrying value
of the asset are shown in note 5.
3. Profit per ordinary share
Basic profit per share is calculated by dividing the profit
attributable to ordinary shareholders by the weighted average
number of ordinary shares outstanding during the period. The
weighted average number of ordinary shares and retained profit for
the financial period for calculating the basic loss per share for
the period are as follows:
Six months Six months
ended 30 ended 30
June 2023 June 2022
(unaudited) (unaudited)
The basic weighted average number of ordinary
shares in issue during the period 27,332,934 27,332,934
The profit for the period attributable to equity
shareholders (US$'000s) 2,983 10,867
4. Alternative performance measures
The Directors have presented the alternative performance
measures adjusted EBITDA , operating cash cost and total cash cost
as they monitor these performance measures at a consolidated level
and the Directors believe it is relevant in measuring the Group's
performance.
A reconciliation of the alternative performance measures is
shown below.
Adjusted EBITDA, operating cash cost and total cash cost are not
defined performance measures in IFRS. The Group's definition of
adjusted EBITDA may not be comparable with similar titled
performance measures as disclosed by other entities.
Six months Six months
ended 30 June ended 30 June
2023 2022
(unaudited) (unaudited)
Adjusted EBITDA US$000's US $000's
Profit before taxation 4,554 11,556
Adjusted for
Finance expense 2,092 1,734
Depreciation of tangible fixed assets 2,324 2,339
Foreign currency translation (471) 954
Adjusted EBITDA 8,499 16,583
Operating cash cost
Cost of sales 18,180 15,137
Adjusted for
Depreciation of tangible fixed assets (2,324) (2,339)
15,856 12,798
Gold sold in the period - oz 14,284 17,542
Operating cash cost - US$/oz 1,110 729
Total cash cost
Cost as above 15,856 12,798
Adjusted for
Administrative expenses 3,343 2,714
19,199 15,512
Gold sold in the period - oz 14,284 17,542
Total cash cost- US$/oz 1,344 884
Teren-Sai Exploration and Total
5. Intangible assets geological data evaluation costs US$'000
Cost
1 January 2022 8,801 9,825 18,626
Additions - 240 240
Amortisation
capitalised - 541 541
Currency translation
adjustment (589) (654) (1,243)
December 2022 8,212 9,952 18,164
Amortisation
capitalised - 276 276
Additions - 8 8
Currency translation
adjustment 154 185 339
30 June 2023 8,366 10,421 18,787
Accumulated
amortisation
1 January 2022 5,122 158 5,280
Charge for the period 541 - 541
Currency translation
adjustment (343) (12) (355)
31 December 2022 5,320 146 5,466
Charge for the period 276 - 276
Currency translation
adjustment 98 3 101
30 June 2023 5,694 149 5,843
Net books values
30 June 2023 2,672 10,272 12,944
30 June 2022 3,146 9,430 12,576
The intangible assets relate to the historic geological
information pertaining to the Teren-Sai ore fields. The ore fields
are located in close proximity to the current open pit and
underground mining operations of Sekisovskoye.
Revisions to the original licence application were made during
the period, with the final revision sent in August 2023, the new
licence is anticipated to be received during Q4 2023. The licence
applied for is for two years and will commence on the date the
licence is signed.
6. Property, plant and equipment
Plant,
Equipment Total
Freehold fixtures
Mining land and and Assets under
properties buildings fittings construction
US$000 US$000 US$000 US$000 US$000
Cost
1 January 2022 16,009 25,034 22,779 2,822 66,644
Additions 3,936 42 843 4,295 9,116
Disposals - - (509) - (509)
Transfers - 4,387 252 (4,639) -
Transfer -
inventories - - - (16) (16)
Currency
translation
adjustment (1,584) (1,673) (1,603) (183) (5,043)
31 December 2022 18,361 27,790 21,762 2,279 70,192
Additions 1,966 - 12,506 1,460 15,932
Disposals - - (94) - (94)
Reclassification (272) 5 (6) - (273)
Transfer to
inventories - - - (478) (478)
Currency
translation
adjustment 533 521 408 43 1,505
30 June 2023 20,588 28,316 34,576 3,304 86,784
Accumulated
depreciation
1 January 20222 3,350 13,319 14,625 - 31,294
Charge for the
period 800 2,128 1,663 - 4,591
Disposals - (479) - (497)
Currency
translation
adjustment (227) (986) (958) - (2,171)
31 December 2022 3,923 14,461 14,833 - 33,217
Charge for period 410 933 981 - 2,324
Reclassification 272 16 (15) - 273
Disposal - - (94) - (94)
Currency
translation
adjustment 79 265 270 - 614
30 June 2023 4,684 15,675 15,975 - 36,334
Carrying amount
30 June 2023 15,904 12,641 18,601 3,304 50,450
30 June 2022 12,891 9,858 8,024 3,357 34,130
ALTYNGOLD PLC
Notes to the consolidated financial information 30 June 2023
(continued)
7. Trade and other receivables
Non-current
30 June 30 June
2023 2022
(unaudited) (unaudited)
US$000's US$000's
VAT recoverable 1,701 1,277
Prepayments- advances to suppliers 17,537 9,071
19,238 10,348
The amount recoverable in relation to Value Added Tax is
expected to be recovered by offset against VAT payable in future
periods.
