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1. General information
AltynGold Plc (the \u201cCompany\u201d) 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 on page 98 of this
annual report. The principal activities of the Company and subsidiaries are set out on page 37 and the strategic review within this annual
report.
2. Basis of preparation
The annual report is for the year ended 31 December 2024 and includes the consolidated and parent company\u2019s financial statements. The
financial statements have been prepared in accordance with UK-adopted international accounting standards and with the requirements
of the Companies Act 2006 as applicable to companies reporting under those standards.
The financial statements have been prepared using accounting policies set out in note 4 which are consistent with all applicable IFRSs
and with those parts of the Companies Act 2006 applicable to companies reporting under IFRSs. For these purposes, IFRSs comprises
the standards issued by the International Accounting Standards Board and interpretations issued by the International Financial Reporting
Interpretations Committee as adopted by the United Kingdom. The financial statements have been prepared under the historical cost
convention, and at fair value for financial and non-financial asset and liabilities as appropriate. The financial statements are prepared on a
going concern basis.
Going concern
The Group increased turnover in the year to US$94m from US$64m, generating an adjusted EBITDA of US$50.9m (2023 US$22.3m),
see note 13.
The Board have reviewed the Group\u2019s forecast cash flows for the period to June 2026, which include the capital and interest repayments
to be made in relation to the Group\u2019s borrowings. Capital and operating costs are based on approved budgets and latest forecasts and
development plans. These have been based on costs that have been fixed with suppliers where applicable and other costs that include
inflationary allowance. The gold price used in the forecasts has been based on an average of consensus forecasts, which is lower than that
currently being achieved.
Based on the Group\u2019s cash flow forecasts, the Directors believe that the net cash flows from operations will be sufficient to fund the
ongoing operational finance requirements of the Company. The cash generation will be higher in 2025 due to the input from third line of
production which became operational at the start of 2025.
In each separate case the Group would not experience a cash shortfall, the Group would manage its resources, reducing or adjusting the
timing of discretionary capital investment and managing its payables in order to maintain liquidity as appropriate.
The Board therefore considers it is appropriate to adopt the going concern basis of accounting in preparing these financial statements.
3. Adoption of new and revised standards
A number of new standards, amendments to standards and interpretations, are effective for annual periods beginning on or after 1 January
2024. They have been adopted and applied in preparing these financial statements as appropriate.
\u2022 IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information
\u2022 IFRS S2 Climate-related Disclosures
\u2022 Classification of Liabilities as Current or Non-Current (Amendments to IAS 1)
\u2022 Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)
\u2022 Non-current Liabilities with Covenants (Amendments to IAS 1)
\u2022 Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7)
Standards and interpretations published, but not yet applicable for the annual period beginning on 1 January 2024, have not been applied
in preparing these financial statements. The Company is reviewing the new standards, amendments to standards and interpretations as
noted to assess the potential impact on the financial statements they have not been applied in preparing these financial statements.
\u2022 IFRS 18 Presentation and Disclosures in Financial Statements.
\u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures.
\u2022 Lack of Exchange ability (Amendments to IAS 21).
\u2022 Amendments to the SASB standards to enhance their international applicability.
\u2022 Amendments IFRS 9 and IFRS 7 regarding the classification and measurement of financial instruments.
\u2022 Annual Improvements to IFRS Accounting Standards - Volume 11.
\n
4. Accounting policies
Basis of consolidation
Where a company has control over an investee, the investee is classified as a subsidiary. A company controls an investee if all three of the
following elements are present: power over the investee, exposure to variable returns from the investee, and the ability of the investor
to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a
change in any of these elements of control.
The consolidated financial statements present the results of the company and its subsidiaries (\u201cthe Group\u201d) as if they formed a single
entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the acquisition method. In the statement
of financial position, the acquiree\u2019s identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the
acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date
on which control is obtained. They are de-consolidated from the date on which control ceases.
Revenue recognition
Revenue represents amounts received for goods provided in the normal course of business, net of VAT and any other sales related taxes.
The Company\u2019s revenue is generated entirely from the sale of the gold and silver (\u201cPrecious Metal\u201d) content of dor\u00e9. The dor\u00e9 was
delivered to a precious metal refiner, based in Kazakhstan during 2024 and 2023, which also purchased all precious metal that was
refined. Title of the precious metal passes upon acceptance of the delivery from the Company to the refiner. Sales of precious metal are
only recognised when the delivery has been accepted and title for the precious metal has accordingly been passed to the refiner. The
Company does not hedge or otherwise enter into any derivatives in respect of its sales of dor\u00e9. Sales are recorded at the actual selling
price of the dor\u00e9 which is based on current market prices. The Company receives 90% less fees of the revenue on delivery of the dore
to the refiner based on the spot dollar and gold and silver prices on the day of delivery. The balance is paid once the dore is refined into
gold or silver and is usually paid with 14 days, based on the original gold price or silver price and spot price of the US dollar on the day of
settlement.
Foreign currencies
The Company has prepared its financial statements in United States Dollars (US$). The functional currency of the companies in Kazakhstan
is the Kazakhstan Tenge (KZT). The functional currency of the Company and AltynGold Holdings Limited is the United States Dollars (US$).
The rates used to convert Pound Sterling and Kazakhstan Tenge into United States Dollar in these financial statements are as follows:
US$ to Pound Sterling closing 1.26 (2023: 1.27), average 1.28 (2023:1.24),
US$ to Kazakh Tenge closing 523.54 (2023: 454.56) average 469.44 (2023:456.31).
The year end and average rates used for the Kazakh Tenge have been obtained from the National Bank of Kazakhstan.
Transactions denominated in currencies other than the functional currency of each respective entity are recorded at the rate of exchange
prevailing at the date of the transaction. Monetary assets and liabilities are translated into the relevant functional currency at the closing
rates of exchange at the reporting date. Exchange differences arising from the restatement of monetary assets and liabilities at the
closing rate of exchange at the reporting date or from the settlement of monetary transactions at a rate different from that at which the
asset or liability was recorded are dealt with through the statement of profit or loss.
On consolidation, the results of overseas operations are translated into US dollars, the Group\u2019s presentational currency, at rates
approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate
ruling at the balance sheet date. Exchange differences arising on translating the opening net assets at the opening rate and the results
of overseas operations at the actual rate are recognised directly in the consolidated statement of other comprehensive income. The
intercompany loans form a part of the Company\u2019s investment in a foreign operation. The exchange difference arising on the intercompany
loans on translation in the company income statement is being recognised in other comprehensive income which on consolidation is
recognised in a separate component of equity until disposal of the foreign operations.
In the individual Parent Company financial statements foreign exchange gains/losses are recognised in the income statement.
Intangible assets
Externally acquired intangible assets are initially recognised at cost and subsequently amortised on a straight-line basis over their
expected economic life. In the Directors\u2019 opinion this is 10 years from May 2016 being the licenced period of the Teren Sai exploration
project. There is no effect on the income statement as amortisation costs of the geological data are capitalised in line with the accounting
policy on exploration and evaluation costs.
Exploration and evaluation costs
All costs incurred prior to obtaining the legal right to undertake exploration and evaluation activities on a project are written off
as incurred. All costs associated with mineral exploration and investments are capitalised on a project by project basis, pending
determination of the feasibility of the project. Costs incurred include appropriate technical and administrative expenses. If an exploration
project is successful and the project is determined to be commercially viable, the related costs will be transferred to mining assets and
amortised over the estimated life of the mineral reserves on a unit of production basis. Where a project is relinquished, abandoned, or is
considered to be of no further commercial value to the Group, the related costs are written off. Impairment reviews performed under IFRS
6 \u2018Exploration for and evaluation of mineral resources\u2019 are carried out on a project by project basis, with each project representing a
\n
potential single cash generating unit. An impairment review is undertaken when indicators of impairment arise; typically when one of the
following circumstances applies:
\u2022 sufficient data exists that render the resource uneconomic and unlikely to be developed
\u2022 title to the asset is compromised
\u2022 budgeted or planned expenditure is not expected in the foreseeable future
\u2022 insufficient discovery of commercially viable resources leading to the discontinuation of activities.
Property, plant and equipment
Mining properties comprise previously capitalised exploration, evaluation and development expenditure incurred during the exploration
and development stages of the Company\u2019s mining projects.
Other items of property, plant and equipment are initially recognised at cost. As well as the purchase price, cost include directly
attributable costs and estimated present value of any future unavoidable costs of dismantling and removing items. The corresponding
liability is recognised within provisions.
Assets under construction represent assets under development that are not at the stage that can be used commercially to generate
revenues, no depreciation is applied to these assets.
Depreciation
Depreciation of property, plant and equipment is calculated on a straight line or units of production basis, as appropriate. Assets are fully
depreciated over their economic lives, or over the remaining life of the mine if shorter.
Assets under construction and freehold land are not depreciated.
Asset class Depreciation method and rate
Buildings 8-10 per cent per annum straight line basis
Equipment, fixtures and fittings 10-40 percent per annum straight line basis
Plant, machinery and vehicles 7-30 per cent. per annum straight line basis
Mining properties Unit of production based on the proven reserves
Impairment of non-current assets
Property, plant and equipment and intangible assets are assessed for impairment at each reporting date when events or a change in
circumstances suggest that the carrying amount of an asset may exceed the recoverable amount.
Where there has been an indication of a possible impairment, management assesses the recoverability of the carrying value of the asset
by comparing it with the estimated discounted future net cash flows generated by the asset based on management\u2019s expectation of
future production and selling prices. Any identified impairment is charged to the statement of profit or loss.
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable
amount but such that the increased carrying amount does not exceed the carrying amount that would have been determined had no
impairment loss been recognised for the asset in prior years.
A reversal of impairment loss is recognised in the profit or loss immediately.
Inventories
Inventories are valued at the lower of cost or net realisable value. Net realisable value represents the estimated selling price less all
estimated costs of completion and costs to be incurred in marketing, selling and distribution.
Costs incurred in bringing each product to its present location and condition are accounted for as follows:
\u2022 Spare parts and consumables \u2013 Purchase costs on a first in, first out basis;
\u2022 Ore stockpiles, work in progress and finished gold \u2013 Dependent on the current stage in the production cycle, the cost will reflect cost
of direct materials, power, labour and a proportion of overhead, to bring the product to its current state.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on the taxable profit for the year. Taxable profit differs from net profit as reported in the statement
of profit or loss because it excludes items of income or expense that are taxable or deductible in other years and it further excludes
items that are never taxable or deductible. The Company\u2019s liability for current tax is calculated using tax rates that have been enacted or
substantively enacted by the reporting date.
\n
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the
financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for by using the balance
sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are
recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be
utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the
initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit
nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries
and associates, and interests in joint ventures except where the Company is able to control the reversal of the temporary difference and it
is probable that the temporary difference will not reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable
that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates
that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
income statement, except when it relates to items charged to other comprehensive income or credited directly to equity, in which case
the deferred tax is also dealt within equity. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off
current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group
intends to settle its current tax assets and liabilities on a net basis.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the
reporting date in the countries where the group operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying
amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred income tax is determined
using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Financial Instruments
Financial assets and financial liabilities are recognised in the consolidated statement of financial position when the Group becomes party
to the contractual provisions of the instrument.
Trade and other receivables
Trade and other receivables are recognised initially at their transaction price in accordance with IFRS 9 and are subsequently measured
at amortised cost. The Group applies the simplified approach to providing for expected credit losses (ECL) prescribed by IFRS 9, which
permits the use of the lifetime expected loss provision for all trade receivables measured on a collection basis. Expected credit losses
are assessed on a forward looking basis, using information such as the expected future currency, commodity and inflation rates. The loss
allowance is measured at initial recognition and throughout its life at an amount equal to lifetime ECL. Any impairment is recognised in the
income statement. Detail sin relation to the ECL provision are given in note 16.
If there is no reasonable expectation of recovery after assessing the ability of the debtor to repay the amount due it will be written off but
further legal action may be taken to recover the amount due subject to a cost benefit assessment of the amounts involved. The Company
will deem an amount to go into default if the terms of the contractual payment are breached and the subsequent follow up to remedy the
breach and agree a revised repayment schedule is unsatisfactory.
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and demand deposits, and other short-term highly liquid investments with original
maturities of less than three months and which are readily convertible to a known amount of cash and are subject to an insignificant risk of
change in value, for the purposes of statement of cash flow.
Cash retained for the purposes of restoration of the land after the end of the licence period is not included within cash resources and is
included in a separate fund see note 21.
Investments
Investment in subsidiaries are included at cost less impairment.
Loans and receivables from subsidiaries
Loans to subsidiary undertakings are subject to IFRS 9\u2019s expected credit loss model. The intercompany loans are repayable on deferred
basis, and a three year notice of repayment can only be given after full repayment of the Bank Center Credit loan, which is repayable in
October 2026. The earliest the loans can be repaid is October 2029.
The intercompany loans at present are considered to be in stage 2, and have been assessed as indicated in the IFRS 9 ECL model, with
extensions being made on the repayment terms of the original loans that were given. As the loans are considered to be in stage 2 a lifetime
ECL is determined using all relevant, reasonable and supportable historical, current and forward-looking information that provides
evidence about the risk that the subsidiaries will default on the loan and the amount of losses that would arise as a result of that default.
Financial liabilities
The Group classifies its financial liabilities into one of two categories discussed below, depending on the purpose for which the liability
was acquired.
\n
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss are carried in the consolidated statement of financial position at fair value with
changes in fair value recognised in the consolidated income statement. The Group does not have any liabilities held for trading nor has it
designated any other financial liabilities as being at fair value through profit or loss.
Other financial liabilities
Other financial liabilities comprise borrowings, trade payables and other short-term monetary liabilities. These are initially measured at fair
value and subsequently recognised at amortised cost using effective interest rate method.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the Group\u2019s obligations are discharged, cancelled, or they expire.
Fair value measurement hierarchy
The Group classifies its financial assets and financial liabilities measured at fair value using a fair value hierarchy that reflects the
significance of the inputs used in making the fair value measurement. The fair value hierarchy has the following levels:
\u2022 quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);
\u2022 inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or
indirectly (i.e. derived from prices) (level 2);
\u2022 inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3);
\u2022 the level in the fair value hierarchy within the financial asset or financial liability is determined on the basis of the lowest level input that is
significant to the fair value measurement.
Compound instruments
The component parts of compound instruments (convertible notes and loans with detachable warrants) issued by the Company are
classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangements and the
definitions of a financial liability and an equity instrument. A conversion option that will be settled by the exchange of a fixed amount of
cash for a fixed number of the Company\u2019s own equity instruments is an equity instrument.
At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for similar non convertible
instruments. This amount is subsequently recorded as a liability on an amortised cost basis using the effective interest method until
extinguished upon conversion or at the instrument\u2019s maturity date.
The conversion option or detachable warrant classified as equity is determined by deducting the amount of the liability component
from the fair value of the compound instrument as a whole. This is recognised and included in equity, net of income tax effects, and is not
subsequently re-measured. Gains or losses are recognised in profit or loss upon conversion or expiration of the conversion option.
Transaction costs that relate to the issue of the compound instruments are allocated to the liability and equity components in proportion
to the fair value of the debt and equity components. Transaction costs relating to the equity component are recognised directly in equity.
Transaction costs relating to the liability component are included in the carrying amount of the liability component and are amortised over
the lives of the compound instruments using the effective interest method.
The Company currently has no compound instruments.
Share capital
Financial instruments used by the Group are classified as equity only to the extent that they do not meet the definition of a financial liability
or financial asset. The Company\u2019s ordinary shares are classified as equity instruments and are recorded as proceeds received, net of
direct issue costs.
Provision for commitments and contingencies
Provisions are recognised when the Company has a present obligation at the reporting date, which occurred as a result of a past event,
and it is probable that the Company will be required to settle that obligation and the amount of the obligation can be reliably estimated.
Possible obligations that are less than probable, and commitments to make purchases and incur expenditure in future periods, are not
recognised as provisions but are disclosed as commitments and contingencies.
Provision for site rehabilitation and decommissioning costs and the associated asset is recorded at the present value of the expected
expenditure required to settle the Company\u2019s future obligations. Actual outcomes may vary. Details regarding the provision for site
rehabilitation and decommissioning costs are set out in note 21 to the financial statements.
\n
Critical accounting judgements and key sources of estimation uncertainty
In the application of the Company\u2019s accounting policies, the Directors have made judgements and estimates that may have a significant
effect on the amount recognised in the financial statements. These include:
\u2022 carrying value of property, plant and equipment, including estimates made in respect of reserves and resources, discount rate and
future gold prices (note 15):
Costs capitalised as mining assets in property, plant and equipment, and intangible assets are assessed for impairment when
circumstances suggest that the carrying value may exceed its recoverable value.
Full impairment testing has not been carried out, as no indicators of impairment have been identified. However as part of the
assessment the carrying value of the assets at the reporting date were compared with the expected discounted cash flows. For the
discounted cash flows to be calculated, management has used a production profile based on its best estimates. These are based on
actual results and projected budgets, known gold reserves of the assets and a range of assumptions, including an estimated price of
gold and a discount rate which, taking into account other assumptions used in the calculation, management considers to be reflective
of the risks. This assessment involves judgement as to (i) the likely commerciality of the asset, (ii) proven, probable reserves which are
estimated, (iii) future revenues and estimated development costs pertaining to the asset, (iv) the discount rate to be applied for the
purposes of deriving a recoverable value.
Three CGU\u2019s were identified and the following principal assumptions were used in the preparation of the models. The price of gold is
based on modelling from information from Bloomberg with a price of gold ranging from US$2,563oz down to US$2,000 in the long
term, an exchange rate of 523 KZT to 1 US Dollar, recovery rate of 84%, a processing cost of US$70t, and corporate and mineral taxes
of 27.5%. The forecasts have been flexed to account for changes in costs and sales prices ranging up to 18% with no impact on the
viability of the CGU\u2019s.
\u2022 recoverability of inventories (note 17):
The recoverability of inventories is dependent upon the future production of the Company, and future prices achievable, which
will determine if any provision is required against inventories. The directors have assessed the impairment indicators, and made
judgements in reflection to future prices achievable and production and make impairments as appropriate.
\u2022 carrying value of provisions (note 21):
Estimates of the cost of future decommissioning and restoration of production facilities are based on current legal and constructive
requirements, technology and price levels, while estimates of when decommissioning will occur depend on assumptions made
regarding the economic life of fields which in turn depend on such factors as gold prices, decommissioning costs, discount rates and
inflation rates. The management reviewed the estimation process and the basis for the principal assumptions underlying the cost
estimates, noting in particular the reasons for any major changes in estimates as compared with the previous year. The Company was
satisfied that the approach applied was fair and reasonable. The Company was also satisfied that the discount and inflation rates used
to calculate the provision were appropriate.
\u2022 recognition of deferred taxation assets (note 11):
Deferred tax assets are recognised only to the extent it is considered probable that those assets will be recoverable. This involves an
assessment of when those deferred tax assets are likely to reverse, and a judgement as to whether or not there will be sufficient taxable
profits available to offset the tax assets when they do reverse. This requires assumptions regarding future profitability and is therefore
inherently uncertain. To the extent assumptions regarding future profitability change, there can be an increase or decrease in the level
of deferred tax assets recognised that can result in a charge or credit in the period in which the change occurs;
\u2022 carrying value of intangible assets (note 14):
The carrying value for intangible exploration and evaluation assets, represent the costs of active exploration projects the
commerciality of which is unevaluated until reserves can be appraised. Where properties are appraised to have no commercial
value, the associated costs are treated as an impairment loss in the period in which the determination is made. The recoverability
of intangible exploration assets is assessed by comparing the carrying value to estimates of the present value of projects where
indicators of impairment have been identified on an asset. The present values of intangible exploration assets are inherently
judgemental. Exploration and evaluation costs will be written off to the income statement unless commercial reserves are established
or the determination process is not completed and there are no indications of impairment. The outcome of ongoing exploration, and
therefore whether the carrying value of exploration and evaluation assets will ultimately be recovered, is inherently uncertain.
