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Latest News

Executive Management Change

October 16, 2014/in Announcement, News /by KCN Web Admin

16 October 2014

Manager
Company Announcements Office
Australian Securities Exchange

Executive Management Change

Kingsgate Consolidated Limited (ASX: KCN) advises that CEO, Mr Geoff Day, and CFO, Mr Austen Perrin, have ceased employment with the Company.

The Kingsgate Board has appointed Chairman, Mr Ross Smyth-Kirk as interim Executive Chairman and Mr Tim Benfield, who is the Company’s Chief Operating Officer, as interim CEO. In addition, Mr Ross Coyle, Kingsgate’s General Manager Finance and Administration has been appointed acting CFO.

These appointments are made pending permanent appointments to these positions.

Ross Smyth-Kirk

Chairman
Kingsgate Consolidated Limited


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http://www.kingsgate.com.au/wp-content/uploads/2014/03/ASX-Icon.png 80 80 KCN Web Admin http://www.kingsgate.com.au/wp-content/uploads/2015/05/KCN_WebLogo_SMALL.png KCN Web Admin2014-10-16 13:33:422014-10-16 13:37:49Executive Management Change

Appointment of Chief Financial Officer

September 17, 2014/in Announcement, News /by KCN Web Admin

17 September 2014

Manager
Company Announcements Office
Australian Securities Exchange

Appointment of CFO

Kingsgate Consolidated Limited (ASX: KCN) is pleased to announce the appointment of Mr Austen Perrin to the role of Chief Financial Officer (CFO).

Austen has an extensive career history across a variety of relevant industries that will help position Kingsgate into the future. His executive experience includes CFO and/or Finance Director roles at Whitehaven Coal Limited, Asciano Limited, Pacific National Pty Limited and Toll NZ Limited.

Austen is a Member of the Institute of Chartered Accountants (ICAA) in Australia and holds a Bachelor of Economics degree (Accounting & Finance) from Macquarie University.

Kingsgate CEO, Geoff Day, said “I am delighted to welcome Austen to the Kingsgate team and look forward to his significant input to the growth and development of Kingsgate.

Austen is a highly experienced and well-credentialed finance executive with a strong track record of delivering financial and commercial results.”

Austen will commence duties on Monday 22 September 2014.

Geoff Day

CEO
Kingsgate Consolidated Limited


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http://www.kingsgate.com.au/wp-content/uploads/2014/03/ASX-Icon.png 80 80 KCN Web Admin http://www.kingsgate.com.au/wp-content/uploads/2015/05/KCN_WebLogo_SMALL.png KCN Web Admin2014-09-17 12:50:172014-09-17 12:50:17Appointment of Chief Financial Officer

Denver Gold Forum – September 2014

September 16, 2014/in Announcement, News /by KCN Web Admin

16 September 2014

Denver Gold Forum

Adapting to changing markets and building for the future

Kingsgate’s Vision

Focus on delivering shareholder & stakeholder value through:

  • Maximising operational performance of existing mines
  • Developing high quality precious metal projects
  • Lowering costs, increasing margins and improving cashflows
  • Strategic engagement and relationship building with all stakeholders
To be a preferred precious metals company

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http://www.kingsgate.com.au/wp-content/uploads/2014/03/ASX-Icon.png 80 80 KCN Web Admin http://www.kingsgate.com.au/wp-content/uploads/2015/05/KCN_WebLogo_SMALL.png KCN Web Admin2014-09-16 12:29:312014-09-16 12:29:31Denver Gold Forum – September 2014

Full Year Statutory Accounts

September 5, 2014/in Announcement, News /by KCN Web Admin

5 September 2014

Directors Report and Financial Report for the Year Ended 30 June 2014


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http://www.kingsgate.com.au/wp-content/uploads/2014/03/ASX-Icon.png 80 80 KCN Web Admin http://www.kingsgate.com.au/wp-content/uploads/2015/05/KCN_WebLogo_SMALL.png KCN Web Admin2014-09-05 17:47:472014-09-05 17:47:47Full Year Statutory Accounts