The advances to suppliers relate to payments made to acquire
mining equipment.
Current
30 June 30 June
2023 2022
(unaudited) (unaudited)
US$000's US$000's
Trade receivables 1,288 902
VAT recoverable 9,156 5,428
Prepayments 16,621 15,251
Other receivables 503 96
Provision receivables/prepayments (168) (141)
27,400 21,536
The prepayments principally relate to advances to suppliers for
parts and consumables.
8. Notes to the cash flow statement
Six months Six months
ended 30 June ended 30 June
2023 2022
(unaudited) (unaudited)
US$000's US$000's
Profit before taxation 4,554 11,556
Adjusted for
Finance expense 2,092 1,734
Depreciation of tangible fixed assets 2,324 2,339
Increase in inventories (1,964) (1,809)
Increase in trade and other receivables (10,617) (1,310)
Increase in trade and other payables 559 158
Foreign currency translation (471) 954
Cash (outflow)/inflow from operations (3,523) 13,622
Income taxes - -
(3,523) 13,622
9. Related party transactions
Remuneration of key management personnel
The remuneration of the Directors, who are the key management
personnel of the Group, is set out below in aggregate for each of
the categories specified in IAS 24 - "Related Party Disclosures".
The total amount remaining unpaid with respect to remuneration of
key management personnel amounted to US$235,000 (30 June 2022
US$114,000).
Six months Six months
ended 30 ended 30
June 2023 June 2022
US$000 US$000
Short term employee benefits 127 138
Social security costs 12 9
139 147
During the period, the following transactions were connected
with Company's in which the Assaubayev family have a controlling
interest:
-- An amount is owing to Asia Mining Group of US$80,000, (30 June 2022:
US$77,816) and is included within trade payables.
-- Loan amounts due by the Group to Amrita Investments Limited a company
controlled by the Assaubayev family total US$1,000 (30 June 2022
US$12,000).
-- An amount is due to a family member of US$1,000, (30 June 2022:
US$1,000).
-- The group made sales to Altyn Group Qazaqstan of US$Nil (30 June 2022
US$122,000) the amount of US$437,000 is included within receivables at
the period end.
10 . Borrowings
Six months Six months
ended 30 June ended 30 June
2023 2022
(unaudited) (unaudited)
US$000's US$000's
Current loans and borrowings
Bonds - 9,891
Bank loans 16,820 5,354
Related party loans 2 12
16,822 15,257
Due one-two years
Bonds 9,441 -
Bank loans 9,888 3,049
19,329 3,049
Due two-five years
Bank loans 18,700 6,434
18,700 6,434
Total non-current loans and borrowings 38,029 9,483
Bond Listed on Astana International Exchange
The total number of bonds at the period end amounted to US$10m
at a coupon rate of 10.5%, the bonds are repayable in April 2025.
At the period end the carrying value approximates to their fair
value.
Bank loans
The bank loans are repayable in instalments and bear interest at
6%-7% on the US$ denominated loans and at 15.5% on the Kazakh
denominated loans.
The bank loans are secured over the assets of the Group.
11. Reserves
A description and purpose of reserves is given below:
Reserve Description and purpose
Share capital Amount of the contributions made by
shareholders in return for the issue of
shares.
Share premium Amount subscribed for share capital in excess
of nominal value.
Merger Reserve Reserve created on application of merger
accounting under a previous GAAP.
Currency translation reserve Gains/losses arising on re-translating the net
assets of overseas operations into US
Dollars.
Accumulated losses Cumulative net gains and losses recognised in
the consolidated statement of financial
position.
ALTYNGOLD PLC
Company information
Chairman Chief executive
Directors Kanat Assaubayev officer Executive
Aidar Assaubayev director Non-executive
Sanzhar Assaubayev director Non-executive
Ashar Qureshi director Non-executive
Andrew Terry director Non-executive
Maryam Buribayeva director
Victor Shkolnik
Secretary Rajinder Basra
Registered office and Company number:
number 05048549 28 Eccleston
Square London SW1V 1NZ
Telephone: +44 208 932
2455
Company website www.altyngold.uk
10 Novostroyevskaya
Kazakhstan office Sekisovskoye Village
Kazakhstan Telephone:
+7 (0) 72331 27927 Fax:
+7 (0) 72331 27933
Auditor PKF Littlejohn LLP,
15 Westferry Circus,
London E14 4HD
Neville Registrars
Registrars Neville House Steelpark
Road Halesowen West
Midlands B62 8HD
Telephone: +44 (0) 121
585 1131
NatWest Bank plc London
Bankers City Commercial
Business Centre 7th
Floor, 280 Bishopsgate
London EC2M 4RB LTG
Bank AG Herrengasse 12
FL-9490, Vaduz
Principal of
Liechtenstein
View source version on businesswire.com:
https://www.businesswire.com/news/home/20230928077434/en/
CONTACT:
AltynGold Plc
SOURCE: AltynGold Plc
Copyright Business Wire 2023
(END) Dow Jones Newswires
September 29, 2023 02:00 ET (06:00 GMT)
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