There were no impairment indicators identified, therefore a full impairment test was not carried out.
\u2022 Provision for taxation (note 11 and 18)
Management make judgements in relation to the recognition of various taxes payable by the Group and VAT recoverability for which
the recoverability and timing of recovery is assessed. The Group operates in jurisdictions which necessarily require judgement to be
applied when assessing the applicable tax treatment for transactions and the Group obtains professional advice where appropriate to
ensure compliance with applicable legislation.
\n
\u2022 Estimation of credit losses (note 16)
Management make judgements in relation to the future recoverability of receivables, in relation to the parent Company there are
substantial loans to the subsidiaries. The management has used the guidance as noted in IFRS9 to make judgements in relation to the
future risk of default, the ability of the Company to achieve its production targets and achieve a sufficient level of profits to repay the
loans, inherent in this model are a number of judgements. The management has estimated that a provision was required of US$23.6m
at the year end. (2023 US$22m); and
\u2022 Extension of licence (note 14 and 15)
The exploration licence at Teren Sai runs to March 2026 and the licence for the deposit at Sekisovskoye runs to 2029 Inherent in this
process for the application for renewal and beyond are judgements of determining if the conditions can be satisfied for future licence
extensions.
5. Revenue
The analysis of the Group\u2019s revenue for the year from continuing operations is as follows:
2024
US$000
2023
US$000
Sale of gold and silver 94,476 63,748
Other sales 2,046 686
96,522 64,434
Included in revenues from sale of gold and silver are revenues of US$94,476,000 (2023: US$63,748,000) which arose from sales of
precious metals to one customer based in Kazakhstan. Other sales amounted to US$2,046,000 (2023: US$686,000) and related to lease
and rental income.
6. 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 considered to be a separate operating segment.
Teren Sai is an exploration asset, details of the carrying value of the asset are shown in note 14. There is currently no turnover or other
associated costs in relation to this asset.
\n
7. Staff number and costs
Group
The aggregate remuneration comprised:
2024
US$000
2023
US$000
Directors\u2019 emoluments 311 301
Employee wages and salaries 5,192 4,325
Employer social tax and national insurance 1,682 1,160
7,185 5,786
The average number of employees (including Directors) was:
2024 2023
Production 443 384
Administration 87 93
530 477
Company
The average number of employees (including Directors) was:
2024 2023
Administration
7 7
Further details in relation to Directors remuneration and wages and salaries is given in the Remuneration Report.
The aggregate remuneration comprised:
2024
US$000
2023
US$000
Directors\u2019 emoluments 311 301
Employer social tax and national insurance 22 22
333 323
8. Impairments
2024 2023
US$000 US$000
Impairments (reversed)/provided - ore/inventories (121) 288
Impairment provided - other receivables and prepayments 238 151
117 439
9. Finance income and costs
2024
$ 000
2023
$ 000
Finance income
Interest on bank deposits 358 \u2013
Finance costs
Foreign exchange (loss)/gain (6,373) 252
Unwinding of discount on provisions (506) (472)
Interest expense (5,063) (3,590)
Unwinding of discount other financial liabilities (454) (221)
Total finance costs (12,396) (4,031)
Net finance costs (12,038) (4,031)
\n
10. Profit before taxation
The profit on ordinary activities before taxation is stated after (crediting)/charging
2024
US$000
2023
US$000
Staff costs (note 7) 7,185 5,786
Depreciation and amortisation of assets 9,043 6,990
Cost of inventories recognised as an expense 10,457 13,624
Provision of impairment of receivables and inventory (121) 288
Provision of impairment receivables 238 151
Irrecoverable VAT written off 284 46
Penalties and fines 747 756
Fees payable to the auditors - other services 26 \u2013
Fees payable to the Company\u2019s auditors for the audit of the Company 28 55
Fees payable to the Company\u2019s auditors for the audit of the Group financial statements 171 192
11. Income tax
Tax charged in the income statement
2024
$ 000
2023
$ 000
Current taxation
Income tax 1,981 \u2013
Deferred taxation
Arising from origination and reversal of temporary differences 2,131 546
Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods (180) \u2013
Total deferred taxation 1,951 546
Tax expense in the income statement 3,932 546
The tax on profit before tax for the year is lower than the standard rate of tax in Kazakhstan of 20%, (2023 - lower than the standard rate of
tax in Kazakhstan at 20%).
The differences are reconciled below:
2024
$ 000
2023
$ 000
Profit before tax 30,355 11,885
Corporation tax at standard rate 6,070 2,377
Effect of different UK tax rates on some earnings - (336)
Effect of expenses not deductible in determining taxable profit 1,896 1,326
Tax decrease from utilisation of tax losses (257) \u2013
Current year tax losses and other temporary differences not recognised 337 817
Foreign exchange allowable losses in subsidiary (4,114) (3,638)
Total tax charge 3,932 546
\n
Deferred tax
Group
Deferred tax assets and liabilities are offset were they arise within the subsidiaries in Kazakhstan. The Group has recognised the deferred
tax asset only to the extent that it is probable that the taxable profit will be available against which the deductible temporary difference
can be utilised. The future tax profits are expected to derive from the gold mining operations in Kazakhstan. The tax losses arising in the
prior periods will reduce the Company\u2019s and its subsidiaries\u2019 future tax liabilities. Deferred tax assets are recognised as the Directors
believe that sufficient taxable profits will be made against which the carried forward losses can be utilised.
Unutilised taxation losses arising in Kazakhstan of US$2.5m (2023: US$14.5m) are available to carry forward for a maximum of 10 years. It
is estimated that the tax losses available to carry forward will be utilised by 2025. Unutilised tax losses arising in the UK amount to US7.8m
(2023: US$6.2m).
Unrecognised deferred taxation assets
2024
US$000
2023
US$000
Taxation losses 1,956 1,808
The unrecognised taxable losses above arise in relation to the parent Company, this amount has been carried forward as the Directors are
uncertain if there will be sufficient taxable profits in the foreseeable future to offset the losses incurred.
Taxation
losses
US$000
Accelerated
taxation
depreciation
US$000
Other timing
differences
US$000
Total
US$000
1 January 2023 6,925 (53) (820) 6,052
Debit to income
\u2013
(517) (29) (546)
Debit to other comprehensive income (4,075)
\u2013 \u2013
(4,075)
Currency translation 54 (49) (17) (12)
31 December 2023 and 1 January 2024 2,904 (619) (866) 1,419
Debit to income 10 (677) (1,464) (2,131)
Currency translation (389) 152 274 37
31 December 2024 2,525 (1,144) (2,056) (675)
\n
12. Earnings per ordinary share
The calculation of basic and diluted earnings per share from continuing operations is based upon the retained profit from continuing
operations for the financial year of US$26.4m (2023: US$11.3m).
The weighted average number of ordinary shares for calculating the basic earnings per share in 2024 and 2023 is shown below.
2024
No.
2023
No.
Basic 27,332,934 27,332,934
Diluted 27,332,934 27,332,934
13. Adjusted EBITDA
The Directors of the Company have presented the performance measure adjusted EBITDA (earnings before interest, tax, depreciation
and other non-operating expenses) as they monitor this performance measure at a consolidated level, and the Directors believe it is
relevant to measuring the Groups performance.
Adjusted EBITDA is not a defined performance measure in IFRS. The Group\u2019s definition of adjusted EBITDA may not be comparable with
similarly titled performance measures as disclosed by other entities.
2024 2023
Reconciliation of adjusted EBITDA to profit after tax US$000 US$000
Profit after tax 26,423 11,339
Income tax expense 3,932 546
Finance income (358) -
Finance expense 6,023 4,283
Foreign exchange 6,373 (252)
Depreciation and amortisation 9,044 6,989
Fair value adjustment on loan (556) (630)
Adjusted EBITDA 50,881 22,275
\n
14. Intangible assets
Group
Teren Sai
geological data
$ 000
Teren Sai
Exploration and
evaluation costs
$ 000
Other intangible
assets
$ 000
Total
$ 000
Cost or valuation
At 1 January 2023 8,212 9,952 - 18,164
Additions - 7 759 766
Amortisation capitalised - 546 - 546
Currency translation 146 179 61 386
At 31 December 2023 8,358 10,684 820 19,862
At 1 January 2024 8,358 10,684 820 19,862
Additions - 3,977 - 3,977
Amortisation capitalised - 555 - 555
Currency translation (1,101) (2,374) (108) (3,583)
At 31 December 2024 7,257 12,842 712 20,811
Amortisation
At 1 January 2023 5,320 146 - 5,466
Amortisation charge 546 - 75 621
Currency translation 97 - 17 114
At 31 December 2023 5,963 146 92 6,201
At 1 January 2024 5,963 146 92 6,201
Amortisation charge 555 - 79 634
Currency translation (865) (16) (23) (904)
At 31 December 2024 5,653 130 148 5,931
Carrying amount
At 31 December 2024 1,604 12,712 564 14,880
At 31 December 2023 2,395 10,538 728 13,661
At 1 January 2023 2,892 9,806 - 12,698
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 mining operations of Sekisovskoye. The Company obtained a licence for exploration and evaluation on the site
in May 2016 from the Kazakh authorities, the addendum to the licence was extended for a two year period in March 2024. The Company
is currently finalising the exploration in an area of Teren Sai targeting two prospective targets, with the intention to preparing the site for
production during 2025.
The value of the geological data purchased is in the opinion of the Directors the value that would have been incurred if the drilling had
been undertaken by a third party (or internally). The Company has continued to develop the site with a CPR completed in 2019 on one of
the fifteen target zones area 2, which includes 3 potential targets, and further exploration works in the other areas. Full details are given in
the mineral resources statement included as part of the Annual Report, on page 27. The directors consider that no impairment is required
taking into account the CPR results, exploration and planned production in the future. The write off of the geological data is being
made over the exploration licence term, the costs amortised are capitalised as part of the exploration asset in line with the Company\u2019s
accounting policy.
The management have concluded that there are no impairment indicators.
The bank loan from Bank Center Credit is secured in the assets of the Group see note 22.
\n
15. Property, plant and equipment
Group
Mining
properties
$ 000
Freehold
Land and
buildings
$ 000
Equipment,
fixtures
and fittings
$ 000
Plant,
machinery and
buildings
$ 000
Assets under
construction
$ 000
Total
$ 000
Cost or valuation
At 1 January 2023 18,361 27,790 12,688 9,074 2,279 70,192
Additions 4,971 349 7,312 10,708 15,818 39,158
Disposals - (6) (592) (17) - (615)
Transfers - 5,586 - - (5,586) -
Transfer from inventories - - - - 682 682
Currency translation 487 516 178 163 19 1,363
At 31 December 2023 23,819 34,235 19,586 19,928 13,212 110,780
At 1 January 2024 23,819 34,235 19,586 19,928 13,212 110,780
Additions 7,351 183 6,255 540 9,698 24,027
Disposals - (2,566) (489) (1,830) (77) (4,962)
Transfers - 10,794 4,553 9 (15,356) -
Transfer from inventories - - - - (1,126) (1,126)
Currency translation (5,049) (5,380) (3,497) (2,602) (1,032) (17,560)
At 31 December 2024 26,121 37,266 26,408 16,045 5,319 111,159
Depreciation
At 1 January 2023 3,923
14,461 8,944 5,889 - 33,217
Charge for year 1,452 2,474 1,250 1,739 - 6,915
Eliminated on disposal - (6) (555) (41) - (602)
Currency translation 125 280 152 100 - 657
Transfers - - - - - -
At 31 December 2023 5,500 17,209 9,791 7,687 - 40,187
At 1 January 2024 5,500 17,209 9,791 7,687 - 40,187
Charge for the year 2,133 3,359 1,467 2,005 - 8,964
Eliminated on disposal - (2,566) (487) (1,830) - (4,883)
Currency translation (975) (2,349) (1,391) (1,032) - (5,747)
Transfers - - - - - -
At 31 December 2024 6,658 15,653 9,380 6,830 - 38,521
Carrying amount
At 31 December 2024 19,463 21,613 17,028 9,215 5,319 72,638
At 31 December 2023 18,319 17,026 9,795 12,241 13,212 70,593
At 1 January 2023 14,438 13,329 3,744 3,185 2,279 36,975
\n
Capitalised cost of mining property are written off over the life of the licence from commencement of production on a unit of production
basis. This basis uses the ratio of production in the period compared to the mineral reserves at the end of the period. Mineral reserves
estimates are based on a number of underlying assumptions, which are inherently uncertain. Mineral reserves estimates take into
consideration estimates by independent geological consultants. However, the amount of mineral that will ultimately be recovered cannot
be known until the end of the life of the mine.
Any changes in reserve estimates are, for depreciation purposes, treated on a prospective basis. The recovery of the capitalised cost of
the Group\u2019s property, plant and equipment is dependent on the development of the underground mine.
The Directors are required to consider whether the non-current assets comprising, mineral properties, plant and equipment have
suffered any impairment. The recoverable amount is determined based on value in use calculations. The use of this method requires the
estimation of future cash flows and the choice of a discount rate in order to calculate the present value of the cash flows. The directors
considered entity specific factors such as available finance, cost of production, grades achievable, and sales price. The directors have
concluded that no adjustment is required for impairment.
The bank loan from Bank Center Credit is secured on the assets of the Group see note 22.
The additions to tangible assets in the year includes an amount of US$nil (2023: US$553,000) in relation to capitalised interest.
16. Investments
Summary of the company investments
Name Percentage held
Country of registration
& operation
Directly held
AltynGold Holdings Limited 100 British Virgin Islands
TOO GMK Altyn MM 100 Kazakhstan
Indirectly held
DTOO Gornorudnoe Predpriatie Baurgold 100 Kazakhstan
AltynGold SPC Ltd 100 Kazakhstan
The principal activity of the companies relates to gold mining exploration and production with the exception of AltynGold Holdings
Limited which is an investment holding Company and is dormant, and AltynGold SPC Ltd which is also dormant.
The registered address of AltynGold Holdings Limited is Palm Grove House, P O Box 438,Road Town, Tortola, British Virgin Islands.
The registered office address for the companies based in Kazakhstan is Building 19, Amangeldi Imanov Street, Baikonyr district, Astana.
Shares Investment Subsidiaries loans Total
US$000 US$000 US$000 US$000
1 January 2023 225 47,907 72,996 121,128
Payment of loans to subsidiary - - 3,636 3,636
Management charges and interest - - 5,672 5,672
Impairment charge - IFRS 9 - - (1,337) (1,337)
31 December 2023 225 47,907 80,967 129,099
Payment of loans to subsidiary - - 2,500 2,500
Management charges and interest - - 5,954 5,954
Impairment reversal - IFRS 9 - - 3,240 3,240
31 December 2024 225 47,907 92,661 140,793
\n
Movement of expected credit loss
Total
US$000
1 January 2023 22,219
Impairment - IFRS9 1,337
31 December 2023 23,556
Reclassification from loans (3,957)
Impairment reversal - IFRS9 (3,240)
31 December 2024 16,359
The investments together with the loans which are denominated in US Dollars represent the investments into the subsidiaries and in the
opinion of the directors the aggregate value of the investments in the subsidiaries is not less than the amount shown in these financial
statements. The directors review the intercompany borrowings on a regular basis, together with the associated cash flows of each
company, and assess under the expected credit loss (ECL) model as required by IFRS 9.
The loans to subsidiaries are charged at an interest rates ranging from interest free to a range of 5-7%. The intercompany loans are
repayable at the earliest in October 2029 as the parent Company needs to give a three year formal request for repayment after the Bank
Center Credit loan has been repaid which is due for payment in October 2026.
The Company has applied IFRS 9 in the current period and estimates that there is a reversal of the charge to the ECL calculated of
US$3.2m (2023: charge US$1.34m) on the receivables from the subsidiaries. The total ECL as at 31 December 2023 is US$16.4m (2023:
US$23.6m).
The intercompany loans at present are considered to be in stage 2, and have been assessed as indicated in the IFRS 9 ECL model. As the
loans are considered to be in stage 2 a lifetime ECL is determined using all relevant, reasonable and supportable historical, current and
forward-looking information that provides evidence about the risk that the subsidiaries will default on the loan and the amount of losses
that would arise as a result of that default. The Company applied a spread of sensitivities ranging from full recovery estimated at 15%, to a
recovery of 80% of the loans at an 80% probability, based on a weighted average of the probabilities the Company estimated a total ECL
to be provided of US$16.4m. If the probability of recoverability worsened by 10% the ECL would increase by US$4.3m.
The impairment is recognised in the income statement within administrative expenses.
17. Inventories
Group
2024
$ 000
2023
$ 000
Ore 18,915 9,791
Raw materials and consumables 4,323 4,686
Work in progress 263 708
Finished goods and goods for resale 2 2,279
23,503 17,464
The value of inventories above is stated net of a provision for low grade ore and spare parts of US$1.3m (2023: US$1.6m). The Movement in
provisions is due to fluctuations in the exchange rates.
The movement in inventories recognised as an expense in the income statement is US$10.5m (2023: US$13.6m) see note 10.
\n
18. Trade and other receivables
Group
2024
US$000
Group
2023
US$000
Company
2024
US$000
Company
2023
US$000
Non-current
VAT recoverable 7,469 3,714 - -
Prepayments - advances for equipment 7,200 14,640 - -
14,669 18,354 - -
Group
2024
$000
Group
2023
$000
Company
2024
$000
Company
2023
$000
Current
Trade receivables 4,011 1,973 - -
Provision for impairment of trade receivables
(428) (320) - -
Net trade receivables
3,583 1,653 - -
Other receivables
16,847 16,812 39 14
20,430 18,465 39 14
Total current trade and other receivables 20,430 18,465 39 14
The trade receivables are stated at full carrying value and their ageing is less than 30 days old. The Directors consider that the carrying
value of trade receivables approximates to their fair value. Included within trade receivables are amounts due from Altyn Group Qazaqstan
of US$2,909,465 (2023: US$: 1,089,000), see note 20.
Prepayments recoverable in more than one year relate to amounts prepaid in advance for equipment to be delivered in 2025. Value
Added Tax recoverable in more than one year is expected to be recovered by offset against VAT payable in future periods.
19. Trade and other payables
Group
2024
US$000
Group
2023
US$000
Company
2024
US$000
Company
2023
US$000
Non-current
VAT payable
-
114
-
-
Other taxes payable - 133 - -
- 247 - -
Group
2024
$000
Group
2023
$000
Company
2024
$000
Company
2023
$000
Current
Trade payables
1,900
1,890
84
10
Other taxes payable 3,971 6,164 7 16
Other payables 1,597 1,604 1,814 1,185
7,468 9,658 1,905 1,211
Trade creditors and accruals principally comprise amounts outstanding for trade purchases of goods and services. The majority of the
trade creditors relate to the Company\u2019s trading subsidiaries in Kazakhstan. For most suppliers, interest is not charged on trade payables.
The Company regularly reviews all outstanding payables to ensure they are paid within the appropriate time frame. VAT payable relates to
amounts due and payable and scheduled for payment to the Kazakh tax authorities.
The Directors consider that the carrying amount of trade payables approximates to their fair value.
\n
20. Related party transactions
Remuneration of key management personnel
The remuneration of the Directors, who are the key management personnel of the Company, is set out below in aggregate for each of
the categories specified in IAS 24 - \u201cRelated Party Disclosures\u201d. The total amount remaining unpaid with respect to remuneration of key
management personnel amounted to US$63,000 in the current year (2023: US$49,000). Further information about the remuneration of
the individual directors is set out in the audited section of the report on directors\u2019 remuneration on page 46.
Group
2024
US$000
Group
2023
US$000
Company
2024
US$000
Company
2023
US$000
Short term employee benefits 311 301 311 301
Social security costs 22 22 22 22
333 323 333 323
Related party transactions
The transactions between the Company and the subsidiaries are disclosed in Note 16. These relate to management and interest charges
on services/loans from the parent to the subsidiaries in Kazakhstan.
During the year the following transactions were carried out with companies controlled by the Assaubayev family:
\u2022 Asia Mining Group (AMG), there were no transaction in the year. At the year end an amount of US$69,127 was due from AMG (2023:
US$79,600).
