Goldplat plc (LSE:GDP) reported a marked improvement in trading for the quarter ended 31 December 2025, with combined operating profit from its two recovery operations increasing to £2.70m. Profit before tax, excluding listing and central overhead costs, rose to £2.31m. Performance was led by the South African operation, which benefited from higher throughput, one-off processing batches and elevated gold prices. The Ghana business remained profitable, although results were tempered by foreign exchange movements and isolated assay-related impacts.
Reflecting the stronger performance, the board declared an interim dividend of 0.14638 pence per share and indicated that future shareholder returns will be reviewed on a quarterly basis. Group cash stood at £4.7m, providing headroom for working capital, capital expenditure and potential distributions. Alongside this, management continues to progress a number of strategic initiatives, including a £700,000 upgrade to the Ghana processing plant, completion of a new recovery facility in Brazil, and renewed efforts to realise value from the South African tailings storage facility by increasing control over permitting and technical development ahead of potential processing.
In South Africa, the group is capitalising on strong gold prices while working to enhance longer-term feedstock security. This includes growing its exposure to by-product material streams and evaluating opportunities to diversify into other precious metals and resource types. Management reports good visibility over low-grade material, with more than a year’s worth of feedstock already on site and additional volumes secured under contract, supporting ongoing production levels and margin stability.
Ghana operations are being adjusted to align with local beneficiation requirements and evolving environmental regulations. A licence renewal is due in May 2026, with further investment planned to improve metallurgical recoveries and environmental performance. At the same time, Goldplat is expanding sourcing activity in South America, with new supply agreements in place and material directed to both Ghana and South Africa, broadening the group’s supply base and reinforcing its specialist position in the gold recovery sector.
Overall, the outlook is supported by a solid balance sheet and strong cash generation, although this is partly offset by softer revenue trends and pressure on margins. Share price momentum remains positive, but technical indicators suggest the stock may be stretched in the near term, while valuation appears broadly fair given recent operational and financial dynamics.
More about Goldplat plc
Goldplat plc is an AIM-listed mining services company specialising in gold recovery operations in South Africa and Ghana. The group processes gold and other precious metals from mining by-products and tailings, serving clients across Africa and South America. In addition to expanding its sourcing footprint in South America, Goldplat is exploring opportunities to diversify into additional precious metals to strengthen its long-term growth profile.
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