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Trading Statement
GOLIATH GOLD MINING LIMITED
Incorporated in the Republic of South Africa
(Registration number 1933/004523/06)
Share code: GGM ISIN: ZAE000154753
(“Goliath Gold” or “the Company”)
TRADING STATEMENT
The annual report released on 28 March 2012 reported that the Company’s year-end had been amended
from 31 March to 31 December in order to coincide with the 31 December year-end of the Company’s new
majority shareholder, Gold One International Limited (“Gold One”). An interim financial report was therefore
issued for the six month period ended 30 June 2012 (“interim results”).
On 20 March 2012, the transaction whereby Goliath Gold acquired the Megamine assets (“Megamine”)
from Gold One Africa Limited (“Gold One Africa”), a wholly-owned subsidiary of Gold One, was declared
unconditional. Goliath Gold settled the purchase price by issuing shares to Gold One Africa resulting in
Gold One Africa holding 72% of the issued share capital in Goliath Gold. In accordance with IFRS 3, the
transaction has been determined to be a reverse acquisition. In a reverse acquisition the legal acquiror,
Goliath Gold, becomes the accounting subsidiary and the legal acquiree, Megamine, becomes the
accounting acquiror. Because of the accounting treatment resulting from the reverse acquisition, the interim
results disclosed only Megamine’s current and comparative interim results (and not last year’s interim
results for Goliath Gold). However, with respect to reverse acquisitions, the JSE Limited (“JSE”) requires
disclosure in trading statements of the current expected Megamine consolidated interim range per share on
a basic and headline basis compared to last year’s Goliath consolidated interim earnings and headline
earnings per share.
In terms of the JSE Listings Requirements, listed companies are required to publish a trading statement as
soon as they become reasonably certain that the financial results for the period to be reported on will differ
by more than 20% from that of the previous corresponding period.
A review of the financial results for the twelve month period ending 31 December 2012 by the board of
directors has resulted in a reasonably certain expectation that the consolidated loss and headline loss per
share will be a minimum of 68.0 cents and 26.0 cents respectively, compared to the consolidated earnings
and headline earnings per share of 2.3 cents for the nine month period ended 31 December 2011.
The financial information on which this trading statement is based has not been reviewed or reported on by
the Company’s auditors. Goliath Gold’s results for the year ending 31 December 2012 are expected to be
released on SENS on or about 28 March 2013.
Johannesburg
13 December 2012
Sponsor
Merchantec Capital
Date: 13/12/2012 08:47:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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