\u2022 Amounts due from Amrita Investments Limited US$11,750 (US$644). This is repayable on demand.
\u2022 Sales of services to Altyn Group Qazaqstan LLP of US$1,911,800 (2023:US$510,000) in the year. US$2,909,465 (2023: US$1,089,000)
was outstanding at 31 December 2024.
In addition to the above:
\u2022 US$Nil (2023 US$1,000) is due to Bolat Assaubayev a family member.
\u2022 An amount of US$31,985 was charged to the Company in relation to accommodation costs whilst attending meetings in London.
21. Provisions
Group
Abandonment &
restoration
US$000
Holiday pay
US$000
Total
US$000
I January 2023 5,517 263 5,780
Change in estimate of provision - 250 250
Unwinding of discount 481 - 481
Paid during the year - (193) (193)
Currency translation adjustment 91 4 95
31 December 2023 & 1 January 2024 6,089 324 6,413
Change in estimate of provision 320 320
Unwinding of discount 507 - 507
Paid during the year - (235) (235)
Currency translation adjustment (863) (51) (914)
31 December 2024 5,733 358 6,091
31 December 2024
Current - 358 358
Non-current 5,733 - 5,733
5,733 358 6,091
31 December 2023
Current - 324 324
Non-current 6,089 - 6,089
6,089 324 6,413
\n
Abandonment and restoration costs
In accordance with the provisions of the subsoil use contract (the \u201cContract\u201d), DTOO GRP Baurgold is liable for site restoration costs
upon completion of production activities. It is not possible to predict accurately the amount which might ultimately be payable for
site restoration as it includes assumptions such as inflation in Kazakhstan over the life of the Contract which are inherently uncertain. An
estimate of the future cost of restoration has been discounted and a provision recognised. The discounted amount for cost of restoration
has been capitalised within mining properties as a tangible fixed asset (note 15) and will be amortised using the unit of production method
over the life of the mine.
The provision was assessed using the following principal assumptions, the provision will be reassessed in 2029 or if there are significant
changes from the assumptions made:
\u2022 External reports were commissioned to identify the principal costs of rehabilitation, to form the basis of the forecasts which were
compared to previous forecasts.
\u2022 An inflation rate of 6.96% was used, the inflation in Kazakhstan is currently averaging 8%-9%, and the longer term projection is inflation
to move down to 5%.
\u2022 A discount rate of 8.44% was used, being the Kazakh government bond rates payable in 2031.
In accordance with the subsoil use agreement, DTOO GRP Baurgold has established a cash fund to pay for the cost of restoration. The
cash fund is maintained in a separate bank account in the name of DTOO GRP Baurgold. DTOO GRP Baurgold is required to contribute
each year an amount equal to 1% of its operating expenses, (being the cost of sales of DTOO GRP Baurgold in extracting the ore) to this
fund. Any transfers from the bank account require the authorisation of the Government of Kazakhstan. This fund will be used to pay for the
costs of restoration as and when they become due. If the funds in the account are insufficient to pay for the costs, DTOO GRP Baurgold
will be required to pay any deficit. If there are funds surplus to those required for restoration these will be returned to DTOO GRP Baurgold.
At the year end the amount in the fund amounted to US$93,000 (2023: US$33,000). The Company has an obligation to contribute to
the restricted cash fund as stipulated in its licence, and has been in communication with the relevant authorities to restore the fund to
the required level in future periods. The failure to comply in the year with certain administrative requirements of the licence including the
maintenance of the cash fund may result in a penalty estimated to be less than US$2,000.
22. Loans and borrowings
Group
2024
US$000
Group
2023
US$000
Company
2024
US$000
Company
2023
US$000
Current loans and borrowings
Bonds
9,912
-
9,912
-
Bank loans 19,288 18,130 - -
Related party loans (see note 20)
1
\u2013
2
-
Other borrowings
-
-
-
-
Total current loans and borrowings 29,201 18,132 9,912 -
Due one - two years
Bond - 9,582 - 9,582
Bank loans 11,722 12,523 - -
11,722 22,105 - 9,582
Due two - five years
Bond 9,569 - 9,569 -
Bank loans 9,654 18,254 - -
Total non-current loans and borrowings 30,945 40,359 9,569 9,582
Total borrowings 60,146 58,491 19,481 9,582
Bond Listed on Astana International Exchange
Bonds to the value of US$10m at a coupon rate of 10.5% which were raised in March 2023, were repaid in March 2025. In July 2024 a further
tranche of bonds of US$10m at a coupon rate of 11.25% were raised, these are repayable in July 2027. In addition after the year end in April
2025 a further bond issue was made of US$10m on AIX at a coupon rate of 9.75%, see note 27.
\n
Bank loans
In September 2019 the Company agreed a facility with JSC Bank Center Credit (BCC) for an amount of US$17m. The bank loan is repayable
in instalments and bears interest at 6%-7%, with the final instalment due in 2026. At the year end US$3.9m was outstanding.
In December 2020 the Company agreed a facility with BCC of US$5.5m (2.3bn Tenge), The loan is denominated in Kazakh Tenge with
interest at 15.5% repayable in instalments with the final instalment due in 2025, at the year end 545,000 Kazakh Tenge was outstanding,
(US$1m).
Additional finance from Bank Center Credit was obtained in 2022 for US$40m, of this amount US10m was a direct cash injection and
US$30m as a credit line administered by the bank to purchase additional machinery.
The loan of US$10m was drawn down in November 2022, the loan incurs interest at a fixed rate of 7.2%, repayments commenced in May
2024, and the loan will be repaid by May 2025. At the year end US$5m was outstanding.
The US$30m credit line incurs interest at 7% with a 3% draw-down charge on each tranche. The credit line was increased to total US$37m
on the same terms during 2023. At the year end US$30.1m was outstanding.
The bank loans are secured over the assets of the Company by a floating charge.
The total borrowings of the Group disclosing the scheduled repayments of capital and interest are disclosed in note 25.
23. Notes to the cash flow statement
Group
2024
US$000
Group
2023
US$000
Company
2024
US$000
Company
2023
US$000
Profit before taxation 30,355 11,885 5,968 33,607
Adjusted for:
Finance income (358) - (2,896) (2,484)
Finance expenses 5,063 3,582 1,613 788
Unwinding of discount on financial liabilities 454 220 (2,718) (2,794)
Unwinding of discount on provisions 506 481 - -
Depreciation and amortisation of fixed assets 9,044 6,989 - -
Provisions (reversal)/provision 117 440 (3,240) 1,248
Increase in inventories (8,055) (6,971) - -
Increase in trade and other receivables (10,954) (3,326) (115) (90)
Loss on disposal 80 13 - -
(Decrease)/increase in trade and other payables (1,529) 1,590 214 241
Waiver of intercompany balance - - - (31,119)
Foreign currency translation 6,373 (252) (50) -
31,096 14,651 (1,224) (603)
Income tax paid (1,726) - - -
Cash inflow/(outflow) from operations 29,370 14,651 (1,224) (603)
\n
Reconciliation of movement of loans and borrowings
Cashflow
Cash
changes
Non-cash changes
Group
1 January
2024
B/fwd
US$000
New
loans
US$000
Loans
repaid
US$000
Interest
repaid
US$000
Interest
charges and
discount
US$000
Foreign
exchange
US$000
Other
changes
US$000
31 December
2024
C/fwd
US$000
Loan element of
Kazakhstan listed bond
9,582 9,444 - (1,331) 2,067 - (281) 19,481
Other borrowings 48,907 12,908 (20,415) (3,469) 3,450 (717) - 40,664
Related party
borrowings
2 - \u2013 - - (1) 1
Net cash outflow from
financing activities
58,491 22,352 (20,415) (4,800) 5,517 (718) (281) 60,146
Due within one year 18,132 29,201
Due after one year 40,359 30,945
58,491 60,146
Details in relation to related party loans are disclosed in note 20.
Cashflow
Cash
changes
Non-cash changes
Group
1 January
2023
B/fwd
US$000
New
loans
US$000
Loans
repaid
US$000
Interest
repaid
US$000
Interest
charges
US$000
Foreign
exchange
US$000
Receivables
net-off
US$000
31 December
2023
C/fwd
US$000
Loan element of
Kazakhstan listed bond
- 9,370 - (788) 1,000 - - 9,582
Other borrowings
23,110 42,111 (16,581) (2,440) 2,811 (104) - 48,907
Related party
borrowings
2 - \u2013 - - - - 2
Net cash outflow from
financing activities 23,112 51,481 (16,581) (3,228) 3,811 (104) - 58,491
Due within one year
13,611 18,132
Due after one year
9,501 40,359
23,112
58,491
\n
Cashflow
Cash
changes
Non-cash changes
Company
1 January
2024
B/fwd
US$000
New
loans
US$000
Loans
repaid
US$000
Interest
repaid
US$000
Interest
charges and
discount
US$000
Foreign
exchange
US$000
Other
changes
US$000
31 December
2024
C/fwd
US$000
Loan element of
Kazakhstan listed bond*
9,582 9,444 - (1,331) 2,067 - (281) 19,481
Net cash outflow from
financing activities 9,582 9,444 - (1,331) 2,067 - (281) 19,481
Due within one year
- 9,912
Due after one year
9,582 9,569
9,582 19,481
* Loan received of US$10m less broker fee of US$556,000.
Cashflow
Cash
changes
Non-cash changes
Company
1 January
2023
B/fwd
US$000
New
loans
US$000
Loans
repaid
US$000
Interest
repaid
US$000
Interest
charges and
unwinding
of discount
US$000
Foreign
exchange
US$000
Receivables
net-off
US$000
31 December
2023
C/fwd
US$000
Loan element of
Kazakhstan listed bond*
- 9,370 - (788) 1,000 - - 9,582
Net cash outflow from
financing activities
- 9,370 - (788) 1,000 - - 9,582
Due within one year - -
Due after one year - 9,582
- 9,582
* Loan received of US$10m is net of broker fee of US$630,000.
24. Share capital
Issued and fully paid
Number US$000
At 31 December 2024 - Ordinary shares of \u00a30.10 each 27,332,934 4,267
At 31 December 2023 - Ordinary shares of \u00a30.10 each 27,332,934 4,267
The rights attaching to the shares are detailed in the Directors report on page 39.
25. Financial instruments
Financial instruments by category
Financial assets
Group
2024
US$000
Group
2023
US$000
Company
2024
US$000
Company
2023
US$000
Cash and cash equivalents 10,495 5,502 8,956 4,413
Other receivables and advance payments 10,969 16,340 - \u2013
Intercompany loans - \u2013 92,661 80,967
21,464 21,842 101,617 85,380
\n
Financial instruments by category
Financial liabilities
Group
2024
US$000
Group
2023
US$000
Company
2024
US$000
Company
2023
US$000
Trade and other payables 3,824 2,444 1,355 163
Loans and borrowings 60,146 58,491 19,480 9,582
63,970 60,935 20,835 9,745
Financial assets and liabilities are measured at amortised cost, there are no amounts recorded at fair value.
Policy on financial risk management
The Company\u2019s principal financial instruments comprise cash and cash equivalents, trade receivables, trade and other payables, other
financial liabilities and borrowings. The Company\u2019s accounting policies and methods adopted, including the criteria for recognition, the
basis on which income and expenses are recognised in respect of each class of financial asset, financial liability and equity instrument are
set out in note 4 - \u201caccounting policies\u201d. The Company does not use financial instruments for speculative purposes. The carrying value of
all financial assets and liabilities approximates to their fair value.
Capital risk management
The Company\u2019s primary objective when managing risk is to ensure there is sufficient capital available to support the Company\u2019s funding
requirements, including capital expenditure, in a way that optimises the cost of capital maximises shareholders\u2019 returns and ensures the
Company\u2019s ability to continue as a going concern. There were no changes to the Company\u2019s capital management approach in the year.
The Company may make adjustments to the capital structure as opportunities arise, as and when borrowings mature or as and when
funding is required. This may take the form of raising equity, debt finance, equipment supplier credit or a combination thereof.
The Company monitors capital on the basis of the gearing ratio, which is defined as net debt divided by total capital. Net debt is
calculated as total borrowings (including current and non-current borrowings as shown in the consolidated statement of financial
position) less cash and cash equivalents (which excludes restricted cash). Total capital is calculated as equity as shown in the consolidated
statement of financial position plus net debt. While the Company does not set absolute limits on the ratio, the Company believes that
a ratio of 30%-40% is acceptable as the Company continues the development of the underground of the Sekisovskoye mine and the
exploration site at Teren Sai, and that optimally this should reduce to and remain below 25% thereafter. The Company\u2019s policy in respect
of capital risk management is the same as that of the Group.
2024
US$000
2023
US$000
Group
Total borrowings 60,146 58,491
Less: cash and cash equivalents (10,402) (5,502)
Net debt 49,744 52,989
Total equity 82,157 70,682
Total Capital 131,901 123,671
Gearing ratio 37.7% 42.8%
2024
US$000
2023
US$000
Company
Borrowings 19,480 9,582
Less: cash and cash equivalents (8,956) (4,413)
Net debt 10,524 5,169
Total equity 128,402 122,731
Total Capital 138,926 127,900
Gearing ratio 7.57% 4.04%
\n
Derivatives, financial instruments and risk management
The Company does not use derivative instruments or other financial instruments to manage its exposure to fluctuations in foreign
currency exchange rates, interest rates and commodity prices.
Foreign currency risk management
The Company and its subsidiaries have transactional currency exposures. Such exposures arise from sales or purchases by the
Company\u2019s two subsidiaries in Kazakhstan in currencies other than the Company\u2019s functional currency. The functional currency of TOO
GMK Altyn MM and DTOO Gornorudnoe Predpriatie Baurgold is the Kazakh Tenge. The currency transactions giving rise to this foreign
currency risk are primarily USD denominated revenues, USD denominated borrowings and other financial liabilities and certain USD
denominated trade payables. The Company and its subsidiaries do not enter into hedging positions in respect of its exposure to foreign
currency risk.
The carrying amounts of the Group\u2019s foreign currency denominated net monetary assets and monetary liabilities at 31 December 2023,
are as follows:
Group
2024 US$000 2023 US$000
Functional Currency Functional Currency
Currency of monetary asset/liability
US$ KZT Total US$ KZT Total
US Dollar (10,568) (39,625) (50,193) (5,183) (45,470) (50,653)
British Pound (1,309) - (1,309) (150) - (150)
Kazakhstan Tenge - 8,995 8,995 - 11,710 11,710
Net Monetary position (42,507) (39,093)
Company
2024 US$000 2023 US$000
Functional Currency Functional Currency
Currency of monetary asset/liability
US$ Total US$ Total
US Dollar 82,092 82,092 (5,183) (5,183)
British Pound (1,309) (1,309) (150) (150)
Net Monetary position 80,783 (5,333)
Sensitivity analysis
The analysis below shows the effect a 10% strengthening, or weakening, of any one of the above currencies against the US Dollar. The
Directors are of the opinion that the Kazakh Tenge may recover from this devaluation but not to any great extent. As the Company earns
it revenues in US Dollars and incurs significant expenditure in Kazakh Tenge, the devaluation is seen as benefiting the overall financial
position of the Company. In 2023 the average value of the Kazakh Tenge to the US Dollar was 456 KZT to the US Dollar, in 2024 this moved
to 469 KZT a 2% change. The exchange rate in April 2025 has since moved to 510-520 KZT which is a differential of approximately 9%-10%
to the average rate in 2024.
Group
2024
US$000
2023
US$000
10% weakening/strengthening of Kazakh Tenge against the US Dollar (3,140) (3,376)
Commodity price risk
The Company is exposed to the effect of fluctuations in the price of gold and silver which are quoted in US Dollars on the international
markets. The Company prepares annual budgets and periodic forecasts including sensitivity analyses in respect of various levels of prices
of these metals.
The Company\u2019s only significant sales during the years ended 31 December 2024 and 2023 were sales of gold dor\u00e9 containing gold and
silver. The sales proceeds for gold dor\u00e9 is fixed by reference to the gold and silver prices on the day of sale. The Company does not plan in
the future to hedge its exposure to the risk of fluctuations in the price of gold or silver and therefore it held no financial instruments that are
sensitive to commodity price changes at either reporting date.
\n
Credit risk
Credit risk refers to the risk that a counter-party will default on its contractual obligations resulting in a financial loss to the Company. The
Company currently sells all dore to the state refiner in Kazakhstan. It has as part of its Company policy adopted a policy of only dealing
with creditworthy counter-parties. The Company\u2019s exposure and the credit ratings of its counter-parties are monitored by the Board
of Directors to ensure that the aggregate value of transactions is spread amongst approved counter-parties. In the current climate of
uncertainty and the situation regarding sanctions being imposed on Russia, the Company is aware that there may be issues in relation
to recoverability and safe guarding of its assets and has built this into their assessments of the creditworthiness of counter-parties. The
Company currently has no trading with Russia and there are no material assets at risk at present.
The Company\u2019s principal financial assets are cash and cash equivalents, trade debtors and other accounts receivables. Cash equivalents
include amounts held on deposit with financial institutions.
It\u2019s principally exposed to credit risk on its cash equivalents and trade and other receivables as per the balance sheet. The maximum
exposure to credit risk is represented by the carrying amount of each financial asset in the balance sheet which at the year end amounted
to a total of US$20.1m (2023: $21.8m).
Although the full tax audits have been completed in the prior years and showed no material issues, there is always the possibility of fiscal
change in the country. There have been a number of fiscal changes in recent years, which in some cases related to the mining industry, this
may become more prevalent as all countries adapt to climate change.
The credit risk on liquid funds held in current accounts and available on demand is limited because the Group\u2019s counter-parties are mainly
banks with high credit ratings assigned by international credit-rating agencies.
It is often impractical in Kazakhstan to carry out a check of creditworthiness of suppliers before making the contracted prepayments.
However significant contracts have to go through a tender process prior to the contract being awarded in the subsidiary that holds the
mining licence. In order to apply under the tender process the creditworthiness of the supplier will be assessed as part of the procedures.
There were no significant balances at 31 December 2024 and 2023 in respect of which suppliers had defaulted on their obligations.
The parent Company\u2019s maximum exposure to credit risk is limited to the carrying amount of loans recorded in the financial statements. The
majority of the loans are on fixed repayment terms in relation to intercompany borrowings the Company has applied IFRS 9 which resulted
in a significant impairment in the prior periods. The loans are reviewed on a regular basis and provisions made in line with IFRS 9.
Liquidity risk
During the year ended 31 December 2024, the Company was financed by internally generated funds, and other borrowings principally
from bank borrowings and a bond raised on the Kazakh stock exchange in July 2024. The Company manages its liquidity risk by the
Directors monitoring cash flow forecasts on a regular basis and ensure that the loan commitments and working capital commitments are
adequately funded.
The following tables detail the Group and the Company\u2019s remaining contractual maturity for its financial liabilities. The tables have
been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company and its
subsidiaries can be required to pay. The table includes both interest and principal cash flows.
Group
Borrowings
US$000
Trade and other
payables
US$000
Total
US$000
31 December 2024
From two to five years 20,224 - 20,224
From one to two years 13,950 - 13,950
Due after more than one year 34,174 - 34,174
Due within one year 31,936 2,502 34,438
66,110 2,502 68,612
Group
Borrowings
US$000
Trade and other
payables
US$000
Total
US$000
31 December 2023
From two to five years 20,629 - 20,629
For one to two years 24,215 - 24,215
Due after more than one year 44,844 - 44,844
Due within one year 21,433 2,443 23,876
66,277 2,443 68,720
\n
Company
Borrowings
US$000
Trade and other
payables
US$000
Total
US$000
31 December 2024
Due between two and five years 10,563 - 10,563
Due between one and two years 1,125 - 1,125
Due within one year 11,387 1,353 12,740
23,075 1,353 24,428
Company
Borrowings
US$000
Trade and other
payables
US$000
Total
US$000
31 December 2023
Due between one and two years 10,131 - 10,131
Due within one year \u2013 163 163
10,131 163 10,294
Borrowings and interest rate risk
There is limited exposure to interest rate risk as the current principal borrowings in the Company and its subsidiaries are at fixed rates. The
bank borrowings are predominately at average interest rates of 6-7%, see note 22.
