AltynGold Plc

("AltynGold" or the "Company")

Update on publication of Annual Report and financial results for the year ended 31 December 2022 – temporary share suspension from 2 May 2023

AltynGold provides the following update in relation to its Annual Report and Financial Statements for its financial year ended 31 December 2022 (the "2022 Annual Report").

As stipulated by the applicable rules of the Financial Conduct Authority (the "FCA"), the Company is required to publish its audited Annual Report by 30 April 2023. However, PKF Littlejohn LLP, the Company's auditors, have requested additional time beyond the originally planned timetable to complete their audit. Whilst the audit process has yet to be concluded, the Directors have been advised by PKF Littlejohn LLP that the audit is substantially complete and that there are no material audit issues causing this delay.

Accordingly, the Company has requested that its ordinary shares be suspended by the FCA from listing (as well as trading on the Main Market of the London Stock Exchange) with effect from the start of trading on Tuesday 2 May 2023 (the "Suspension").

PKF Littlejohn LLP has informed the Company that the audit will be completed in the course of the coming week. As such, the Company expects to publish its 2022 Annual Report on or about Friday 5 May 2023, following which the Company will apply for the Suspension to be lifted. A further announcement in this respect will be made in due course.

Financial highlights (unaudited)

  • Turnover increased in the year to US$62m (2021: US$50m) an increase of 23.4%.
  • 34,499oz of gold sold (2021: 27,747oz), an increase of 24.3%.
  • Average gold price achieved (including silver) US$1,762oz, (2021: US$1,803oz).
  • The Company made a profit before tax of US$13.4m (2021: US$18.3m).
  • Adjusted EBITDA (Earnings before interest, tax, depreciation and amortisation) of US$21.9m (2021: US$26.4m).

UNAUDITED CONSOLIDATED INCOME STATEMENT
for the year ended 31 December 2022

 

 

Unaudited

2022

Audited

2021

 

 

$000

$000

Revenue

 

62,037

50,290

Cost of sales

 

(32,697)

(22,496)

Gross profit

 

29,340

27,794

Administrative expenses

 

(8,590)

(5,138)

Administrative expenses – sponsorship programmes

 

(3,654)

-

Impairments

 

(82)

(734)

Operating profit

 

17,014

21,922

Foreign exchange

 

(504)

(366)

Finance expense

 

(3,096)

(3,289)

Total finance cost

 

(3,600)

(3,655)

Profit before tax

 

13,414

18,267

Taxation receipt/(expense)

 

(181)

56

Profit for the year attributable to the equity holders of the parent

 

13,233

18,323

Profit per ordinary share

 

 

 

Basic

 

48.42c

67.04c

Diluted

 

48.42c

67.04c

UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2022

 

 

Unaudited 2022

Audited

2021

 

 

$000

$000

Profit for the year

 

13,233

18,323

Items that may be reclassified subsequently to the income statement

 

 

 

Currency translation differences arising on translations of foreign operations

 

(4,822)

(1,491)

Currency translation differences on translation of foreign operations relating to tax

 

(1,408)

3,038

 

 

(6,230)

1,547

Total comprehensive profit for the year

 

7,003

19,870

Total comprehensive profit attributable to:

 

 

 

Equity holders of the parent

 

7,003

19,870

UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 31 December 2022

 

 

Unaudited

2022

Audited

2021

(Registration number: 05048549)

 

$000

$000

Assets

 

 

 

Non-current assets

 

 

 

Intangible assets

 

12,698

13,346

Property, plant and equipment

 

36,975

35,350

Deferred tax assets

 

6,052

8,189

Trade and other receivables

 

14,600

3,925

Restricted cash

 

50

70

 

 

70,375

60,880

Current assets

 

 

 

Inventories

 

11,260

9,121

Trade and other receivables

 

16,622

21,530

Cash and cash equivalents

 

116

3,593

 

 

27,998

34,244

Total assets

 

98,373

95,124

Equity and liabilities

 

 

 

Current liabilities

 

 

 

Trade and other payables

 

(6,253)

(5,684)

Provisions

 

(263)

(232)

Loans and borrowings

 

(13,611)

(15,087)

 

 

(20,127)

(21,003)

Non-current liabilities

 

 

 

Vat payable

 

(332)

(242)

Other payables

 

(688)

(1000)

Provisions

 

(5,517)

(5,453)

Loans and borrowings

 

(9,501)

(12,221)

 

 

(16,038)

(18,916)

Total liabilities

 

(36,165)

(39,919)

Equity

 

 

 

Share capital

 

(4,267)

(4,267)

Share premium

 

(152,839)

(152,839)

Merger reserve

 

282

282

Foreign currency translation reserve

 

57,642

51,412

Accumulated losses

 

36,974

50,207

Equity attributable to owners of the company

 

(62,208)

(55,205)

Total equity and liabilities

 

(98,373)

(95,124)

UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2022

 

 

 

 

Currency

 

 

 

 

Share

Share

Merger

translation

Other

Accumulated

Total

 

capital

premium

reserve

reserve

reserves

losses

equity

 

$000

$000

$000

$000

$000

$000

$000

At 1 January 2021

4,267

152,839

(282)

(52,959)

333

(68,863)

35,335

Profit for the year

18,323

18,323

Other comprehensive income

1,547

1,547

Total comprehensive income

1,547

18,323

19,870

New share capital subscribed

Share based payment charge

Share options exercised

(333)

333

At 31 December 2021 Audited

4,267

152,839

(282)

(51,412)

(50,207)

55,205

At 1 January 2022

4,267

152,839

(282)

(51,412)

(50,207)

55,205

Profit for the year

13,233

13,233

Other comprehensive loss

(6,230)

(6,230)

Total comprehensive income

(6,230)

13,233

7,003

Transfer to reserves

At 31 December 2022 unaudited

4,267

152,839

(282)

(57,642)

(36,974)

62,208

UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 31 December 2022

 

 

Unaudited

2022

Audited

2021

 

 

$000

$000

Cash flows from operating activities

 

 

 

Net cash flow from operating activities

 

12,234

6,797

Cash flows from investing activities

 

 

 

Acquisitions of property plant and equipment

 

(8,948)

(5,502)

Acquisition of intangible assets

 

(240)

(830)

Net cash flows from investing activities

 

(9,188)

(6,332)

Cash flows from financing activities

 

 

 

Interest paid

 

(2,388)

(2,411)

Loans received

 

11,025

6,356

Loans repaid

 

(15,028)

(7,985)

Net cash flows from financing activities

 

(6,391)

(4,040)

Net (decrease)/increase in cash and cash equivalents

 

(3,345)

(3,575)

Cash and cash equivalents at 1 January

 

3,593

7,154

Effect of exchange rate fluctuations on cash held

 

(132)

14

Cash and cash equivalents at 31 December

 

116

3,593

Further Information:
For further information please contact:

AltynGold Plc
Rajinder Basra
+44 (0) 203 432 3198

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.

To read more about AltynGold Plc please visit our website www.altyngold.uk

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