Project Development and Feasibility - The company completed and announced the feasibility study results for the Jeanette project, adopting a phased approach to reduce required funding and construction time for initial production [28]. - The company decided to suspend further work on the Evander project construction contract to review the feasibility results of the Jeanette project [28]. - The company is focusing on the feasibility study of the Jeanette project and related community social and labor plans, as well as advancing engineering, procurement, and construction contracts with MCC [49]. - The initial capital cost estimate for the Jeanette project has been significantly reduced from USD 723.8 million to USD 523.5 million due to a phased execution approach [60]. - The time to first gold production for the Jeanette project has been shortened from 4.5 years to 3.6 years [60]. - The Jeanette project has an estimated total resource of 7.12 million ounces of gold, based on the preliminary feasibility study completed in February 2016 [54]. - The total capital cost for the Jeanette project is $646.6 million [61]. - The after-tax net present value (NPV) at a 5% discount rate for the Jeanette project is $509.9 million [61]. - The after-tax internal rate of return (IRR) for the Jeanette project is 14.1% [61]. - The Evander project has extracted 4.113 million ounces of gold during its lifespan [69]. - The average annual gold production for the Evander project is estimated at 309,000 ounces [69]. - The estimated initial capital cost for the Evander project is $579.3 million [69]. - The after-tax net present value (NPV) at a 5% discount rate for the Evander project is $724.8 million [69]. - The after-tax internal rate of return (IRR) for the Evander project is 17.6% [69]. Financial Performance - For the fiscal year ending March 31, 2020, the company reported a net loss attributable to equity holders of approximately HKD 41,359,000, compared to a net loss of approximately HKD 33,871,000 in the previous fiscal year [43]. - Total comprehensive expenses for the year were approximately HKD 771,082,000, down from HKD 817,302,000 in the previous year, primarily due to foreign exchange differences from South African operations [43]. - As of March 31, 2020, the company's total assets were approximately HKD 3,341,526,000, down from HKD 4,167,185,000 in the previous year, with a capital debt ratio of zero [44]. - The company's cash and cash equivalents balance as of March 31, 2020, was approximately HKD 199,594,000, compared to HKD 239,062,000 in the previous year [44]. - The company did not conduct any mining or production activities during the review period [50]. - The company does not recommend any dividend payment for the fiscal year ending March 31, 2020 [104]. - As of March 31, 2020, the company has no reserves available for cash or physical distribution to shareholders [113]. Environmental and Social Responsibility - The company has implemented health measures in response to COVID-19, ensuring the safety of employees while maintaining operations in Hong Kong [37]. - Total greenhouse gas emissions during the reporting period amounted to 10,649.3 kg CO2 equivalent [167]. - Energy consumption recorded was 120,327 kWh, and water consumption was 327 cubic meters [169]. - The company has implemented strategies to reduce business travel and energy consumption, including the use of video conferencing [168]. - The Jeanette project has obtained waste management permits under the National Environmental Management Act (1998) [167]. - The company has not generated any hazardous waste during the reporting period as mining projects are still in the development stage [168]. - There were no reported violations of environmental laws during the reporting period [168]. - The company has established a health and safety management system named "Safety Road" to ensure employee well-being [178]. - There were zero fatalities and zero work-related injury days lost during the reporting period [180]. - The company emphasizes the importance of efficient water resource management due to operations in water-scarce regions [172]. - The company has established a supplier selection and evaluation mechanism to ensure compliance with relevant laws and regulations [187]. - The company has implemented social and labor programs aimed at improving the social and economic welfare of local communities [192]. - The company is committed to enhancing the quality of life and making a long-term positive impact on the communities where it operates [192]. - The company has a policy to obtain at least three quotes for supplier selection [187]. - The company encourages employees to report any illegal or unethical behavior confidentially [190]. - The company aims to contribute to the socio-economic development of the communities where it operates [196]. Corporate Governance - The company has a diverse board with members having extensive experience in mining and finance, enhancing its strategic decision-making capabilities [123][124]. - The