The significant commitments and contingencies in relation to the group are as noted below:
(a) Contractual liabilities
Subsoil use rights are not provided to the Company on an indefinite basis, and each renewal shall be applied for before the current
contract or license expires. These rights can be cancelled by the Government of the Republic of Kazakhstan (hereinafter referred to as
\u201cthe Government\u201d) if the Company does not fulfil contractual liabilities.
Deposit development costs
In accordance with the subsoil use contract, the Company has an approved working programme which may be reviewed and
reconsidered depending on the economic viability and operational conditions of the deposit. The management of the Company believes
it has fulfilled the requirements of the Contract.
Training for Kazakhstani specialists
In accordance with the terms of the contract the Company is liable for the annual costs incurred in respect of the professional training of
the Kazakhstani personnel involved in the work. The costs are estimated to be at least 1% of the operational costs during the development
and operational process.
Development of the social sphere of the region
According to the terms of the contract, the Company is liable for supporting the development and ensuring social support for the activity
of the communities near the area of operations of the Company. As at 31 December 2024, the Company has met all the conditions of the
Contract.
Liabilities on the restoration of the mine
Within eighty calendar days upon the expiration of the contract the Company is liable for the development of the mine restoration
programme and its inspection by the competent authority of the Government of the Republic of Kazakhstan. The Company is liable for
implementation of the programme upon its approval.
(b) Taxation risks
The tax system of Kazakhstan, being relatively new, is characterised by frequent changes to the legal norms, official interpretations and
court decisions, which are often not explicit and can be contradictory. This leads to differing interpretations by the tax authorities. The
examination and investigations of the accounts to ensure that the tax payable is accurate are carried out by several regulatory bodies.
These bodies have the power to impose heavy fines and penalties. The accuracy of the tax computation can be investigated five calendar
years after the end of the accounting period. In certain circumstances this period can be increased.
(c) Insurance
In accordance with the subsoil use contract the Company is liable for the development of the insurance programme and its submission
for approval by the competent authority. The Company has several contracts of obligatory insurance including insurance of the vehicle
owners, the employer\u2019s liability and insurance of the subsoil users\u2019 liability where the activity of such subsoil users is connected to the
damage to third parties.
\n
(d) Court proceedings
The claims on the Company are periodically set out in the courts along with the Company\u2019s activities. As at the reporting date, there are no
material claims against the Company.
26. Parent and ultimate parent undertaking
The controlling party and parent entity of the Company is AGold Mining Group Plc, by virtue of the fact that at the date of this report it
owns 65.6% (2023: 65.6%) of the voting rights in the Company. There is no requirement to prepare consolidated accounts for AGold
Mining Group Plc, which is registered in the British Virgin Islands.
The ultimate controlling party are the Assaubayev family, by virtue of the fact that they are the controlling party of AGold Mining Group Plc.
27. Non adjusting events after the financial period and capital commitments
In March 2025 on maturity the Company repaid a US$10m bond, which had a coupon rate of 10.5% . It subsequently issued another bond
on the Astana International Exchange in April 2025 for a similar amount. The new bond is repayable in three years, and has a coupon rate of
9.75%.
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory_D1996275445_CY": { "value": "
1. General information
AltynGold Plc (the \u201cCompany\u201d) 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 on page 98 of this
annual report. The principal activities of the Company and subsidiaries are set out on page 37 and the strategic review within this annual
report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ifrs-full_NameOfReportingEntityOrOtherMeansOfIdentification_E3_CY": { "value": "AltynGold Plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ifrs-full_CountryOfIncorporation_E7_CY": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ifrs-full_DomicileOfEntity_E5_CY": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory_D1244735697_CY": { "value": "
2. Basis of preparation
The annual report is for the year ended 31 December 2024 and includes the consolidated and parent company\u2019s financial statements. The
financial statements have been prepared in accordance with UK-adopted international accounting standards and with the requirements
of the Companies Act 2006 as applicable to companies reporting under those standards.
The financial statements have been prepared using accounting policies set out in note 4 which are consistent with all applicable IFRSs
and with those parts of the Companies Act 2006 applicable to companies reporting under IFRSs. For these purposes, IFRSs comprises
the standards issued by the International Accounting Standards Board and interpretations issued by the International Financial Reporting
Interpretations Committee as adopted by the United Kingdom. The financial statements have been prepared under the historical cost
convention, and at fair value for financial and non-financial asset and liabilities as appropriate. The financial statements are prepared on a
going concern basis.
Going concern
The Group increased turnover in the year to US$94m from US$64m, generating an adjusted EBITDA of US$50.9m (2023 US$22.3m),
see note 13.
The Board have reviewed the Group\u2019s forecast cash flows for the period to June 2026, which include the capital and interest repayments
to be made in relation to the Group\u2019s borrowings. Capital and operating costs are based on approved budgets and latest forecasts and
development plans. These have been based on costs that have been fixed with suppliers where applicable and other costs that include
inflationary allowance. The gold price used in the forecasts has been based on an average of consensus forecasts, which is lower than that
currently being achieved.
Based on the Group\u2019s cash flow forecasts, the Directors believe that the net cash flows from operations will be sufficient to fund the
ongoing operational finance requirements of the Company. The cash generation will be higher in 2025 due to the input from third line of
production which became operational at the start of 2025.
In each separate case the Group would not experience a cash shortfall, the Group would manage its resources, reducing or adjusting the
timing of discretionary capital investment and managing its payables in order to maintain liquidity as appropriate.
The Board therefore considers it is appropriate to adopt the going concern basis of accounting in preparing these financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfGoingConcernExplanatory_D1226202281_CY": { "value": "
Going concern
The Group increased turnover in the year to US$94m from US$64m, generating an adjusted EBITDA of US$50.9m (2023 US$22.3m),
see note 13.
The Board have reviewed the Group\u2019s forecast cash flows for the period to June 2026, which include the capital and interest repayments
to be made in relation to the Group\u2019s borrowings. Capital and operating costs are based on approved budgets and latest forecasts and
development plans. These have been based on costs that have been fixed with suppliers where applicable and other costs that include
inflationary allowance. The gold price used in the forecasts has been based on an average of consensus forecasts, which is lower than that
currently being achieved.
Based on the Group\u2019s cash flow forecasts, the Directors believe that the net cash flows from operations will be sufficient to fund the
ongoing operational finance requirements of the Company. The cash generation will be higher in 2025 due to the input from third line of
production which became operational at the start of 2025.
In each separate case the Group would not experience a cash shortfall, the Group would manage its resources, reducing or adjusting the
timing of discretionary capital investment and managing its payables in order to maintain liquidity as appropriate.
The Board therefore considers it is appropriate to adopt the going concern basis of accounting in preparing these financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfInitialApplicationOfStandardsOrInterpretations_D1065086941_CY": { "value": "
3. Adoption of new and revised standards
A number of new standards, amendments to standards and interpretations, are effective for annual periods beginning on or after 1 January
2024. They have been adopted and applied in preparing these financial statements as appropriate.
\u2022 IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information
\u2022 IFRS S2 Climate-related Disclosures
\u2022 Classification of Liabilities as Current or Non-Current (Amendments to IAS 1)
\u2022 Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)
\u2022 Non-current Liabilities with Covenants (Amendments to IAS 1)
\u2022 Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7)
Standards and interpretations published, but not yet applicable for the annual period beginning on 1 January 2024, have not been applied
in preparing these financial statements. The Company is reviewing the new standards, amendments to standards and interpretations as
noted to assess the potential impact on the financial statements they have not been applied in preparing these financial statements.
\u2022 IFRS 18 Presentation and Disclosures in Financial Statements.
\u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures.
\u2022 Lack of Exchange ability (Amendments to IAS 21).
\u2022 Amendments to the SASB standards to enhance their international applicability.
\u2022 Amendments IFRS 9 and IFRS 7 regarding the classification and measurement of financial instruments.
\u2022 Annual Improvements to IFRS Accounting Standards - Volume 11.
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfMaterialAccountingPolicyInformationExplanatory_E2_CY": { "value": "
4. Accounting policies
Basis of consolidation
Where a company has control over an investee, the investee is classified as a subsidiary. A company controls an investee if all three of the
following elements are present: power over the investee, exposure to variable returns from the investee, and the ability of the investor
to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a
change in any of these elements of control.
The consolidated financial statements present the results of the company and its subsidiaries (\u201cthe Group\u201d) as if they formed a single
entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the acquisition method. In the statement
of financial position, the acquiree\u2019s identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the
acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date
on which control is obtained. They are de-consolidated from the date on which control ceases.
Revenue recognition
Revenue represents amounts received for goods provided in the normal course of business, net of VAT and any other sales related taxes.
The Company\u2019s revenue is generated entirely from the sale of the gold and silver (\u201cPrecious Metal\u201d) content of dor\u00e9. The dor\u00e9 was
delivered to a precious metal refiner, based in Kazakhstan during 2024 and 2023, which also purchased all precious metal that was
refined. Title of the precious metal passes upon acceptance of the delivery from the Company to the refiner. Sales of precious metal are
only recognised when the delivery has been accepted and title for the precious metal has accordingly been passed to the refiner. The
Company does not hedge or otherwise enter into any derivatives in respect of its sales of dor\u00e9. Sales are recorded at the actual selling
price of the dor\u00e9 which is based on current market prices. The Company receives 90% less fees of the revenue on delivery of the dore
to the refiner based on the spot dollar and gold and silver prices on the day of delivery. The balance is paid once the dore is refined into
gold or silver and is usually paid with 14 days, based on the original gold price or silver price and spot price of the US dollar on the day of
settlement.
Foreign currencies
The Company has prepared its financial statements in United States Dollars (US$). The functional currency of the companies in Kazakhstan
is the Kazakhstan Tenge (KZT). The functional currency of the Company and AltynGold Holdings Limited is the United States Dollars (US$).
The rates used to convert Pound Sterling and Kazakhstan Tenge into United States Dollar in these financial statements are as follows:
US$ to Pound Sterling closing 1.26 (2023: 1.27), average 1.28 (2023:1.24),
US$ to Kazakh Tenge closing 523.54 (2023: 454.56) average 469.44 (2023:456.31).
The year end and average rates used for the Kazakh Tenge have been obtained from the National Bank of Kazakhstan.
Transactions denominated in currencies other than the functional currency of each respective entity are recorded at the rate of exchange
prevailing at the date of the transaction. Monetary assets and liabilities are translated into the relevant functional currency at the closing
rates of exchange at the reporting date. Exchange differences arising from the restatement of monetary assets and liabilities at the
closing rate of exchange at the reporting date or from the settlement of monetary transactions at a rate different from that at which the
asset or liability was recorded are dealt with through the statement of profit or loss.
On consolidation, the results of overseas operations are translated into US dollars, the Group\u2019s presentational currency, at rates
approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate
ruling at the balance sheet date. Exchange differences arising on translating the opening net assets at the opening rate and the results
of overseas operations at the actual rate are recognised directly in the consolidated statement of other comprehensive income. The
intercompany loans form a part of the Company\u2019s investment in a foreign operation. The exchange difference arising on the intercompany
loans on translation in the company income statement is being recognised in other comprehensive income which on consolidation is
recognised in a separate component of equity until disposal of the foreign operations.
In the individual Parent Company financial statements foreign exchange gains/losses are recognised in the income statement.
Intangible assets
Externally acquired intangible assets are initially recognised at cost and subsequently amortised on a straight-line basis over their
expected economic life. In the Directors\u2019 opinion this is 10 years from May 2016 being the licenced period of the Teren Sai exploration
project. There is no effect on the income statement as amortisation costs of the geological data are capitalised in line with the accounting
policy on exploration and evaluation costs.
Exploration and evaluation costs
All costs incurred prior to obtaining the legal right to undertake exploration and evaluation activities on a project are written off
as incurred. All costs associated with mineral exploration and investments are capitalised on a project by project basis, pending
determination of the feasibility of the project. Costs incurred include appropriate technical and administrative expenses. If an exploration
project is successful and the project is determined to be commercially viable, the related costs will be transferred to mining assets and
amortised over the estimated life of the mineral reserves on a unit of production basis. Where a project is relinquished, abandoned, or is
considered to be of no further commercial value to the Group, the related costs are written off. Impairment reviews performed under IFRS
6 \u2018Exploration for and evaluation of mineral resources\u2019 are carried out on a project by project basis, with each project representing a
potential single cash generating unit. An impairment review is undertaken when indicators of impairment arise; typically when one of the
following circumstances applies:
\u2022 sufficient data exists that render the resource uneconomic and unlikely to be developed
\u2022 title to the asset is compromised
\u2022 budgeted or planned expenditure is not expected in the foreseeable future
\u2022 insufficient discovery of commercially viable resources leading to the discontinuation of activities.
Property, plant and equipment
Mining properties comprise previously capitalised exploration, evaluation and development expenditure incurred during the exploration
and development stages of the Company\u2019s mining projects.
Other items of property, plant and equipment are initially recognised at cost. As well as the purchase price, cost include directly
attributable costs and estimated present value of any future unavoidable costs of dismantling and removing items. The corresponding
liability is recognised within provisions.
Assets under construction represent assets under development that are not at the stage that can be used commercially to generate
revenues, no depreciation is applied to these assets.
Depreciation
Depreciation of property, plant and equipment is calculated on a straight line or units of production basis, as appropriate. Assets are fully
depreciated over their economic lives, or over the remaining life of the mine if shorter.
Assets under construction and freehold land are not depreciated.
Asset class Depreciation method and rate
Buildings 8-10 per cent per annum straight line basis
Equipment, fixtures and fittings 10-40 percent per annum straight line basis
Plant, machinery and vehicles 7-30 per cent. per annum straight line basis
Mining properties Unit of production based on the proven reserves
Impairment of non-current assets
Property, plant and equipment and intangible assets are assessed for impairment at each reporting date when events or a change in
circumstances suggest that the carrying amount of an asset may exceed the recoverable amount.
Where there has been an indication of a possible impairment, management assesses the recoverability of the carrying value of the asset
by comparing it with the estimated discounted future net cash flows generated by the asset based on management\u2019s expectation of
future production and selling prices. Any identified impairment is charged to the statement of profit or loss.
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable
amount but such that the increased carrying amount does not exceed the carrying amount that would have been determined had no
impairment loss been recognised for the asset in prior years.
A reversal of impairment loss is recognised in the profit or loss immediately.
Inventories
Inventories are valued at the lower of cost or net realisable value. Net realisable value represents the estimated selling price less all
estimated costs of completion and costs to be incurred in marketing, selling and distribution.
Costs incurred in bringing each product to its present location and condition are accounted for as follows:
\u2022 Spare parts and consumables \u2013 Purchase costs on a first in, first out basis;
\u2022 Ore stockpiles, work in progress and finished gold \u2013 Dependent on the current stage in the production cycle, the cost will reflect cost
of direct materials, power, labour and a proportion of overhead, to bring the product to its current state.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on the taxable profit for the year. Taxable profit differs from net profit as reported in the statement
of profit or loss because it excludes items of income or expense that are taxable or deductible in other years and it further excludes
items that are never taxable or deductible. The Company\u2019s liability for current tax is calculated using tax rates that have been enacted or
substantively enacted by the reporting date.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the
financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for by using the balance
sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are
recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be
utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the
initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit
nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries
and associates, and interests in joint ventures except where the Company is able to control the reversal of the temporary difference and it
is probable that the temporary difference will not reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable
that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates
that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
income statement, except when it relates to items charged to other comprehensive income or credited directly to equity, in which case
the deferred tax is also dealt within equity. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off
current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group
intends to settle its current tax assets and liabilities on a net basis.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the
reporting date in the countries where the group operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying
amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred income tax is determined
using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Financial Instruments
Financial assets and financial liabilities are recognised in the consolidated statement of financial position when the Group becomes party
to the contractual provisions of the instrument.
Trade and other receivables
Trade and other receivables are recognised initially at their transaction price in accordance with IFRS 9 and are subsequently measured
at amortised cost. The Group applies the simplified approach to providing for expected credit losses (ECL) prescribed by IFRS 9, which
permits the use of the lifetime expected loss provision for all trade receivables measured on a collection basis. Expected credit losses
are assessed on a forward looking basis, using information such as the expected future currency, commodity and inflation rates. The loss
allowance is measured at initial recognition and throughout its life at an amount equal to lifetime ECL. Any impairment is recognised in the
income statement. Detail sin relation to the ECL provision are given in note 16.
If there is no reasonable expectation of recovery after assessing the ability of the debtor to repay the amount due it will be written off but
further legal action may be taken to recover the amount due subject to a cost benefit assessment of the amounts involved. The Company
will deem an amount to go into default if the terms of the contractual payment are breached and the subsequent follow up to remedy the
breach and agree a revised repayment schedule is unsatisfactory.
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and demand deposits, and other short-term highly liquid investments with original
maturities of less than three months and which are readily convertible to a known amount of cash and are subject to an insignificant risk of
change in value, for the purposes of statement of cash flow.
Cash retained for the purposes of restoration of the land after the end of the licence period is not included within cash resources and is
included in a separate fund see note 21.
Investments
Investment in subsidiaries are included at cost less impairment.
Loans and receivables from subsidiaries
Loans to subsidiary undertakings are subject to IFRS 9\u2019s expected credit loss model. The intercompany loans are repayable on deferred
basis, and a three year notice of repayment can only be given after full repayment of the Bank Center Credit loan, which is repayable in
October 2026. The earliest the loans can be repaid is October 2029.
The intercompany loans at present are considered to be in stage 2, and have been assessed as indicated in the IFRS 9 ECL model, with
extensions being made on the repayment terms of the original loans that were given. As the loans are considered to be in stage 2 a lifetime
ECL is determined using all relevant, reasonable and supportable historical, current and forward-looking information that provides
evidence about the risk that the subsidiaries will default on the loan and the amount of losses that would arise as a result of that default.
Financial liabilities
The Group classifies its financial liabilities into one of two categories discussed below, depending on the purpose for which the liability
was acquired.
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss are carried in the consolidated statement of financial position at fair value with
changes in fair value recognised in the consolidated income statement. The Group does not have any liabilities held for trading nor has it
designated any other financial liabilities as being at fair value through profit or loss.
Other financial liabilities
Other financial liabilities comprise borrowings, trade payables and other short-term monetary liabilities. These are initially measured at fair
value and subsequently recognised at amortised cost using effective interest rate method.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the Group\u2019s obligations are discharged, cancelled, or they expire.
Fair value measurement hierarchy
The Group classifies its financial assets and financial liabilities measured at fair value using a fair value hierarchy that reflects the
significance of the inputs used in making the fair value measurement. The fair value hierarchy has the following levels:
\u2022 quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);
\u2022 inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or
indirectly (i.e. derived from prices) (level 2);
\u2022 inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3);
\u2022 the level in the fair value hierarchy within the financial asset or financial liability is determined on the basis of the lowest level input that is
significant to the fair value measurement.
Compound instruments
The component parts of compound instruments (convertible notes and loans with detachable warrants) issued by the Company are
classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangements and the
definitions of a financial liability and an equity instrument. A conversion option that will be settled by the exchange of a fixed amount of
cash for a fixed number of the Company\u2019s own equity instruments is an equity instrument.
At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for similar non convertible
instruments. This amount is subsequently recorded as a liability on an amortised cost basis using the effective interest method until
extinguished upon conversion or at the instrument\u2019s maturity date.
The conversion option or detachable warrant classified as equity is determined by deducting the amount of the liability component
from the fair value of the compound instrument as a whole. This is recognised and included in equity, net of income tax effects, and is not
subsequently re-measured. Gains or losses are recognised in profit or loss upon conversion or expiration of the conversion option.
Transaction costs that relate to the issue of the compound instruments are allocated to the liability and equity components in proportion
to the fair value of the debt and equity components. Transaction costs relating to the equity component are recognised directly in equity.