Financial Results for the Year to 30 June 2014 – Presentation

August 29, 2014/in Announcement, News /by KCN Web Admin

29 August 2014

Financial Results for the Year Ended 30 June 2014

Financial Highlights

  • Underlying EBITDA* of $66.4 million
  • Underlying loss before tax $5.2 million
  • Gross cashflow from operations for the year of $72.9 million
  • Statutory loss after tax $96.3 million
  • Full year results significantly impacted by A$84.6 million non-cash impairment to Bowdens Silver Project
  • Higher gold sold (+11%) offset by lower gold price received
  • Repayment of A$52 million of group debt facilities
  • Cash of $64.1 million (including restricted cash of A$10.5M)

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http://www.kingsgate.com.au/wp-content/uploads/2014/03/ASX-Icon.png 80 80 KCN Web Admin http://www.kingsgate.com.au/wp-content/uploads/2015/05/KCN_WebLogo_SMALL.png KCN Web Admin2014-08-29 16:30:532014-09-01 16:48:45Financial Results for the Year to 30 June 2014 – Presentation

Preliminary Final Results and Appendix 4E for the year ended 30 June 2014

August 29, 2014/in Announcement, News /by KCN Web Admin

29 August 2014

Manager
Company Announcements Office
Australian Securities Exchange

Preliminary Final Results and Appendix 4E for the Year Ended 30 June 2014

Kingsgate has recorded the following financial performance for the year ended 30 June 2014:

  • Gold sold up 11% to 216,887 ounces
  • Revenue of $328.3 million.
  • EBITDA* (before significant items) of $66.4 million.
  • Loss before tax and significant items of $5.2 million.
  • Loss after tax and significant items of $96.3 million.
  • Non-cash asset impairment of $84.6 million relating to the Bowdens Silver Project.

Gold sold for the year was up 11% to 216,887 ounces (2013: 195,948 ounces) including 140,868 ounces from Chatree and 76,022 ounces from Challenger. This was offset by a lower realised gold price of US$1,291 per ounce (2013: US$1,588 per ounce).

Chatree continued to perform strongly delivering EBITDA of $87.2 million and a net profit before tax of $34.3 million. At Challenger the major restructure and new mine plan and new contract miner improved the underlying financial performance with the operation close to breakeven for the year before one-off restructuring costs.

The major contributor to the after tax loss of $96.3 million is the non?cash impairment to the carrying value of the Bowdens Silver Project (“Bowdens”). The Board of Kingsgate believes that Bowdens remains an important asset in the Kingsgate development portfolio, however in accordance with the current accounting standards the Company is required to assess the carrying value of the operating and development projects within a set valuation framework. The outcome of the assessment is a non?cash impairment of $84.6 million against the carrying value of Bowdens.

The development projects continued to advance during the year. At Nueva Esperanza, the Definitive Feasibility Study (“DFS”) was completed on the project based on a heap leach process and on-site power generation. The results of the study support the technical viability and financial robustness of the project. At Bowdens, the feasibility work continued on mine planning, infrastructure and metallurgy and has confirmed the optimum process route. Work will now focus on completion and lodgement of the Environmental Impact Statement (“EIS”) by the end of calendar year 2014.

Outlook

The outlook for the Group in fiscal year 2015 is for gold production to be in the range of 195,000 to 215,000 ounces. The Chatree Mine in Thailand is expected to continue its strong performance and remain the major producing asset for Kingsgate with an improved production performance of between 130,000 to 140,000 ounces. At the Challenger Mine in South Australia, the focus will remain on cost and productivity improvements with drilling to continue to assess the potential to convert further resources to reserves and extend the mine life. Gold production for the year from Challenger is expected to be in the range of 65,000 ounces to 75,000 ounces of gold.

Kingsgate continues to adapt to the volatile operating environment for gold producers and pursue strategies to lower costs and improve operating efficiencies in order to maximise shareholder returns. This includes considering partners for development projects and potential rationalisation of the asset base.

Tim Benfield

Acting CEO
Kingsgate Consolidated Limited


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