independent non-executive directors play crucial roles in the audit, remuneration, and nomination committees, ensuring corporate governance [126][127]. - The board's composition includes members with significant experience in investment and corporate banking, which supports financial strategy [124]. - The company has not disclosed any significant interests or positions held by directors or their associates in related companies as of the reporting date [132]. - As of March 31, 2020, the company had granted options under the share option plan that remain valid and unexercised, allowing for the subscription of 174,933,901 shares, equivalent to 0.96% of the issued shares as of the report date [149]. - Major shareholders as of March 31, 2020, include Goldborn Holdings Limited with 2,001,362,075 shares (11.03% of issued ordinary shares) and Mandra Materials Limited with 777,434,722 shares (4.28%) [153]. - The company maintains a sufficient public float of no less than 25% of its issued shares as required by listing rules [157]. - The company has received annual confirmations from independent non-executive directors regarding their independence from the company [158]. - Deloitte has audited the financial statements for the year ending March 31, 2020, and is eligible for reappointment at the upcoming annual general meeting [159]. - The company has not made any significant changes to its capital structure during the year [106]. - The company has not purchased, sold, or redeemed any of its listed securities during the year [107]. - The company has no significant contracts with directors or major executives that would result in direct or indirect interests [131]. - The board of directors has no service contracts that cannot be terminated within one year without compensation, except for statutory compensation [128]. Operational Updates - The company is actively seeking opportunities to acquire short-term gold production assets to benefit shareholders and generate cash flow amid rising gold prices, which are approaching $1,800 per ounce [32]. - The company is transitioning from a gold project developer to a gold producer, with a focus on advancing project construction and eventual production [29]. - The company is in discussions with MCC regarding the basic design agreement for the Jeanette project, moving towards the total price proposal stage [28]. - The company has engaged a local professional team to assess the latest developments regarding the Pakistan target company [89]. - The company is actively monitoring the progress of the Pakistan target company and its mining license conversion, which is now effective [87]. - The company has received environmental permits for the dewatering and construction phases of the Evander project [98]. - The sale process of the company's 100% interest in HIL is ongoing, with potential buyers facing challenges related to export logistics [99]. - The company and MCCI decided to wait for the feasibility study results of the Jeanette project before investing more time and resources into the Evander project [95]. - The remaining work on the Evander contract is expected to take 12 to 18 months from the decision to proceed [97]. - The company has established solid relationships with stakeholders and implemented effective communication mechanisms to manage their expectations [164].

Financial Performance - For the six months ended September 30, 2019, the company reported a loss before tax of HKD 15,109,000, compared to a loss of HKD 13,292,000 for the same period in 2018, representing an increase in loss of approximately 13.7%[4] - Total comprehensive loss for the period was HKD 40,764,000, a significant decrease from HKD 137,508,000 in the prior year, indicating a reduction of approximately 70.4%[4] - The company's other income decreased to HKD 966,000 from HKD 9,490,000 year-over-year, reflecting a decline of approximately 89.8%[4] - The administrative and operating expenses were reduced to HKD 14,820,000 from HKD 22,454,000, showing a decrease of about 33.9%[4] - The company reported a basic and diluted loss per share of HKD 0.07 for both periods under review, consistent with the previous year[8] - The company did not incur any income tax expenses for the period, maintaining the same status as the prior year[4] - The company reported a significant increase in total expenses, with a total expenditure of HKD (137,508) thousand for the six months ended September 30, 2019[28] - The company reported a net decrease in cash and cash equivalents of HKD (32,883) thousand for the six months ended September 30, 2019, compared to HKD (23,663) thousand in 2018, reflecting a 38.8% increase in cash outflow[28] Assets and Equity - The company's total assets as of September 30, 2019, were HKD 4,116,703,000, slightly down from HKD 4,156,885,000 as of March 31, 2019[11] - The equity attributable to the owners of the company was HKD 3,290,521,000, a decrease from HKD 3,322,883,000 at the end of the previous reporting period[13] - Cash and cash equivalents as of September 30, 2019, amounted