Transaction costs relating to the liability component are included in the carrying amount of the liability component and are amortised over
the lives of the compound instruments using the effective interest method.
The Company currently has no compound instruments.
Share capital
Financial instruments used by the Group are classified as equity only to the extent that they do not meet the definition of a financial liability
or financial asset. The Company\u2019s ordinary shares are classified as equity instruments and are recorded as proceeds received, net of
direct issue costs.
Provision for commitments and contingencies
Provisions are recognised when the Company has a present obligation at the reporting date, which occurred as a result of a past event,
and it is probable that the Company will be required to settle that obligation and the amount of the obligation can be reliably estimated.
Possible obligations that are less than probable, and commitments to make purchases and incur expenditure in future periods, are not
recognised as provisions but are disclosed as commitments and contingencies.
Provision for site rehabilitation and decommissioning costs and the associated asset is recorded at the present value of the expected
expenditure required to settle the Company\u2019s future obligations. Actual outcomes may vary. Details regarding the provision for site
rehabilitation and decommissioning costs are set out in note 21 to the financial statements.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the Company\u2019s accounting policies, the Directors have made judgements and estimates that may have a significant
effect on the amount recognised in the financial statements. These include:
\u2022 carrying value of property, plant and equipment, including estimates made in respect of reserves and resources, discount rate and
future gold prices (note 15):
Costs capitalised as mining assets in property, plant and equipment, and intangible assets are assessed for impairment when
circumstances suggest that the carrying value may exceed its recoverable value.
Full impairment testing has not been carried out, as no indicators of impairment have been identified. However as part of the
assessment the carrying value of the assets at the reporting date were compared with the expected discounted cash flows. For the
discounted cash flows to be calculated, management has used a production profile based on its best estimates. These are based on
actual results and projected budgets, known gold reserves of the assets and a range of assumptions, including an estimated price of
gold and a discount rate which, taking into account other assumptions used in the calculation, management considers to be reflective
of the risks. This assessment involves judgement as to (i) the likely commerciality of the asset, (ii) proven, probable reserves which are
estimated, (iii) future revenues and estimated development costs pertaining to the asset, (iv) the discount rate to be applied for the
purposes of deriving a recoverable value.
Three CGU\u2019s were identified and the following principal assumptions were used in the preparation of the models. The price of gold is
based on modelling from information from Bloomberg with a price of gold ranging from US$2,563oz down to US$2,000 in the long
term, an exchange rate of 523 KZT to 1 US Dollar, recovery rate of 84%, a processing cost of US$70t, and corporate and mineral taxes
of 27.5%. The forecasts have been flexed to account for changes in costs and sales prices ranging up to 18% with no impact on the
viability of the CGU\u2019s.
\u2022 recoverability of inventories (note 17):
The recoverability of inventories is dependent upon the future production of the Company, and future prices achievable, which
will determine if any provision is required against inventories. The directors have assessed the impairment indicators, and made
judgements in reflection to future prices achievable and production and make impairments as appropriate.
\u2022 carrying value of provisions (note 21):
Estimates of the cost of future decommissioning and restoration of production facilities are based on current legal and constructive
requirements, technology and price levels, while estimates of when decommissioning will occur depend on assumptions made
regarding the economic life of fields which in turn depend on such factors as gold prices, decommissioning costs, discount rates and
inflation rates. The management reviewed the estimation process and the basis for the principal assumptions underlying the cost
estimates, noting in particular the reasons for any major changes in estimates as compared with the previous year. The Company was
satisfied that the approach applied was fair and reasonable. The Company was also satisfied that the discount and inflation rates used
to calculate the provision were appropriate.
\u2022 recognition of deferred taxation assets (note 11):
Deferred tax assets are recognised only to the extent it is considered probable that those assets will be recoverable. This involves an
assessment of when those deferred tax assets are likely to reverse, and a judgement as to whether or not there will be sufficient taxable
profits available to offset the tax assets when they do reverse. This requires assumptions regarding future profitability and is therefore
inherently uncertain. To the extent assumptions regarding future profitability change, there can be an increase or decrease in the level
of deferred tax assets recognised that can result in a charge or credit in the period in which the change occurs;
\u2022 carrying value of intangible assets (note 14):
The carrying value for intangible exploration and evaluation assets, represent the costs of active exploration projects the
commerciality of which is unevaluated until reserves can be appraised. Where properties are appraised to have no commercial
value, the associated costs are treated as an impairment loss in the period in which the determination is made. The recoverability
of intangible exploration assets is assessed by comparing the carrying value to estimates of the present value of projects where
indicators of impairment have been identified on an asset. The present values of intangible exploration assets are inherently
judgemental. Exploration and evaluation costs will be written off to the income statement unless commercial reserves are established
or the determination process is not completed and there are no indications of impairment. The outcome of ongoing exploration, and
therefore whether the carrying value of exploration and evaluation assets will ultimately be recovered, is inherently uncertain.
There were no impairment indicators identified, therefore a full impairment test was not carried out.
\u2022 Provision for taxation (note 11 and 18)
Management make judgements in relation to the recognition of various taxes payable by the Group and VAT recoverability for which
the recoverability and timing of recovery is assessed. The Group operates in jurisdictions which necessarily require judgement to be
applied when assessing the applicable tax treatment for transactions and the Group obtains professional advice where appropriate to
ensure compliance with applicable legislation.
\u2022 Estimation of credit losses (note 16)
Management make judgements in relation to the future recoverability of receivables, in relation to the parent Company there are
substantial loans to the subsidiaries. The management has used the guidance as noted in IFRS9 to make judgements in relation to the
future risk of default, the ability of the Company to achieve its production targets and achieve a sufficient level of profits to repay the
loans, inherent in this model are a number of judgements. The management has estimated that a provision was required of US$23.6m
at the year end. (2023 US$22m); and
\u2022 Extension of licence (note 14 and 15)
The exploration licence at Teren Sai runs to March 2026 and the licence for the deposit at Sekisovskoye runs to 2029 Inherent in this
process for the application for renewal and beyond are judgements of determining if the conditions can be satisfied for future licence
extensions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfBasisOfConsolidationExplanatory_D1398276861_CY": { "value": "
Basis of consolidation
Where a company has control over an investee, the investee is classified as a subsidiary. A company controls an investee if all three of the
following elements are present: power over the investee, exposure to variable returns from the investee, and the ability of the investor
to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a
change in any of these elements of control.
The consolidated financial statements present the results of the company and its subsidiaries (\u201cthe Group\u201d) as if they formed a single
entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the acquisition method. In the statement
of financial position, the acquiree\u2019s identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the
acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date
on which control is obtained. They are de-consolidated from the date on which control ceases.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue_D406333062_CY": { "value": "
Revenue recognition
Revenue represents amounts received for goods provided in the normal course of business, net of VAT and any other sales related taxes.
The Company\u2019s revenue is generated entirely from the sale of the gold and silver (\u201cPrecious Metal\u201d) content of dor\u00e9. The dor\u00e9 was
delivered to a precious metal refiner, based in Kazakhstan during 2024 and 2023, which also purchased all precious metal that was
refined. Title of the precious metal passes upon acceptance of the delivery from the Company to the refiner. Sales of precious metal are
only recognised when the delivery has been accepted and title for the precious metal has accordingly been passed to the refiner. The
Company does not hedge or otherwise enter into any derivatives in respect of its sales of dor\u00e9. Sales are recorded at the actual selling
price of the dor\u00e9 which is based on current market prices. The Company receives 90% less fees of the revenue on delivery of the dore
to the refiner based on the spot dollar and gold and silver prices on the day of delivery. The balance is paid once the dore is refined into
gold or silver and is usually paid with 14 days, based on the original gold price or silver price and spot price of the US dollar on the day of
settlement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_D1008409303_CY": { "value": "
Foreign currencies
The Company has prepared its financial statements in United States Dollars (US$). The functional currency of the companies in Kazakhstan
is the Kazakhstan Tenge (KZT). The functional currency of the Company and AltynGold Holdings Limited is the United States Dollars (US$).
The rates used to convert Pound Sterling and Kazakhstan Tenge into United States Dollar in these financial statements are as follows:
US$ to Pound Sterling closing 1.26 (2023: 1.27), average 1.28 (2023:1.24),
US$ to Kazakh Tenge closing 523.54 (2023: 454.56) average 469.44 (2023:456.31).
The year end and average rates used for the Kazakh Tenge have been obtained from the National Bank of Kazakhstan.
Transactions denominated in currencies other than the functional currency of each respective entity are recorded at the rate of exchange
prevailing at the date of the transaction. Monetary assets and liabilities are translated into the relevant functional currency at the closing
rates of exchange at the reporting date. Exchange differences arising from the restatement of monetary assets and liabilities at the
closing rate of exchange at the reporting date or from the settlement of monetary transactions at a rate different from that at which the
asset or liability was recorded are dealt with through the statement of profit or loss.
On consolidation, the results of overseas operations are translated into US dollars, the Group\u2019s presentational currency, at rates
approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate
ruling at the balance sheet date. Exchange differences arising on translating the opening net assets at the opening rate and the results
of overseas operations at the actual rate are recognised directly in the consolidated statement of other comprehensive income. The
intercompany loans form a part of the Company\u2019s investment in a foreign operation. The exchange difference arising on the intercompany
loans on translation in the company income statement is being recognised in other comprehensive income which on consolidation is
recognised in a separate component of equity until disposal of the foreign operations.
In the individual Parent Company financial statements foreign exchange gains/losses are recognised in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory_D1349248239_CY": { "value": "
The Company has prepared its financial statements in United States Dollars (US$). The functional currency of the companies in Kazakhstan
is the Kazakhstan Tenge (KZT). The functional currency of the Company and AltynGold Holdings Limited is the United States Dollars (US$).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory_D855671887_CY": { "value": "
Intangible assets
Externally acquired intangible assets are initially recognised at cost and subsequently amortised on a straight-line basis over their
expected economic life. In the Directors\u2019 opinion this is 10 years from May 2016 being the licenced period of the Teren Sai exploration
project. There is no effect on the income statement as amortisation costs of the geological data are capitalised in line with the accounting
policy on exploration and evaluation costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures_D148576555_CY": { "value": "
Exploration and evaluation costs
All costs incurred prior to obtaining the legal right to undertake exploration and evaluation activities on a project are written off
as incurred. All costs associated with mineral exploration and investments are capitalised on a project by project basis, pending
determination of the feasibility of the project. Costs incurred include appropriate technical and administrative expenses. If an exploration
project is successful and the project is determined to be commercially viable, the related costs will be transferred to mining assets and
amortised over the estimated life of the mineral reserves on a unit of production basis. Where a project is relinquished, abandoned, or is
considered to be of no further commercial value to the Group, the related costs are written off. Impairment reviews performed under IFRS
6 \u2018Exploration for and evaluation of mineral resources\u2019 are carried out on a project by project basis, with each project representing a
potential single cash generating unit. An impairment review is undertaken when indicators of impairment arise; typically when one of the
following circumstances applies:
\u2022 sufficient data exists that render the resource uneconomic and unlikely to be developed
\u2022 title to the asset is compromised
\u2022 budgeted or planned expenditure is not expected in the foreseeable future
\u2022 insufficient discovery of commercially viable resources leading to the discontinuation of activities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_D706208380_CY": { "value": "
Property, plant and equipment
Mining properties comprise previously capitalised exploration, evaluation and development expenditure incurred during the exploration
and development stages of the Company\u2019s mining projects.
Other items of property, plant and equipment are initially recognised at cost. As well as the purchase price, cost include directly
attributable costs and estimated present value of any future unavoidable costs of dismantling and removing items. The corresponding
liability is recognised within provisions.
Assets under construction represent assets under development that are not at the stage that can be used commercially to generate
revenues, no depreciation is applied to these assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory_D868023898_CY": { "value": "
Depreciation
Depreciation of property, plant and equipment is calculated on a straight line or units of production basis, as appropriate. Assets are fully
depreciated over their economic lives, or over the remaining life of the mine if shorter.
Assets under construction and freehold land are not depreciated.
Asset class Depreciation method and rate
Buildings 8-10 per cent per annum straight line basis
Equipment, fixtures and fittings 10-40 percent per annum straight line basis
Plant, machinery and vehicles 7-30 per cent. per annum straight line basis
Mining properties Unit of production based on the proven reserves
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory_D849658595_CY": { "value": "
Impairment of non-current assets
Property, plant and equipment and intangible assets are assessed for impairment at each reporting date when events or a change in
circumstances suggest that the carrying amount of an asset may exceed the recoverable amount.
Where there has been an indication of a possible impairment, management assesses the recoverability of the carrying value of the asset
by comparing it with the estimated discounted future net cash flows generated by the asset based on management\u2019s expectation of
future production and selling prices. Any identified impairment is charged to the statement of profit or loss.
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable
amount but such that the increased carrying amount does not exceed the carrying amount that would have been determined had no
impairment loss been recognised for the asset in prior years.
A reversal of impairment loss is recognised in the profit or loss immediately.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory_D567303595_CY": { "value": "
Impairment of non-current assets
Property, plant and equipment and intangible assets are assessed for impairment at each reporting date when events or a change in
circumstances suggest that the carrying amount of an asset may exceed the recoverable amount.
Where there has been an indication of a possible impairment, management assesses the recoverability of the carrying value of the asset
by comparing it with the estimated discounted future net cash flows generated by the asset based on management\u2019s expectation of
future production and selling prices. Any identified impairment is charged to the statement of profit or loss.
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable
amount but such that the increased carrying amount does not exceed the carrying amount that would have been determined had no
impairment loss been recognised for the asset in prior years.
A reversal of impairment loss is recognised in the profit or loss immediately.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories_D1791950895_CY": { "value": "
Inventories
Inventories are valued at the lower of cost or net realisable value. Net realisable value represents the estimated selling price less all
estimated costs of completion and costs to be incurred in marketing, selling and distribution.
Costs incurred in bringing each product to its present location and condition are accounted for as follows:
\u2022 Spare parts and consumables \u2013 Purchase costs on a first in, first out basis;
\u2022 Ore stockpiles, work in progress and finished gold \u2013 Dependent on the current stage in the production cycle, the cost will reflect cost
of direct materials, power, labour and a proportion of overhead, to bring the product to its current state.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory_D921091652_CY": { "value": "
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on the taxable profit for the year. Taxable profit differs from net profit as reported in the statement
of profit or loss because it excludes items of income or expense that are taxable or deductible in other years and it further excludes
items that are never taxable or deductible. The Company\u2019s liability for current tax is calculated using tax rates that have been enacted or
substantively enacted by the reporting date.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the
financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for by using the balance
sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are
recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be
utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the
initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit
nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries
and associates, and interests in joint ventures except where the Company is able to control the reversal of the temporary difference and it
is probable that the temporary difference will not reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable
that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates
that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
income statement, except when it relates to items charged to other comprehensive income or credited directly to equity, in which case
the deferred tax is also dealt within equity. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off
current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group
intends to settle its current tax assets and liabilities on a net basis.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the
reporting date in the countries where the group operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying
amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred income tax is determined
using tax rates and laws that have been enacted or substantively enacted by the reporting date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory_D469388446_CY": { "value": "
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the
financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for by using the balance
sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are
recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be
utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the
initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit
nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries
and associates, and interests in joint ventures except where the Company is able to control the reversal of the temporary difference and it
is probable that the temporary difference will not reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable
that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates
that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
income statement, except when it relates to items charged to other comprehensive income or credited directly to equity, in which case
the deferred tax is also dealt within equity. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off
current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group
intends to settle its current tax assets and liabilities on a net basis.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the
reporting date in the countries where the group operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying
amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred income tax is determined
using tax rates and laws that have been enacted or substantively enacted by the reporting date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory_D571252166_CY": { "value": "
Financial Instruments
Financial assets and financial liabilities are recognised in the consolidated statement of financial position when the Group becomes party
to the contractual provisions of the instrument.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory_D318015322_CY": { "value": "
Trade and other receivables
Trade and other receivables are recognised initially at their transaction price in accordance with IFRS 9 and are subsequently measured
at amortised cost. The Group applies the simplified approach to providing for expected credit losses (ECL) prescribed by IFRS 9, which
permits the use of the lifetime expected loss provision for all trade receivables measured on a collection basis. Expected credit losses
are assessed on a forward looking basis, using information such as the expected future currency, commodity and inflation rates. The loss
allowance is measured at initial recognition and throughout its life at an amount equal to lifetime ECL. Any impairment is recognised in the
income statement. Detail sin relation to the ECL provision are given in note 16.
If there is no reasonable expectation of recovery after assessing the ability of the debtor to repay the amount due it will be written off but
further legal action may be taken to recover the amount due subject to a cost benefit assessment of the amounts involved. The Company
will deem an amount to go into default if the terms of the contractual payment are breached and the subsequent follow up to remedy the
breach and agree a revised repayment schedule is unsatisfactory.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfCashAndCashEquivalentsExplanatory_D1491230592_CY": { "value": "
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and demand deposits, and other short-term highly liquid investments with original
maturities of less than three months and which are readily convertible to a known amount of cash and are subject to an insignificant risk of
change in value, for the purposes of statement of cash flow.
Cash retained for the purposes of restoration of the land after the end of the licence period is not included within cash resources and is
included in a separate fund see note 21.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory_D1581535501_CY": { "value": "
Investments
Investment in subsidiaries are included at cost less impairment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory_D221619569_CY": { "value": "
Loans and receivables from subsidiaries
Loans to subsidiary undertakings are subject to IFRS 9\u2019s expected credit loss model. The intercompany loans are repayable on deferred
basis, and a three year notice of repayment can only be given after full repayment of the Bank Center Credit loan, which is repayable in
October 2026. The earliest the loans can be repaid is October 2029.
The intercompany loans at present are considered to be in stage 2, and have been assessed as indicated in the IFRS 9 ECL model, with
extensions being made on the repayment terms of the original loans that were given. As the loans are considered to be in stage 2 a lifetime
ECL is determined using all relevant, reasonable and supportable historical, current and forward-looking information that provides
evidence about the risk that the subsidiaries will default on the loan and the amount of losses that would arise as a result of that default.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory_D25140376_CY": { "value": "
Financial liabilities
The Group classifies its financial liabilities into one of two categories discussed below, depending on the purpose for which the liability
was acquired.
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss are carried in the consolidated statement of financial position at fair value with
changes in fair value recognised in the consolidated income statement. The Group does not have any liabilities held for trading nor has it
designated any other financial liabilities as being at fair value through profit or loss.
Other financial liabilities
Other financial liabilities comprise borrowings, trade payables and other short-term monetary liabilities. These are initially measured at fair
value and subsequently recognised at amortised cost using effective interest rate method.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the Group\u2019s obligations are discharged, cancelled, or they expire.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory_D1160418062_CY": { "value": "
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss are carried in the consolidated statement of financial position at fair value with
changes in fair value recognised in the consolidated income statement. The Group does not have any liabilities held for trading nor has it
designated any other financial liabilities as being at fair value through profit or loss.
Fair value measurement hierarchy
The Group classifies its financial assets and financial liabilities measured at fair value using a fair value hierarchy that reflects the
significance of the inputs used in making the fair value measurement. The fair value hierarchy has the following levels:
\u2022 quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);
\u2022 inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or
indirectly (i.e. derived from prices) (level 2);
\u2022 inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3);
\u2022 the level in the fair value hierarchy within the financial asset or financial liability is determined on the basis of the lowest level input that is
significant to the fair value measurement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory_D495986866_CY": { "value": "
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss are carried in the consolidated statement of financial position at fair value with
changes in fair value recognised in the consolidated income statement. The Group does not have any liabilities held for trading nor has it
designated any other financial liabilities as being at fair value through profit or loss.
