Business
3rd Quarter Operating Results update 31 March 2023
3rd Quarter Operating Results update 31 March 2023.
About this update from Goldplat Plc
[{"type":"text","content":"\n\nGoldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration\n5 May 2023\nGoldplat plc\n('Goldplat' or the 'Company')\n3rd Quarter Operating Results update for period ended 31 March 2023\nGoldplat Plc, (AIM:GDP) the AIM listed Mining Services Group, with international gold recovery operations located in South Africa and Ghana, servicing the African and South American Mining Industry, is pleased to announce an operational update for the 3rd quarter ended 31 March 2023 (\"Q3\"), of the current financial year.\nThe two recovery operations achieved a combined operating profit for the quarter of £1,470,000 which represents a 36% decrease against Q3 in the previous period (Q3 2022 - £2,286,000) (excluding listing and head office costs and foreign exchange losses).\nThe combined operating profit for the operating entities for 9 months ending 31 March 2023 decreased by 20% to £4,840,000 (Q3 2022 - £6,045,000). \nThis quarter's results were a consequence of reduced operating performances in South Africa of £1,175,000 (Q3 2022 - £1,627,000) and in Ghana of £295,000 (Q3 2022 - £659,000).\nDespite the reduced operating performance in Q3, the Company still expects to meet current market expectations for the current financial year.\nThe following events have contributed to the reduced Q3 operating results:\nGold Recovery Ghana (\"GRG\")\n· During Q3, GRG production remained in line with previous quarters, however, we have experienced delays to the export of product as a result of the finalisation of the renewal of our Gold Licence, which is required for export. Although the licence has been approved by the Minerals Commission of Ghana, the final signature from the regulated authorities has taken longer than expected. As a result, production is currently locked up in inventory on site since the previous licence expired at the end of January 2023. This situation has not been resolved as of the date of this announcement. Once the new license is signed, accumulated inventory will be sold which is expected to lead to non-recurring higher sales volumes in Q4.\n \n· The supply of material from South America and Ghana has remained steady and we continue to have positive engagements with clients in South America and West Africa.\...