to approximately HKD 206,103,000, a decrease from HKD 239,062,000 as of March 31, 2019[80] Cash Flow - The net cash used in operating activities for the six months ended September 30, 2019, was HKD (28,483) thousand, compared to HKD (17,943) thousand for the same period in 2018, indicating a 58.5% increase in cash outflow[28] - The net cash used in investing activities for the same period was HKD (4,400) thousand, a decrease of 23.0% from HKD (5,717) thousand in 2018[28] - The company’s cash flow from financing activities was nil for the six months ended September 30, 2019, compared to HKD (3) thousand in 2018, indicating a shift in financing strategy[28] - The company’s cash flow from operating activities showed a negative trend, with a total of HKD (28,483) thousand for the current period, highlighting potential operational challenges[28] Strategic Initiatives - The company continues to explore opportunities for market expansion and new product development as part of its strategic initiatives[4] - The company focused on advancing the feasibility study for the Jeanette project and related community social and labor plans during the review period[83] - The company did not conduct any mining or production activities during the review period[84] Projects and Expenditures - The Evander project has a total mineral resource of 7.59 million ounces of gold, with indicated and inferred resources accounting for 71% of the total[87] - The estimated mineral reserves in the Kimberley Reef area of the Evander project are 19.64 million tons containing 4.29 million ounces of gold, with an average grade of 6.80 grams per ton[85] - Total expenditure for the Evander project during the period was 5.74 million Rand, broken down into 0.24 million Rand for consultants, 4.20 million Rand for personnel, and 1.30 million Rand for indirect expenses[90] - The Jeanette project has a total mineral resource of 46.51 million tons containing 15.26 million ounces of gold, with an average grade of 5.57 grams per ton[94] - Total expenditure for the Jeanette project during the period was 8.14 million Rand, with 2.14 million Rand for consultants, 4.50 million Rand for personnel, and 1.50 million Rand for indirect expenses[98] - The company invested 8.14 million Rand in the Jeanette project during the review period[92] - The Evander project incurred a total expenditure of 5.74 million Rand during the review period[90] Corporate Governance - The company has complied with the corporate governance code as per the listing rules, except for the deviation regarding the appointment and re-election of independent non-executive directors[177] - The audit committee, consisting of three independent non-executive directors, has discussed the accounting principles, internal controls, risk management, and financial reporting matters with management for the six months ended September 30, 2019[181] Shareholder Information - Major shareholders include Goldborn Holdings Limited with 2,001,362,075 shares (11.03%) and Mandra Materials Limited with 1,813,794,222 shares (9.99%) as of September 30, 2019[173] - The company has a stock option plan that allows for the issuance of shares up to 10% of the total issued shares as of January 4, 2010, with a maximum of 161,924,000 shares[158] - The company’s management discussed the importance of retaining skilled employees through the stock option plan[161] - The company has no outstanding short positions in its shares or related securities as of September 30, 2019[176] - The company’s management emphasized the strategic importance of the stock option plan in aligning employee interests with shareholder value[161]

Financial Performance - For the fiscal year ending March 31, 2019, the company reported a loss attributable to shareholders of approximately HKD 33,871,000, or a basic loss per share of HKD 0.19, compared to a loss of HKD 389,047,000, or HKD 2.14 per share in the previous fiscal year[39]. - The group did not record any revenue for the fiscal year ending March 31, 2019, consistent with the previous year, while the total comprehensive expenses amounted to approximately HKD 817,302,000, primarily due to foreign exchange losses from South African operations[41]. - As of March 31, 2019, the company's total assets were approximately HKD 4,167,185,000, with a capital debt ratio of zero, indicating no outstanding bank loans[42]. - The cash and cash equivalents balance as of March 31, 2019, was approximately HKD 239,062,000, an increase from HKD 162,906,000 in 2018[42]. - The company has no plans to declare dividends for the fiscal year ending March 31, 2019, as it does not meet the conditions for cash or physical distributions[162]. Project Development - The company has appointed MCCI International Incorporation Limited to conduct a feasibility study for the Jeanette project, which will be executed in phases to reduce capital requirements and expedite initial production[30]. - The company plans to transition from a gold developer to a gold producer, considering opportunities to expedite this