Fair value measurement hierarchy
The Group classifies its financial assets and financial liabilities measured at fair value using a fair value hierarchy that reflects the
significance of the inputs used in making the fair value measurement. The fair value hierarchy has the following levels:
\u2022 quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);
\u2022 inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or
indirectly (i.e. derived from prices) (level 2);
\u2022 inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3);
\u2022 the level in the fair value hierarchy within the financial asset or financial liability is determined on the basis of the lowest level input that is
significant to the fair value measurement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory_D814188711_CY": { "value": "
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the Group\u2019s obligations are discharged, cancelled, or they expire.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory_D1704659011_CY": { "value": "
Share capital
Financial instruments used by the Group are classified as equity only to the extent that they do not meet the definition of a financial liability
or financial asset. The Company\u2019s ordinary shares are classified as equity instruments and are recorded as proceeds received, net of
direct issue costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory_D208670448_CY": { "value": "
Provision for commitments and contingencies
Provisions are recognised when the Company has a present obligation at the reporting date, which occurred as a result of a past event,
and it is probable that the Company will be required to settle that obligation and the amount of the obligation can be reliably estimated.
Possible obligations that are less than probable, and commitments to make purchases and incur expenditure in future periods, are not
recognised as provisions but are disclosed as commitments and contingencies.
Provision for site rehabilitation and decommissioning costs and the associated asset is recorded at the present value of the expected
expenditure required to settle the Company\u2019s future obligations. Actual outcomes may vary. Details regarding the provision for site
rehabilitation and decommissioning costs are set out in note 21 to the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory_D848268285_CY": { "value": "
Critical accounting judgements and key sources of estimation uncertainty
In the application of the Company\u2019s accounting policies, the Directors have made judgements and estimates that may have a significant
effect on the amount recognised in the financial statements. These include:
\u2022 carrying value of property, plant and equipment, including estimates made in respect of reserves and resources, discount rate and
future gold prices (note 15):
Costs capitalised as mining assets in property, plant and equipment, and intangible assets are assessed for impairment when
circumstances suggest that the carrying value may exceed its recoverable value.
Full impairment testing has not been carried out, as no indicators of impairment have been identified. However as part of the
assessment the carrying value of the assets at the reporting date were compared with the expected discounted cash flows. For the
discounted cash flows to be calculated, management has used a production profile based on its best estimates. These are based on
actual results and projected budgets, known gold reserves of the assets and a range of assumptions, including an estimated price of
gold and a discount rate which, taking into account other assumptions used in the calculation, management considers to be reflective
of the risks. This assessment involves judgement as to (i) the likely commerciality of the asset, (ii) proven, probable reserves which are
estimated, (iii) future revenues and estimated development costs pertaining to the asset, (iv) the discount rate to be applied for the
purposes of deriving a recoverable value.
Three CGU\u2019s were identified and the following principal assumptions were used in the preparation of the models. The price of gold is
based on modelling from information from Bloomberg with a price of gold ranging from US$2,563oz down to US$2,000 in the long
term, an exchange rate of 523 KZT to 1 US Dollar, recovery rate of 84%, a processing cost of US$70t, and corporate and mineral taxes
of 27.5%. The forecasts have been flexed to account for changes in costs and sales prices ranging up to 18% with no impact on the
viability of the CGU\u2019s.
\u2022 recoverability of inventories (note 17):
The recoverability of inventories is dependent upon the future production of the Company, and future prices achievable, which
will determine if any provision is required against inventories. The directors have assessed the impairment indicators, and made
judgements in reflection to future prices achievable and production and make impairments as appropriate.
\u2022 carrying value of provisions (note 21):
Estimates of the cost of future decommissioning and restoration of production facilities are based on current legal and constructive
requirements, technology and price levels, while estimates of when decommissioning will occur depend on assumptions made
regarding the economic life of fields which in turn depend on such factors as gold prices, decommissioning costs, discount rates and
inflation rates. The management reviewed the estimation process and the basis for the principal assumptions underlying the cost
estimates, noting in particular the reasons for any major changes in estimates as compared with the previous year. The Company was
satisfied that the approach applied was fair and reasonable. The Company was also satisfied that the discount and inflation rates used
to calculate the provision were appropriate.
\u2022 recognition of deferred taxation assets (note 11):
Deferred tax assets are recognised only to the extent it is considered probable that those assets will be recoverable. This involves an
assessment of when those deferred tax assets are likely to reverse, and a judgement as to whether or not there will be sufficient taxable
profits available to offset the tax assets when they do reverse. This requires assumptions regarding future profitability and is therefore
inherently uncertain. To the extent assumptions regarding future profitability change, there can be an increase or decrease in the level
of deferred tax assets recognised that can result in a charge or credit in the period in which the change occurs;
\u2022 carrying value of intangible assets (note 14):
The carrying value for intangible exploration and evaluation assets, represent the costs of active exploration projects the
commerciality of which is unevaluated until reserves can be appraised. Where properties are appraised to have no commercial
value, the associated costs are treated as an impairment loss in the period in which the determination is made. The recoverability
of intangible exploration assets is assessed by comparing the carrying value to estimates of the present value of projects where
indicators of impairment have been identified on an asset. The present values of intangible exploration assets are inherently
judgemental. Exploration and evaluation costs will be written off to the income statement unless commercial reserves are established
or the determination process is not completed and there are no indications of impairment. The outcome of ongoing exploration, and
therefore whether the carrying value of exploration and evaluation assets will ultimately be recovered, is inherently uncertain.
There were no impairment indicators identified, therefore a full impairment test was not carried out.
\u2022 Provision for taxation (note 11 and 18)
Management make judgements in relation to the recognition of various taxes payable by the Group and VAT recoverability for which
the recoverability and timing of recovery is assessed. The Group operates in jurisdictions which necessarily require judgement to be
applied when assessing the applicable tax treatment for transactions and the Group obtains professional advice where appropriate to
ensure compliance with applicable legislation.
\u2022 Estimation of credit losses (note 16)
Management make judgements in relation to the future recoverability of receivables, in relation to the parent Company there are
substantial loans to the subsidiaries. The management has used the guidance as noted in IFRS9 to make judgements in relation to the
future risk of default, the ability of the Company to achieve its production targets and achieve a sufficient level of profits to repay the
loans, inherent in this model are a number of judgements. The management has estimated that a provision was required of US$23.6m
at the year end. (2023 US$22m); and
\u2022 Extension of licence (note 14 and 15)
The exploration licence at Teren Sai runs to March 2026 and the licence for the deposit at Sekisovskoye runs to 2029 Inherent in this
process for the application for renewal and beyond are judgements of determining if the conditions can be satisfied for future licence
extensions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfRevenueExplanatory_D103819470_CY": { "value": "
5. Revenue
The analysis of the Group\u2019s revenue for the year from continuing operations is as follows:
2024
US$000
2023
US$000
Sale of gold and silver 94,476 63,748
Other sales 2,046 686
96,522 64,434
Included in revenues from sale of gold and silver are revenues of US$94,476,000 (2023: US$63,748,000) which arose from sales of
precious metals to one customer based in Kazakhstan. Other sales amounted to US$2,046,000 (2023: US$686,000) and related to lease
and rental income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory_E41_CY": { "value": "
6. 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 considered to be a separate operating segment.
Teren Sai is an exploration asset, details of the carrying value of the asset are shown in note 14. There is currently no turnover or other
associated costs in relation to this asset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfInformationAboutEmployeesExplanatory_E68_CY": { "value": "
7. Staff number and costs
Group
The aggregate remuneration comprised:
2024
US$000
2023
US$000
Directors\u2019 emoluments 311 301
Employee wages and salaries 5,192 4,325
Employer social tax and national insurance 1,682 1,160
7,185 5,786
The average number of employees (including Directors) was:
2024 2023
Production 443 384
Administration 87 93
530 477
Company
The average number of employees (including Directors) was:
2024 2023
Administration
7 7
Further details in relation to Directors remuneration and wages and salaries is given in the Remuneration Report.
The aggregate remuneration comprised:
2024
US$000
2023
US$000
Directors\u2019 emoluments 311 301
Employer social tax and national insurance 22 22
333 323
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfImpairmentOfAssetsExplanatory_E66_CY": { "value": "
8. Impairments
2024 2023
US$000 US$000
Impairments (reversed)/provided - ore/inventories (121) 288
Impairment provided - other receivables and prepayments 238 151
117 439
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfFinanceIncomeExpenseExplanatory_E50_CY": { "value": "
9. Finance income and costs
2024
$ 000
2023
$ 000
Finance income
Interest on bank deposits 358 \u2013
Finance costs
Foreign exchange (loss)/gain (6,373) 252
Unwinding of discount on provisions (506) (472)
Interest expense (5,063) (3,590)
Unwinding of discount other financial liabilities (454) (221)
Total finance costs (12,396) (4,031)
Net finance costs (12,038) (4,031)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfFinanceIncomeExplanatory_E51_CY": { "value": "
9. Finance income and costs
2024
$ 000
2023
$ 000
Finance income
Interest on bank deposits 358 \u2013
Finance costs
Foreign exchange (loss)/gain (6,373) 252
Unwinding of discount on provisions (506) (472)
Interest expense (5,063) (3,590)
Unwinding of discount other financial liabilities (454) (221)
Total finance costs (12,396) (4,031)
Net finance costs (12,038) (4,031)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfFinanceCostExplanatory_E49_CY": { "value": "
9. Finance income and costs
2024
$ 000
2023
$ 000
Finance income
Interest on bank deposits 358 \u2013
Finance costs
Foreign exchange (loss)/gain (6,373) 252
Unwinding of discount on provisions (506) (472)
Interest expense (5,063) (3,590)
Unwinding of discount other financial liabilities (454) (221)
Total finance costs (12,396) (4,031)
Net finance costs (12,038) (4,031)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfIncomeTaxExplanatory_E67_CY": { "value": "
11. Income tax
Tax charged in the income statement
2024
$ 000
2023
$ 000
Current taxation
Income tax 1,981 \u2013
Deferred taxation
Arising from origination and reversal of temporary differences 2,131 546
Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods (180) \u2013
Total deferred taxation 1,951 546
Tax expense in the income statement 3,932 546
The tax on profit before tax for the year is lower than the standard rate of tax in Kazakhstan of 20%, (2023 - lower than the standard rate of
tax in Kazakhstan at 20%).
The differences are reconciled below:
2024
$ 000
2023
$ 000
Profit before tax 30,355 11,885
Corporation tax at standard rate 6,070 2,377
Effect of different UK tax rates on some earnings - (336)
Effect of expenses not deductible in determining taxable profit 1,896 1,326
Tax decrease from utilisation of tax losses (257) \u2013
Current year tax losses and other temporary differences not recognised 337 817
Foreign exchange allowable losses in subsidiary (4,114) (3,638)
Total tax charge 3,932 546
Deferred tax
Group
Deferred tax assets and liabilities are offset were they arise within the subsidiaries in Kazakhstan. The Group has recognised the deferred
tax asset only to the extent that it is probable that the taxable profit will be available against which the deductible temporary difference
can be utilised. The future tax profits are expected to derive from the gold mining operations in Kazakhstan. The tax losses arising in the
prior periods will reduce the Company\u2019s and its subsidiaries\u2019 future tax liabilities. Deferred tax assets are recognised as the Directors
believe that sufficient taxable profits will be made against which the carried forward losses can be utilised.
Unutilised taxation losses arising in Kazakhstan of US$2.5m (2023: US$14.5m) are available to carry forward for a maximum of 10 years. It
is estimated that the tax losses available to carry forward will be utilised by 2025. Unutilised tax losses arising in the UK amount to US7.8m
(2023: US$6.2m).
Unrecognised deferred taxation assets
2024
US$000
2023
US$000
Taxation losses 1,956 1,808
The unrecognised taxable losses above arise in relation to the parent Company, this amount has been carried forward as the Directors are
uncertain if there will be sufficient taxable profits in the foreseeable future to offset the losses incurred.
Taxation
losses
US$000
Accelerated
taxation
depreciation
US$000
Other timing
differences
US$000
Total
US$000
1 January 2023 6,925 (53) (820) 6,052
Debit to income
\u2013
(517) (29) (546)
Debit to other comprehensive income (4,075)
\u2013 \u2013
(4,075)
Currency translation 54 (49) (17) (12)
31 December 2023 and 1 January 2024 2,904 (619) (866) 1,419
Debit to income 10 (677) (1,464) (2,131)
Currency translation (389) 152 274 37
31 December 2024 2,525 (1,144) (2,056) (675)
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfDeferredTaxesExplanatory_E31_CY": { "value": "
Deferred tax
Group
Deferred tax assets and liabilities are offset were they arise within the subsidiaries in Kazakhstan. The Group has recognised the deferred
tax asset only to the extent that it is probable that the taxable profit will be available against which the deductible temporary difference
can be utilised. The future tax profits are expected to derive from the gold mining operations in Kazakhstan. The tax losses arising in the
prior periods will reduce the Company\u2019s and its subsidiaries\u2019 future tax liabilities. Deferred tax assets are recognised as the Directors
believe that sufficient taxable profits will be made against which the carried forward losses can be utilised.
Unutilised taxation losses arising in Kazakhstan of US$2.5m (2023: US$14.5m) are available to carry forward for a maximum of 10 years. It
is estimated that the tax losses available to carry forward will be utilised by 2025. Unutilised tax losses arising in the UK amount to US7.8m
(2023: US$6.2m).
Unrecognised deferred taxation assets
2024
US$000
2023
US$000
Taxation losses 1,956 1,808
The unrecognised taxable losses above arise in relation to the parent Company, this amount has been carried forward as the Directors are
uncertain if there will be sufficient taxable profits in the foreseeable future to offset the losses incurred.
Taxation
losses
US$000
Accelerated
taxation
depreciation
US$000
Other timing
differences
US$000
Total
US$000
1 January 2023 6,925 (53) (820) 6,052
Debit to income
\u2013
(517) (29) (546)
Debit to other comprehensive income (4,075)
\u2013 \u2013
(4,075)
Currency translation 54 (49) (17) (12)
31 December 2023 and 1 January 2024 2,904 (619) (866) 1,419
Debit to income 10 (677) (1,464) (2,131)
Currency translation (389) 152 274 37
31 December 2024 2,525 (1,144) (2,056) (675)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfEarningsPerShareExplanatory_E38_CY": { "value": "
12. Earnings per ordinary share
The calculation of basic and diluted earnings per share from continuing operations is based upon the retained profit from continuing
operations for the financial year of US$26.4m (2023: US$11.3m).
The weighted average number of ordinary shares for calculating the basic earnings per share in 2024 and 2023 is shown below.
2024
No.
2023
No.
Basic 27,332,934 27,332,934
Diluted 27,332,934 27,332,934
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfProfitLossFromOperatingActivitiesExplanatory_E108_CY": { "value": "
13. Adjusted EBITDA
The Directors of the Company have presented the performance measure adjusted EBITDA (earnings before interest, tax, depreciation
and other non-operating expenses) as they monitor this performance measure at a consolidated level, and the Directors believe it is
relevant to measuring the Groups performance.
Adjusted EBITDA is not a defined performance measure in IFRS. The Group\u2019s definition of adjusted EBITDA may not be comparable with
similarly titled performance measures as disclosed by other entities.
2024 2023
Reconciliation of adjusted EBITDA to profit after tax US$000 US$000
Profit after tax 26,423 11,339
Income tax expense 3,932 546
Finance income (358) -
Finance expense 6,023 4,283
Foreign exchange 6,373 (252)
Depreciation and amortisation 9,044 6,989
Fair value adjustment on loan (556) (630)
Adjusted EBITDA 50,881 22,275
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfIntangibleAssetsExplanatory_E72_CY": { "value": "
14. Intangible assets
Group
Teren Sai
geological data
$ 000
Teren Sai
Exploration and
evaluation costs
$ 000
Other intangible
assets
$ 000
Total
$ 000
Cost or valuation
At 1 January 2023 8,212 9,952 - 18,164
Additions - 7 759 766
Amortisation capitalised - 546 - 546
Currency translation 146 179 61 386
At 31 December 2023 8,358 10,684 820 19,862
At 1 January 2024 8,358 10,684 820 19,862
Additions - 3,977 - 3,977
Amortisation capitalised - 555 - 555
Currency translation (1,101) (2,374) (108) (3,583)
At 31 December 2024 7,257 12,842 712 20,811
Amortisation
At 1 January 2023 5,320 146 - 5,466
Amortisation charge 546 - 75 621
Currency translation 97 - 17 114
At 31 December 2023 5,963 146 92 6,201
At 1 January 2024 5,963 146 92 6,201
Amortisation charge 555 - 79 634
Currency translation (865) (16) (23) (904)
At 31 December 2024 5,653 130 148 5,931
Carrying amount
At 31 December 2024 1,604 12,712 564 14,880
At 31 December 2023 2,395 10,538 728 13,661
At 1 January 2023 2,892 9,806 - 12,698
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 mining operations of Sekisovskoye. The Company obtained a licence for exploration and evaluation on the site
in May 2016 from the Kazakh authorities, the addendum to the licence was extended for a two year period in March 2024. The Company
is currently finalising the exploration in an area of Teren Sai targeting two prospective targets, with the intention to preparing the site for
production during 2025.
The value of the geological data purchased is in the opinion of the Directors the value that would have been incurred if the drilling had
been undertaken by a third party (or internally). The Company has continued to develop the site with a CPR completed in 2019 on one of
the fifteen target zones area 2, which includes 3 potential targets, and further exploration works in the other areas. Full details are given in
the mineral resources statement included as part of the Annual Report, on page 27. The directors consider that no impairment is required
taking into account the CPR results, exploration and planned production in the future. The write off of the geological data is being
made over the exploration licence term, the costs amortised are capitalised as part of the exploration asset in line with the Company\u2019s
accounting policy.
The management have concluded that there are no impairment indicators.
The bank loan from Bank Center Credit is secured in the assets of the Group see note 22.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory_E109_CY": { "value": "
15. Property, plant and equipment
Group
Mining
properties
$ 000
Freehold
Land and
buildings
$ 000
Equipment,
fixtures
and fittings
$ 000
Plant,
machinery and
buildings
$ 000
Assets under
construction
$ 000
Total
$ 000
Cost or valuation
At 1 January 2023 18,361 27,790 12,688 9,074 2,279 70,192
Additions 4,971 349 7,312 10,708 15,818 39,158
Disposals - (6) (592) (17) - (615)
Transfers - 5,586 - - (5,586) -
Transfer from inventories - - - - 682 682
Currency translation 487 516 178 163 19 1,363
At 31 December 2023 23,819 34,235 19,586 19,928 13,212 110,780
At 1 January 2024 23,819 34,235 19,586 19,928 13,212 110,780
Additions 7,351 183 6,255 540 9,698 24,027
Disposals - (2,566) (489) (1,830) (77) (4,962)
Transfers - 10,794 4,553 9 (15,356) -
Transfer from inventories - - - - (1,126) (1,126)
Currency translation (5,049) (5,380) (3,497) (2,602) (1,032) (17,560)
At 31 December 2024 26,121 37,266 26,408 16,045 5,319 111,159
Depreciation
At 1 January 2023 3,923
14,461 8,944 5,889 - 33,217
Charge for year 1,452 2,474 1,250 1,739 - 6,915
Eliminated on disposal - (6) (555) (41) - (602)
Currency translation 125 280 152 100 - 657
Transfers - - - - - -
At 31 December 2023 5,500 17,209 9,791 7,687 - 40,187
At 1 January 2024 5,500 17,209 9,791 7,687 - 40,187
Charge for the year 2,133 3,359 1,467 2,005 - 8,964
Eliminated on disposal - (2,566) (487) (1,830) - (4,883)
Currency translation (975) (2,349) (1,391) (1,032) - (5,747)
Transfers - - - - - -
At 31 December 2024 6,658 15,653 9,380 6,830 - 38,521
Carrying amount
At 31 December 2024 19,463 21,613 17,028 9,215 5,319 72,638
At 31 December 2023 18,319 17,026 9,795 12,241 13,212 70,593
At 1 January 2023 14,438 13,329 3,744 3,185 2,279 36,975
Capitalised cost of mining property are written off over the life of the licence from commencement of production on a unit of production
basis. This basis uses the ratio of production in the period compared to the mineral reserves at the end of the period. Mineral reserves
estimates are based on a number of underlying assumptions, which are inherently uncertain. Mineral reserves estimates take into
consideration estimates by independent geological consultants. However, the amount of mineral that will ultimately be recovered cannot
be known until the end of the life of the mine.
