GOLIATH GOLD MINING LIMITED - Prior period restatement and trading statement

Prior period restatement and 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”)


PRIOR PERIOD RESTATEMENT AND TRADING STATEMENT


PRIOR PERIOD RESTATEMENT

Shareholders are referred to the ‘prior period error’ paragraph contained in the interim results for the six
months ended 30 June 2013 as announced on SENS on 29 September 2013 in which it was stated that an
error was identified in certain assumptions applied in the calculation of the BEE charge. The headline loss
calculation as set out in the abridged condensed consolidated financial results for the year ended
31 December 2012 as released on SENS on 28 March 2012 has also been restated.

The effects of the aforementioned adjustments on headline earnings are as follows:

                                                                               Restated              Audited
                                                                             year ended           year ended
                                                                            31 December          31 December
                                                          Change                   2012                 2012
                                                               %                  R’000                R’000
 Headline loss reconciliation
 Basic loss for the year                                       -               (85 863)             (85 863)
 Adjustments for:
 Loss on disposal of assets                                    -                  1 105                1 105
 Fair value adjustment                                     100.0                  1 178                    -
 BEE charge                                              (100.0)                      -               23 770
 Impairment of assets                                          -                 22 914               22 914
 Headline loss for the year                                 59.3               (60 666)             (38 074)
 Headline loss per share (cents)                            56.8                 (43.9)               (28.0)
 Weighted average number of shares (‘000)                                       138 189              138 189

TRADING STATEMENT

In terms of the Listings Requirements of JSE Limited, 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 year ending 31 December 2013 by management has indicated that
the basic loss per share is expected to be between 35 cents and 48 cents and the headline loss per share
is expected to be between 37 cents and 46 cents, compared to the basic loss per share of 62.0 cents and
the restated headline loss per share of 43.9 cents for the year ended 31 December 2012.

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 2013 are expected to be
released on SENS on or about 31 March 2014.


Johannesburg
8 January 2014


Sponsor
Merchantec Capital

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