transition[31]. - The company has decided to suspend further work on the Evander project to review the feasibility results of the Jeanette project before determining the optimal execution sequence for both projects[30]. - The feasibility study for the Evander project indicates an average annual gold production of 309,000 ounces over a 20-year mine life, with a cash operating cost of $486 per ounce[72]. - The estimated initial capital cost for the Evander project is $579.3 million, with a total capital cost of $714.7 million over the project's lifespan[72]. - The project is expected to produce approximately 4.11 million ounces of gold over its lifespan, with an average grade of 6.51 grams per ton[72]. - The Jeanette project has an estimated initial capital cost of $759.0 million and a total capital cost of $1,090.4 million over its lifespan[132]. - The project is expected to produce 7.243 million ounces of gold during its lifespan, with a cash operating cost of $343 per ounce[132]. - The project will utilize mechanized mining methods, significantly reducing dilution factors compared to traditional methods[130]. - The company agreed to allocate more time and resources to advance the Evander project, awaiting the results of the Jeanette feasibility study, which is expected to significantly reduce funding needs compared to Evander[151]. Mineral Resources and Reserves - The Evander project has an estimated mineral resource of 19.64 million tons with an average grade of 6.80 g/t, translating to approximately 4.29 million ounces of gold[53]. - The total estimated mineral resources for the Evander project as of February 5, 2016, amount to 29.37 million tons with an average grade of 8.05 grams per ton, containing approximately 7.59 million ounces of gold[67]. - The estimated mineral resource for the Jeanette project includes 19.21 million tons at a grade of 11.52 g/ton, totaling 7.12 million ounces of gold[93]. - The total measured and indicated resources for the Jeanette project amount to 10.99 million tons with a grade of 27.27 grams per ton, translating to approximately 9.64 million ounces of gold[101]. - The mineral reserves are based on a commodity price of ZAR 455,736 per kilogram of gold, equivalent to approximately USD 1,350 per ounce, which is significantly lower than the ZAR 580,638 per kilogram used for the latest boundary grade calculations[97]. Market Conditions - The global gold production in 2018 remained above 3,300 tons, with expectations to reach nearly 3,500 tons in 2019, indicating a significant increase in demand and production challenges[33]. - The geopolitical instability and economic uncertainties are expected to support strong gold prices, with predictions of prices rising above USD 1,400 per ounce[36]. Environmental and Regulatory Compliance - The environmental impact assessment for the Jeanette project was approved on December 20, 2016, and the mining rights were granted on June 25, 2017[124]. - TGS has provided environmental certification for the dewatering and construction phases of the Evander project, with modifications to the environmental impact assessments required[90]. - The environmental impact assessment for the dewatering phase of the Evander project was approved, and the water use permit application was submitted and approved in 2017[153]. Corporate Governance and Management - Neil Andrew Herrick has been the CEO and Executive Director since April 2013, bringing over 25 years of experience in the gold mining industry[180]. - The board includes independent non-executive directors with extensive experience in finance and mining, enhancing corporate governance[184][185]. - The company has a commitment to safety and environmental standards, with dedicated committees overseeing these areas[185]. - The company is actively involved in human resources management, with a focus on enhancing operational efficiency[182]. - The company has a strong leadership team with diverse backgrounds in mining, finance, and management, contributing to its strategic direction[180][184]. Shareholder Information - As of March 31, 2019, the total number of share options granted under the company's share option plan that remain valid and unexercised is 178,203,974 shares, equivalent to 0.98% of the issued shares as of the report date[199]. - The maximum number of shares that can be issued upon the exercise of options under the share option plan is capped at 10% of the total issued shares as of January 4, 2010, which amounts to a total of 161,924,000 shares[195]. - The company has granted a total of 215,084,218 share options, with 36,880,244 options canceled, resulting in 178,203,974 options still available[198]. - The shareholding of Christiaan Rudolph de Wet de Bruin is 373,866,354 shares, representing 2.06% of the total shares[192]. - Neil Andrew Herrick holds 55,899,452 shares, which is 0.31% of the total shares[192]. - Zhang Peiqin holds 19,215,637 shares, representing 0.11% of the total shares[192]. - Li Xuexian holds 17,380,622 shares, which is 0.10% of the total shares[192].