Any changes in reserve estimates are, for depreciation purposes, treated on a prospective basis. The recovery of the capitalised cost of
the Group\u2019s property, plant and equipment is dependent on the development of the underground mine.
The Directors are required to consider whether the non-current assets comprising, mineral properties, plant and equipment have
suffered any impairment. The recoverable amount is determined based on value in use calculations. The use of this method requires the
estimation of future cash flows and the choice of a discount rate in order to calculate the present value of the cash flows. The directors
considered entity specific factors such as available finance, cost of production, grades achievable, and sales price. The directors have
concluded that no adjustment is required for impairment.
The bank loan from Bank Center Credit is secured on the assets of the Group see note 22.
The additions to tangible assets in the year includes an amount of US$nil (2023: US$553,000) in relation to capitalised interest.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory_E83_CY": { "value": "
16. Investments
Summary of the company investments
Name Percentage held
Country of registration
& operation
Directly held
AltynGold Holdings Limited 100 British Virgin Islands
TOO GMK Altyn MM 100 Kazakhstan
Indirectly held
DTOO Gornorudnoe Predpriatie Baurgold 100 Kazakhstan
AltynGold SPC Ltd 100 Kazakhstan
The principal activity of the companies relates to gold mining exploration and production with the exception of AltynGold Holdings
Limited which is an investment holding Company and is dormant, and AltynGold SPC Ltd which is also dormant.
The registered address of AltynGold Holdings Limited is Palm Grove House, P O Box 438,Road Town, Tortola, British Virgin Islands.
The registered office address for the companies based in Kazakhstan is Building 19, Amangeldi Imanov Street, Baikonyr district, Astana.
Shares Investment Subsidiaries loans Total
US$000 US$000 US$000 US$000
1 January 2023 225 47,907 72,996 121,128
Payment of loans to subsidiary - - 3,636 3,636
Management charges and interest - - 5,672 5,672
Impairment charge - IFRS 9 - - (1,337) (1,337)
31 December 2023 225 47,907 80,967 129,099
Payment of loans to subsidiary - - 2,500 2,500
Management charges and interest - - 5,954 5,954
Impairment reversal - IFRS 9 - - 3,240 3,240
31 December 2024 225 47,907 92,661 140,793
Movement of expected credit loss
Total
US$000
1 January 2023 22,219
Impairment - IFRS9 1,337
31 December 2023 23,556
Reclassification from loans (3,957)
Impairment reversal - IFRS9 (3,240)
31 December 2024 16,359
The investments together with the loans which are denominated in US Dollars represent the investments into the subsidiaries and in the
opinion of the directors the aggregate value of the investments in the subsidiaries is not less than the amount shown in these financial
statements. The directors review the intercompany borrowings on a regular basis, together with the associated cash flows of each
company, and assess under the expected credit loss (ECL) model as required by IFRS 9.
The loans to subsidiaries are charged at an interest rates ranging from interest free to a range of 5-7%. The intercompany loans are
repayable at the earliest in October 2029 as the parent Company needs to give a three year formal request for repayment after the Bank
Center Credit loan has been repaid which is due for payment in October 2026.
The Company has applied IFRS 9 in the current period and estimates that there is a reversal of the charge to the ECL calculated of
US$3.2m (2023: charge US$1.34m) on the receivables from the subsidiaries. The total ECL as at 31 December 2023 is US$16.4m (2023:
US$23.6m).
The intercompany loans at present are considered to be in stage 2, and have been assessed as indicated in the IFRS 9 ECL model. As the
loans are considered to be in stage 2 a lifetime ECL is determined using all relevant, reasonable and supportable historical, current and
forward-looking information that provides evidence about the risk that the subsidiaries will default on the loan and the amount of losses
that would arise as a result of that default. The Company applied a spread of sensitivities ranging from full recovery estimated at 15%, to a
recovery of 80% of the loans at an 80% probability, based on a weighted average of the probabilities the Company estimated a total ECL
to be provided of US$16.4m. If the probability of recoverability worsened by 10% the ECL would increase by US$4.3m.
The impairment is recognised in the income statement within administrative expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfInventoriesExplanatory_E79_CY": { "value": "
17. Inventories
Group
2024
$ 000
2023
$ 000
Ore 18,915 9,791
Raw materials and consumables 4,323 4,686
Work in progress 263 708
Finished goods and goods for resale 2 2,279
23,503 17,464
The value of inventories above is stated net of a provision for low grade ore and spare parts of US$1.3m (2023: US$1.6m). The Movement in
provisions is due to fluctuations in the exchange rates.
The movement in inventories recognised as an expense in the income statement is US$10.5m (2023: US$13.6m) see note 10.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfTradeAndOtherReceivablesExplanatory_E130_CY": { "value": "
18. Trade and other receivables
Group
2024
US$000
Group
2023
US$000
Company
2024
US$000
Company
2023
US$000
Non-current
VAT recoverable 7,469 3,714 - -
Prepayments - advances for equipment 7,200 14,640 - -
14,669 18,354 - -
Group
2024
$000
Group
2023
$000
Company
2024
$000
Company
2023
$000
Current
Trade receivables 4,011 1,973 - -
Provision for impairment of trade receivables
(428) (320) - -
Net trade receivables
3,583 1,653 - -
Other receivables
16,847 16,812 39 14
20,430 18,465 39 14
Total current trade and other receivables 20,430 18,465 39 14
The trade receivables are stated at full carrying value and their ageing is less than 30 days old. The Directors consider that the carrying
value of trade receivables approximates to their fair value. Included within trade receivables are amounts due from Altyn Group Qazaqstan
of US$2,909,465 (2023: US$: 1,089,000), see note 20.
Prepayments recoverable in more than one year relate to amounts prepaid in advance for equipment to be delivered in 2025. Value
Added Tax recoverable in more than one year is expected to be recovered by offset against VAT payable in future periods.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfTradeAndOtherPayablesExplanatory_E129_CY": { "value": "
19. Trade and other payables
Group
2024
US$000
Group
2023
US$000
Company
2024
US$000
Company
2023
US$000
Non-current
VAT payable
-
114
-
-
Other taxes payable - 133 - -
- 247 - -
Group
2024
$000
Group
2023
$000
Company
2024
$000
Company
2023
$000
Current
Trade payables
1,900
1,890
84
10
Other taxes payable 3,971 6,164 7 16
Other payables 1,597 1,604 1,814 1,185
7,468 9,658 1,905 1,211
Trade creditors and accruals principally comprise amounts outstanding for trade purchases of goods and services. The majority of the
trade creditors relate to the Company\u2019s trading subsidiaries in Kazakhstan. For most suppliers, interest is not charged on trade payables.
The Company regularly reviews all outstanding payables to ensure they are paid within the appropriate time frame. VAT payable relates to
amounts due and payable and scheduled for payment to the Kazakh tax authorities.
The Directors consider that the carrying amount of trade payables approximates to their fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfRelatedPartyExplanatory_E114_CY": { "value": "
20. Related party transactions
Remuneration of key management personnel
The remuneration of the Directors, who are the key management personnel of the Company, is set out below in aggregate for each of
the categories specified in IAS 24 - \u201cRelated Party Disclosures\u201d. The total amount remaining unpaid with respect to remuneration of key
management personnel amounted to US$63,000 in the current year (2023: US$49,000). Further information about the remuneration of
the individual directors is set out in the audited section of the report on directors\u2019 remuneration on page 46.
Group
2024
US$000
Group
2023
US$000
Company
2024
US$000
Company
2023
US$000
Short term employee benefits 311 301 311 301
Social security costs 22 22 22 22
333 323 333 323
Related party transactions
The transactions between the Company and the subsidiaries are disclosed in Note 16. These relate to management and interest charges
on services/loans from the parent to the subsidiaries in Kazakhstan.
During the year the following transactions were carried out with companies controlled by the Assaubayev family:
\u2022 Asia Mining Group (AMG), there were no transaction in the year. At the year end an amount of US$69,127 was due from AMG (2023:
US$79,600).
\u2022 Amounts due from Amrita Investments Limited US$11,750 (US$644). This is repayable on demand.
\u2022 Sales of services to Altyn Group Qazaqstan LLP of US$1,911,800 (2023:US$510,000) in the year. US$2,909,465 (2023: US$1,089,000)
was outstanding at 31 December 2024.
In addition to the above:
\u2022 US$Nil (2023 US$1,000) is due to Bolat Assaubayev a family member.
\u2022 An amount of US$31,985 was charged to the Company in relation to accommodation costs whilst attending meetings in London.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfProvisionsExplanatory_E110_CY": { "value": "
21. Provisions
Group
Abandonment &
restoration
US$000
Holiday pay
US$000
Total
US$000
I January 2023 5,517 263 5,780
Change in estimate of provision - 250 250
Unwinding of discount 481 - 481
Paid during the year - (193) (193)
Currency translation adjustment 91 4 95
31 December 2023 & 1 January 2024 6,089 324 6,413
Change in estimate of provision 320 320
Unwinding of discount 507 - 507
Paid during the year - (235) (235)
Currency translation adjustment (863) (51) (914)
31 December 2024 5,733 358 6,091
31 December 2024
Current - 358 358
Non-current 5,733 - 5,733
5,733 358 6,091
31 December 2023
Current - 324 324
Non-current 6,089 - 6,089
6,089 324 6,413
Abandonment and restoration costs
In accordance with the provisions of the subsoil use contract (the \u201cContract\u201d), DTOO GRP Baurgold is liable for site restoration costs
upon completion of production activities. It is not possible to predict accurately the amount which might ultimately be payable for
site restoration as it includes assumptions such as inflation in Kazakhstan over the life of the Contract which are inherently uncertain. An
estimate of the future cost of restoration has been discounted and a provision recognised. The discounted amount for cost of restoration
has been capitalised within mining properties as a tangible fixed asset (note 15) and will be amortised using the unit of production method
over the life of the mine.
The provision was assessed using the following principal assumptions, the provision will be reassessed in 2029 or if there are significant
changes from the assumptions made:
\u2022 External reports were commissioned to identify the principal costs of rehabilitation, to form the basis of the forecasts which were
compared to previous forecasts.
\u2022 An inflation rate of 6.96% was used, the inflation in Kazakhstan is currently averaging 8%-9%, and the longer term projection is inflation
to move down to 5%.
\u2022 A discount rate of 8.44% was used, being the Kazakh government bond rates payable in 2031.
In accordance with the subsoil use agreement, DTOO GRP Baurgold has established a cash fund to pay for the cost of restoration. The
cash fund is maintained in a separate bank account in the name of DTOO GRP Baurgold. DTOO GRP Baurgold is required to contribute
each year an amount equal to 1% of its operating expenses, (being the cost of sales of DTOO GRP Baurgold in extracting the ore) to this
fund. Any transfers from the bank account require the authorisation of the Government of Kazakhstan. This fund will be used to pay for the
costs of restoration as and when they become due. If the funds in the account are insufficient to pay for the costs, DTOO GRP Baurgold
will be required to pay any deficit. If there are funds surplus to those required for restoration these will be returned to DTOO GRP Baurgold.
At the year end the amount in the fund amounted to US$93,000 (2023: US$33,000). The Company has an obligation to contribute to
the restricted cash fund as stipulated in its licence, and has been in communication with the relevant authorities to restore the fund to
the required level in future periods. The failure to comply in the year with certain administrative requirements of the licence including the
maintenance of the cash fund may result in a penalty estimated to be less than US$2,000.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory_D1997975712_CY": { "value": "
Abandonment and restoration costs
In accordance with the provisions of the subsoil use contract (the \u201cContract\u201d), DTOO GRP Baurgold is liable for site restoration costs
upon completion of production activities. It is not possible to predict accurately the amount which might ultimately be payable for
site restoration as it includes assumptions such as inflation in Kazakhstan over the life of the Contract which are inherently uncertain. An
estimate of the future cost of restoration has been discounted and a provision recognised. The discounted amount for cost of restoration
has been capitalised within mining properties as a tangible fixed asset (note 15) and will be amortised using the unit of production method
over the life of the mine.
The provision was assessed using the following principal assumptions, the provision will be reassessed in 2029 or if there are significant
changes from the assumptions made:
\u2022 External reports were commissioned to identify the principal costs of rehabilitation, to form the basis of the forecasts which were
compared to previous forecasts.
\u2022 An inflation rate of 6.96% was used, the inflation in Kazakhstan is currently averaging 8%-9%, and the longer term projection is inflation
to move down to 5%.
\u2022 A discount rate of 8.44% was used, being the Kazakh government bond rates payable in 2031.
In accordance with the subsoil use agreement, DTOO GRP Baurgold has established a cash fund to pay for the cost of restoration. The
cash fund is maintained in a separate bank account in the name of DTOO GRP Baurgold. DTOO GRP Baurgold is required to contribute
each year an amount equal to 1% of its operating expenses, (being the cost of sales of DTOO GRP Baurgold in extracting the ore) to this
fund. Any transfers from the bank account require the authorisation of the Government of Kazakhstan. This fund will be used to pay for the
costs of restoration as and when they become due. If the funds in the account are insufficient to pay for the costs, DTOO GRP Baurgold
will be required to pay any deficit. If there are funds surplus to those required for restoration these will be returned to DTOO GRP Baurgold.
At the year end the amount in the fund amounted to US$93,000 (2023: US$33,000). The Company has an obligation to contribute to
the restricted cash fund as stipulated in its licence, and has been in communication with the relevant authorities to restore the fund to
the required level in future periods. The failure to comply in the year with certain administrative requirements of the licence including the
maintenance of the cash fund may result in a penalty estimated to be less than US$2,000.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfBorrowingsExplanatory_E14_CY": { "value": "
22. Loans and borrowings
Group
2024
US$000
Group
2023
US$000
Company
2024
US$000
Company
2023
US$000
Current loans and borrowings
Bonds
9,912
-
9,912
-
Bank loans 19,288 18,130 - -
Related party loans (see note 20)
1
\u2013
2
-
Other borrowings
-
-
-
-
Total current loans and borrowings 29,201 18,132 9,912 -
Due one - two years
Bond - 9,582 - 9,582
Bank loans 11,722 12,523 - -
11,722 22,105 - 9,582
Due two - five years
Bond 9,569 - 9,569 -
Bank loans 9,654 18,254 - -
Total non-current loans and borrowings 30,945 40,359 9,569 9,582
Total borrowings 60,146 58,491 19,481 9,582
Bond Listed on Astana International Exchange
Bonds to the value of US$10m at a coupon rate of 10.5% which were raised in March 2023, were repaid in March 2025. In July 2024 a further
tranche of bonds of US$10m at a coupon rate of 11.25% were raised, these are repayable in July 2027. In addition after the year end in April
2025 a further bond issue was made of US$10m on AIX at a coupon rate of 9.75%, see note 27.
Bank loans
In September 2019 the Company agreed a facility with JSC Bank Center Credit (BCC) for an amount of US$17m. The bank loan is repayable
in instalments and bears interest at 6%-7%, with the final instalment due in 2026. At the year end US$3.9m was outstanding.
In December 2020 the Company agreed a facility with BCC of US$5.5m (2.3bn Tenge), The loan is denominated in Kazakh Tenge with
interest at 15.5% repayable in instalments with the final instalment due in 2025, at the year end 545,000 Kazakh Tenge was outstanding,
(US$1m).
Additional finance from Bank Center Credit was obtained in 2022 for US$40m, of this amount US10m was a direct cash injection and
US$30m as a credit line administered by the bank to purchase additional machinery.
The loan of US$10m was drawn down in November 2022, the loan incurs interest at a fixed rate of 7.2%, repayments commenced in May
2024, and the loan will be repaid by May 2025. At the year end US$5m was outstanding.
The US$30m credit line incurs interest at 7% with a 3% draw-down charge on each tranche. The credit line was increased to total US$37m
on the same terms during 2023. At the year end US$30.1m was outstanding.
The bank loans are secured over the assets of the Company by a floating charge.
The total borrowings of the Group disclosing the scheduled repayments of capital and interest are disclosed in note 25.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfCashFlowStatementExplanatory_E18_CY": { "value": "
23. Notes to the cash flow statement
Group
2024
US$000
Group
2023
US$000
Company
2024
US$000
Company
2023
US$000
Profit before taxation 30,355 11,885 5,968 33,607
Adjusted for:
Finance income (358) - (2,896) (2,484)
Finance expenses 5,063 3,582 1,613 788
Unwinding of discount on financial liabilities 454 220 (2,718) (2,794)
Unwinding of discount on provisions 506 481 - -
Depreciation and amortisation of fixed assets 9,044 6,989 - -
Provisions (reversal)/provision 117 440 (3,240) 1,248
Increase in inventories (8,055) (6,971) - -
Increase in trade and other receivables (10,954) (3,326) (115) (90)
Loss on disposal 80 13 - -
(Decrease)/increase in trade and other payables (1,529) 1,590 214 241
Waiver of intercompany balance - - - (31,119)
Foreign currency translation 6,373 (252) (50) -
31,096 14,651 (1,224) (603)
Income tax paid (1,726) - - -
Cash inflow/(outflow) from operations 29,370 14,651 (1,224) (603)
Reconciliation of movement of loans and borrowings
Cashflow
Cash
changes
Non-cash changes
Group
1 January
2024
B/fwd
US$000
New
loans
US$000
Loans
repaid
US$000
Interest
repaid
US$000
Interest
charges and
discount
US$000
Foreign
exchange
US$000
Other
changes
US$000
31 December
2024
C/fwd
US$000
Loan element of
Kazakhstan listed bond
9,582 9,444 - (1,331) 2,067 - (281) 19,481
Other borrowings 48,907 12,908 (20,415) (3,469) 3,450 (717) - 40,664
Related party
borrowings
2 - \u2013 - - (1) 1
Net cash outflow from
financing activities
58,491 22,352 (20,415) (4,800) 5,517 (718) (281) 60,146
Due within one year 18,132 29,201
Due after one year 40,359 30,945
58,491 60,146
Details in relation to related party loans are disclosed in note 20.
Cashflow
Cash
changes
Non-cash changes
Group
1 January
2023
B/fwd
US$000
New
loans
US$000
Loans
repaid
US$000
Interest
repaid
US$000
Interest
charges
US$000
Foreign
exchange
US$000
Receivables
net-off
US$000
31 December
2023
C/fwd
US$000
Loan element of
Kazakhstan listed bond
- 9,370 - (788) 1,000 - - 9,582
Other borrowings
23,110 42,111 (16,581) (2,440) 2,811 (104) - 48,907
Related party
borrowings
2 - \u2013 - - - - 2
Net cash outflow from
financing activities 23,112 51,481 (16,581) (3,228) 3,811 (104) - 58,491
Due within one year
13,611 18,132
Due after one year
9,501 40,359
23,112
58,491
Cashflow
Cash
changes
Non-cash changes
Company
1 January
2024
B/fwd
US$000
New
loans
US$000
Loans
repaid
US$000
Interest
repaid
US$000
Interest
charges and
discount
US$000
Foreign
exchange
US$000
Other
changes
US$000
31 December
2024
C/fwd
US$000
Loan element of
Kazakhstan listed bond*
9,582 9,444 - (1,331) 2,067 - (281) 19,481
Net cash outflow from
financing activities 9,582 9,444 - (1,331) 2,067 - (281) 19,481
Due within one year
- 9,912
Due after one year
9,582 9,569
9,582 19,481
* Loan received of US$10m less broker fee of US$556,000.
Cashflow
Cash
changes
Non-cash changes
Company
1 January
2023
B/fwd
US$000
New
loans
US$000
Loans
repaid
US$000
Interest
repaid
US$000
Interest
charges and
unwinding
of discount
US$000
Foreign
exchange
US$000
Receivables
net-off
US$000
31 December
2023
C/fwd
US$000
Loan element of
Kazakhstan listed bond*
- 9,370 - (788) 1,000 - - 9,582
Net cash outflow from
financing activities
- 9,370 - (788) 1,000 - - 9,582
Due within one year - -
Due after one year - 9,582
- 9,582
* Loan received of US$10m is net of broker fee of US$630,000.
24. Share capital
Issued and fully paid
Number US$000
At 31 December 2024 - Ordinary shares of \u00a30.10 each 27,332,934 4,267
At 31 December 2023 - Ordinary shares of \u00a30.10 each 27,332,934 4,267
The rights attaching to the shares are detailed in the Directors report on page 39.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfIssuedCapitalExplanatory_E84_CY": { "value": "
24. Share capital
Issued and fully paid
Number US$000
At 31 December 2024 - Ordinary shares of \u00a30.10 each 27,332,934 4,267
At 31 December 2023 - Ordinary shares of \u00a30.10 each 27,332,934 4,267
The rights attaching to the shares are detailed in the Directors report on page 39.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfFinancialInstrumentsExplanatory_E53_CY": { "value": "
25. Financial instruments
Financial instruments by category
Financial assets
Group
2024
US$000
Group
2023
US$000
Company
2024
US$000
Company
2023
US$000
Cash and cash equivalents 10,495 5,502 8,956 4,413
Other receivables and advance payments 10,969 16,340 - \u2013
Intercompany loans - \u2013 92,661 80,967
21,464 21,842 101,617 85,380
Financial instruments by category
Financial liabilities
Group
2024
US$000
Group
2023
US$000
Company
2024
US$000
Company
2023
US$000
Trade and other payables 3,824 2,444 1,355 163
Loans and borrowings 60,146 58,491 19,480 9,582
63,970 60,935 20,835 9,745
Financial assets and liabilities are measured at amortised cost, there are no amounts recorded at fair value.
Policy on financial risk management
The Company\u2019s principal financial instruments comprise cash and cash equivalents, trade receivables, trade and other payables, other
financial liabilities and borrowings. The Company\u2019s accounting policies and methods adopted, including the criteria for recognition, the
basis on which income and expenses are recognised in respect of each class of financial asset, financial liability and equity instrument are
set out in note 4 - \u201caccounting policies\u201d. The Company does not use financial instruments for speculative purposes. The carrying value of
all financial assets and liabilities approximates to their fair value.
Capital risk management
The Company\u2019s primary objective when managing risk is to ensure there is sufficient capital available to support the Company\u2019s funding
requirements, including capital expenditure, in a way that optimises the cost of capital maximises shareholders\u2019 returns and ensures the
Company\u2019s ability to continue as a going concern. There were no changes to the Company\u2019s capital management approach in the year.
The Company may make adjustments to the capital structure as opportunities arise, as and when borrowings mature or as and when
funding is required. This may take the form of raising equity, debt finance, equipment supplier credit or a combination thereof.
The Company monitors capital on the basis of the gearing ratio, which is defined as net debt divided by total capital. Net debt is
calculated as total borrowings (including current and non-current borrowings as shown in the consolidated statement of financial
position) less cash and cash equivalents (which excludes restricted cash). Total capital is calculated as equity as shown in the consolidated
statement of financial position plus net debt. While the Company does not set absolute limits on the ratio, the Company believes that
a ratio of 30%-40% is acceptable as the Company continues the development of the underground of the Sekisovskoye mine and the
exploration site at Teren Sai, and that optimally this should reduce to and remain below 25% thereafter. The Company\u2019s policy in respect
of capital risk management is the same as that of the Group.
2024
US$000
2023
US$000
Group
Total borrowings 60,146 58,491
Less: cash and cash equivalents (10,402) (5,502)
Net debt 49,744 52,989
Total equity 82,157 70,682
Total Capital 131,901 123,671
Gearing ratio 37.7% 42.8%
2024
US$000
2023
US$000
Company
Borrowings 19,480 9,582
Less: cash and cash equivalents (8,956) (4,413)
Net debt 10,524 5,169
Total equity 128,402 122,731
Total Capital 138,926 127,900
Gearing ratio 7.57% 4.04%
Derivatives, financial instruments and risk management
The Company does not use derivative instruments or other financial instruments to manage its exposure to fluctuations in foreign
currency exchange rates, interest rates and commodity prices.
Foreign currency risk management
The Company and its subsidiaries have transactional currency exposures. Such exposures arise from sales or purchases by the
Company\u2019s two subsidiaries in Kazakhstan in currencies other than the Company\u2019s functional currency. The functional currency of TOO
GMK Altyn MM and DTOO Gornorudnoe Predpriatie Baurgold is the Kazakh Tenge. The currency transactions giving rise to this foreign
currency risk are primarily USD denominated revenues, USD denominated borrowings and other financial liabilities and certain USD
denominated trade payables. The Company and its subsidiaries do not enter into hedging positions in respect of its exposure to foreign
currency risk.
The carrying amounts of the Group\u2019s foreign currency denominated net monetary assets and monetary liabilities at 31 December 2023,
are as follows:
Group
2024 US$000 2023 US$000
Functional Currency Functional Currency
Currency of monetary asset/liability
US$ KZT Total US$ KZT Total
US Dollar (10,568) (39,625) (50,193) (5,183) (45,470) (50,653)
British Pound (1,309) - (1,309) (150) - (150)
Kazakhstan Tenge - 8,995 8,995 - 11,710 11,710
Net Monetary position (42,507) (39,093)
Company
2024 US$000 2023 US$000
Functional Currency Functional Currency
Currency of monetary asset/liability
US$ Total US$ Total
US Dollar 82,092 82,092 (5,183) (5,183)
British Pound (1,309) (1,309) (150) (150)
Net Monetary position 80,783 (5,333)
Sensitivity analysis
The analysis below shows the effect a 10% strengthening, or weakening, of any one of the above currencies against the US Dollar. The
Directors are of the opinion that the Kazakh Tenge may recover from this devaluation but not to any great extent. As the Company earns
it revenues in US Dollars and incurs significant expenditure in Kazakh Tenge, the devaluation is seen as benefiting the overall financial
position of the Company. In 2023 the average value of the Kazakh Tenge to the US Dollar was 456 KZT to the US Dollar, in 2024 this moved
to 469 KZT a 2% change. The exchange rate in April 2025 has since moved to 510-520 KZT which is a differential of approximately 9%-10%
to the average rate in 2024.
Group
2024
US$000
2023
US$000
10% weakening/strengthening of Kazakh Tenge against the US Dollar (3,140) (3,376)
Commodity price risk
The Company is exposed to the effect of fluctuations in the price of gold and silver which are quoted in US Dollars on the international
markets. The Company prepares annual budgets and periodic forecasts including sensitivity analyses in respect of various levels of prices
of these metals.
The Company\u2019s only significant sales during the years ended 31 December 2024 and 2023 were sales of gold dor\u00e9 containing gold and
silver. The sales proceeds for gold dor\u00e9 is fixed by reference to the gold and silver prices on the day of sale. The Company does not plan in
the future to hedge its exposure to the risk of fluctuations in the price of gold or silver and therefore it held no financial instruments that are
sensitive to commodity price changes at either reporting date.
Credit risk
Credit risk refers to the risk that a counter-party will default on its contractual obligations resulting in a financial loss to the Company. The
Company currently sells all dore to the state refiner in Kazakhstan. It has as part of its Company policy adopted a policy of only dealing
with creditworthy counter-parties. The Company\u2019s exposure and the credit ratings of its counter-parties are monitored by the Board
of Directors to ensure that the aggregate value of transactions is spread amongst approved counter-parties. In the current climate of
uncertainty and the situation regarding sanctions being imposed on Russia, the Company is aware that there may be issues in relation
to recoverability and safe guarding of its assets and has built this into their assessments of the creditworthiness of counter-parties. The
Company currently has no trading with Russia and there are no material assets at risk at present.
The Company\u2019s principal financial assets are cash and cash equivalents, trade debtors and other accounts receivables. Cash equivalents
include amounts held on deposit with financial institutions.
It\u2019s principally exposed to credit risk on its cash equivalents and trade and other receivables as per the balance sheet. The maximum
exposure to credit risk is represented by the carrying amount of each financial asset in the balance sheet which at the year end amounted
to a total of US$20.1m (2023: $21.8m).
Although the full tax audits have been completed in the prior years and showed no material issues, there is always the possibility of fiscal
change in the country. There have been a number of fiscal changes in recent years, which in some cases related to the mining industry, this
may become more prevalent as all countries adapt to climate change.
The credit risk on liquid funds held in current accounts and available on demand is limited because the Group\u2019s counter-parties are mainly
banks with high credit ratings assigned by international credit-rating agencies.
It is often impractical in Kazakhstan to carry out a check of creditworthiness of suppliers before making the contracted prepayments.
However significant contracts have to go through a tender process prior to the contract being awarded in the subsidiary that holds the
mining licence. In order to apply under the tender process the creditworthiness of the supplier will be assessed as part of the procedures.
There were no significant balances at 31 December 2024 and 2023 in respect of which suppliers had defaulted on their obligations.
The parent Company\u2019s maximum exposure to credit risk is limited to the carrying amount of loans recorded in the financial statements. The
majority of the loans are on fixed repayment terms in relation to intercompany borrowings the Company has applied IFRS 9 which resulted
in a significant impairment in the prior periods. The loans are reviewed on a regular basis and provisions made in line with IFRS 9.
Liquidity risk
During the year ended 31 December 2024, the Company was financed by internally generated funds, and other borrowings principally
from bank borrowings and a bond raised on the Kazakh stock exchange in July 2024. The Company manages its liquidity risk by the
Directors monitoring cash flow forecasts on a regular basis and ensure that the loan commitments and working capital commitments are
adequately funded.
The following tables detail the Group and the Company\u2019s remaining contractual maturity for its financial liabilities. The tables have
been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company and its
subsidiaries can be required to pay. The table includes both interest and principal cash flows.
Group
Borrowings
US$000
Trade and other
payables
US$000
Total
US$000
31 December 2024
From two to five years 20,224 - 20,224
From one to two years 13,950 - 13,950
Due after more than one year 34,174 - 34,174
Due within one year 31,936 2,502 34,438
66,110 2,502 68,612
Group
Borrowings
US$000
Trade and other
payables
US$000
Total
US$000
31 December 2023
From two to five years 20,629 - 20,629
For one to two years 24,215 - 24,215
Due after more than one year 44,844 - 44,844
Due within one year 21,433 2,443 23,876
66,277 2,443 68,720
Company
Borrowings
US$000
Trade and other
payables
US$000
Total
US$000
31 December 2024
Due between two and five years 10,563 - 10,563
Due between one and two years 1,125 - 1,125
Due within one year 11,387 1,353 12,740
23,075 1,353 24,428
Company
Borrowings
US$000
Trade and other
payables
US$000
Total
US$000
31 December 2023
Due between one and two years 10,131 - 10,131
Due within one year \u2013 163 163
10,131 163 10,294
Borrowings and interest rate risk
There is limited exposure to interest rate risk as the current principal borrowings in the Company and its subsidiaries are at fixed rates. The
bank borrowings are predominately at average interest rates of 6-7%, see note 22.
The significant commitments and contingencies in relation to the group are as noted below:
(a) Contractual liabilities
Subsoil use rights are not provided to the Company on an indefinite basis, and each renewal shall be applied for before the current
contract or license expires. These rights can be cancelled by the Government of the Republic of Kazakhstan (hereinafter referred to as
\u201cthe Government\u201d) if the Company does not fulfil contractual liabilities.
Deposit development costs
In accordance with the subsoil use contract, the Company has an approved working programme which may be reviewed and
reconsidered depending on the economic viability and operational conditions of the deposit. The management of the Company believes
it has fulfilled the requirements of the Contract.
Training for Kazakhstani specialists
In accordance with the terms of the contract the Company is liable for the annual costs incurred in respect of the professional training of
the Kazakhstani personnel involved in the work. The costs are estimated to be at least 1% of the operational costs during the development
and operational process.
Development of the social sphere of the region
According to the terms of the contract, the Company is liable for supporting the development and ensuring social support for the activity
of the communities near the area of operations of the Company. As at 31 December 2024, the Company has met all the conditions of the
Contract.
Liabilities on the restoration of the mine
Within eighty calendar days upon the expiration of the contract the Company is liable for the development of the mine restoration
programme and its inspection by the competent authority of the Government of the Republic of Kazakhstan. The Company is liable for
implementation of the programme upon its approval.
(b) Taxation risks
The tax system of Kazakhstan, being relatively new, is characterised by frequent changes to the legal norms, official interpretations and
court decisions, which are often not explicit and can be contradictory. This leads to differing interpretations by the tax authorities. The
examination and investigations of the accounts to ensure that the tax payable is accurate are carried out by several regulatory bodies.
These bodies have the power to impose heavy fines and penalties. The accuracy of the tax computation can be investigated five calendar
years after the end of the accounting period. In certain circumstances this period can be increased.
(c) Insurance
In accordance with the subsoil use contract the Company is liable for the development of the insurance programme and its submission
for approval by the competent authority. The Company has several contracts of obligatory insurance including insurance of the vehicle
owners, the employer\u2019s liability and insurance of the subsoil users\u2019 liability where the activity of such subsoil users is connected to the
damage to third parties.
(d) Court proceedings
The claims on the Company are periodically set out in the courts along with the Company\u2019s activities. As at the reporting date, there are no
material claims against the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfFinancialRiskManagementExplanatory_E58_CY": { "value": "
Policy on financial risk management
The Company\u2019s principal financial instruments comprise cash and cash equivalents, trade receivables, trade and other payables, other
financial liabilities and borrowings. The Company\u2019s accounting policies and methods adopted, including the criteria for recognition, the
basis on which income and expenses are recognised in respect of each class of financial asset, financial liability and equity instrument are
set out in note 4 - \u201caccounting policies\u201d. The Company does not use financial instruments for speculative purposes. The carrying value of
all financial assets and liabilities approximates to their fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfDerivativeFinancialInstrumentsExplanatory_E35_CY": { "value": "
Derivatives, financial instruments and risk management
The Company does not use derivative instruments or other financial instruments to manage its exposure to fluctuations in foreign
currency exchange rates, interest rates and commodity prices.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory_E39_CY": { "value": "
Foreign currency risk management
The Company and its subsidiaries have transactional currency exposures. Such exposures arise from sales or purchases by the
Company\u2019s two subsidiaries in Kazakhstan in currencies other than the Company\u2019s functional currency. The functional currency of TOO
GMK Altyn MM and DTOO Gornorudnoe Predpriatie Baurgold is the Kazakh Tenge. The currency transactions giving rise to this foreign
currency risk are primarily USD denominated revenues, USD denominated borrowings and other financial liabilities and certain USD
denominated trade payables. The Company and its subsidiaries do not enter into hedging positions in respect of its exposure to foreign
currency risk.
The carrying amounts of the Group\u2019s foreign currency denominated net monetary assets and monetary liabilities at 31 December 2023,
are as follows:
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfCreditRiskExplanatory_E27_CY": { "value": "
Credit risk
Credit risk refers to the risk that a counter-party will default on its contractual obligations resulting in a financial loss to the Company. The
Company currently sells all dore to the state refiner in Kazakhstan. It has as part of its Company policy adopted a policy of only dealing
with creditworthy counter-parties. The Company\u2019s exposure and the credit ratings of its counter-parties are monitored by the Board
of Directors to ensure that the aggregate value of transactions is spread amongst approved counter-parties. In the current climate of
uncertainty and the situation regarding sanctions being imposed on Russia, the Company is aware that there may be issues in relation
to recoverability and safe guarding of its assets and has built this into their assessments of the creditworthiness of counter-parties. The
Company currently has no trading with Russia and there are no material assets at risk at present.
The Company\u2019s principal financial assets are cash and cash equivalents, trade debtors and other accounts receivables. Cash equivalents
include amounts held on deposit with financial institutions.
It\u2019s principally exposed to credit risk on its cash equivalents and trade and other receivables as per the balance sheet. The maximum
exposure to credit risk is represented by the carrying amount of each financial asset in the balance sheet which at the year end amounted
to a total of US$20.1m (2023: $21.8m).
Although the full tax audits have been completed in the prior years and showed no material issues, there is always the possibility of fiscal
change in the country. There have been a number of fiscal changes in recent years, which in some cases related to the mining industry, this
may become more prevalent as all countries adapt to climate change.
The credit risk on liquid funds held in current accounts and available on demand is limited because the Group\u2019s counter-parties are mainly
banks with high credit ratings assigned by international credit-rating agencies.
It is often impractical in Kazakhstan to carry out a check of creditworthiness of suppliers before making the contracted prepayments.
However significant contracts have to go through a tender process prior to the contract being awarded in the subsidiary that holds the
mining licence. In order to apply under the tender process the creditworthiness of the supplier will be assessed as part of the procedures.
There were no significant balances at 31 December 2024 and 2023 in respect of which suppliers had defaulted on their obligations.
The parent Company\u2019s maximum exposure to credit risk is limited to the carrying amount of loans recorded in the financial statements. The
majority of the loans are on fixed repayment terms in relation to intercompany borrowings the Company has applied IFRS 9 which resulted
in a significant impairment in the prior periods. The loans are reviewed on a regular basis and provisions made in line with IFRS 9.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfLiquidityRiskExplanatory_E88_CY": { "value": "
Liquidity risk
During the year ended 31 December 2024, the Company was financed by internally generated funds, and other borrowings principally
from bank borrowings and a bond raised on the Kazakh stock exchange in July 2024. The Company manages its liquidity risk by the
Directors monitoring cash flow forecasts on a regular basis and ensure that the loan commitments and working capital commitments are
adequately funded.
The following tables detail the Group and the Company\u2019s remaining contractual maturity for its financial liabilities. The tables have
been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company and its
subsidiaries can be required to pay. The table includes both interest and principal cash flows.
Group
Borrowings
US$000
Trade and other
payables
US$000
Total
US$000
31 December 2024
From two to five years 20,224 - 20,224
From one to two years 13,950 - 13,950
Due after more than one year 34,174 - 34,174
Due within one year 31,936 2,502 34,438
66,110 2,502 68,612
Group
Borrowings
US$000
Trade and other
payables
US$000
Total
US$000
31 December 2023
From two to five years 20,629 - 20,629
For one to two years 24,215 - 24,215
Due after more than one year 44,844 - 44,844
Due within one year 21,433 2,443 23,876
66,277 2,443 68,720
Company
Borrowings
US$000
Trade and other
payables
US$000
Total
US$000
31 December 2024
Due between two and five years 10,563 - 10,563
Due between one and two years 1,125 - 1,125
Due within one year 11,387 1,353 12,740
23,075 1,353 24,428
Company
Borrowings
US$000
Trade and other
payables
US$000
Total
US$000
31 December 2023
Due between one and two years 10,131 - 10,131
Due within one year \u2013 163 163
10,131 163 10,294
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ifrs-full_NameOfParentEntity_E11_CY": { "value": "AGold Mining Group Plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ifrs-full_NameOfUltimateParentOfGroup_E12_CY": { "value": "AGold Mining Group Plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory_E42_CY": { "value": "
27. Non adjusting events after the financial period and capital commitments
In March 2025 on maturity the Company repaid a US$10m bond, which had a coupon rate of 10.5% . It subsequently issued another bond
on the Astana International Exchange in April 2025 for a similar amount. The new bond is repayable in three years, and has a coupon rate of
9.75%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfCommitmentsExplanatory_E23_CY": { "value": "
In March 2025 on maturity the Company repaid a US$10m bond, which had a coupon rate of 10.5% . It subsequently issued another bond
on the Astana International Exchange in April 2025 for a similar amount. The new bond is repayable in three years, and has a coupon rate of
9.75%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ifrs-full_AddressOfRegisteredOfficeOfEntity_E8_CY": { "value": "28 Eccleston SquareLondonSW1V 1NZ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ifrs-full_PrincipalPlaceOfBusiness_E9_CY": { "value": "London", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }