| Segment reporting |
31. Segment reporting
The Group currently identifies four reportable segments which consist of each of its three mines based in Zimbabwe: the How Mine, the Mazowe Mine, and the Redwing Mine. Another segment ‘Other’ relates to corporate overhead. The Group’s CEO is the Group’s chief operating decision maker responsible for evaluating the operating performance of the Group’s mining operations, allocating resources, and making strategic decisions. For each of the segments, the Group’s CEO reviews internal management reports on at least a quarterly basis. Information regarding the results of each reportable segment is included below. Performance is measured based on operating profit/loss, as included in the internal management reports that are reviewed by the Group’s CEO. Segment operating profit or loss is used to measure performance as management believes that such information is the most relevant in evaluating the operating performance of each segment relative to other entities that operate within these industries. The accounting policies of the reportable segments are the same as the Group’s accounting policies.
An IFRIC Agenda Decision which deals with the Disclosure of Revenues and Expenses for Reportable Segments resulted in amounts being more disaggregated in the segment report. As a result, the comparatives for the year ended December 31, 2024 have also been disaggregated further and restated.
|
|
|
How Mine
|
|
Redwing Mine
|
|
Mazowe Mine
|
|
Other
|
|
Total
|
| |
|
2025
|
|
2024
|
|
2025
|
|
2024
|
|
2025
|
|
2024
|
|
2025
|
|
2024
|
|
2025
|
|
2024
|
|
Revenue
|
|
$
|
82,595 |
|
|
85,632 |
|
|
|
|
|
250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
82,595 |
|
|
85,882 |
|
|
Production costs
|
|
|
(36,958 |
)
|
|
(38,648 |
)
|
|
|
|
|
(23 |
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(36,958 |
)
|
|
(38,671 |
)
|
|
Depreciation
|
|
|
(7,226 |
)
|
|
(4,057 |
)
|
|
(8 |
)
|
|
(3 |
)
|
|
(33 |
)
|
|
(81 |
)
|
|
|
|
|
|
|
|
(7,267 |
)
|
|
(4,141 |
)
|
|
Royalties
|
|
|
(4,138 |
)
|
|
(4,279 |
)
|
|
|
|
|
(2 |
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4,138 |
)
|
|
(4,281 |
)
|
|
Gross profit (loss)
|
|
|
34,273 |
|
|
38,648 |
|
|
(8 |
)
|
|
222 |
|
|
(33 |
)
|
|
(81 |
)
|
|
|
|
|
|
|
|
34,232 |
|
|
38,789 |
|
|
Other income
|
|
|
138 |
|
|
288 |
|
|
512 |
|
|
77 |
|
|
127 |
|
|
351 |
|
|
|
|
|
|
|
|
777 |
|
|
716 |
|
|
Impairment
|
|
|
|
|
|
|
|
|
|
|
|
(4,095 |
)
|
|
(240 |
)
|
|
(1,629 |
)
|
|
|
|
|
|
|
|
(240 |
)
|
|
(5,724 |
)
|
|
Administrative expenses
|
|
|
(2,438 |
)
|
|
(1,387 |
)
|
|
(2,533 |
)
|
|
(2,618 |
)
|
|
(1,634 |
)
|
|
(2,024 |
)
|
|
(16,798 |
)
|
|
(14,072 |
)
|
|
(23,403 |
)
|
|
(20,101 |
)
|
|
Staff costs
|
|
|
|
|
|
|
|
|
(1,988 |
)
|
|
(1,907 |
)
|
|
(797 |
)
|
|
(887 |
)
|
|
(2,244 |
)
|
|
(6,634 |
)
|
|
(5,029 |
)
|
|
(9,423 |
)
|
|
General and administrative costs
|
|
|
|
|
|
|
|
|
(301 |
)
|
|
(252 |
)
|
|
(756 |
)
|
|
(967 |
)
|
|
(156 |
)
|
|
|
|
|
(1,213 |
)
|
|
(1,219 |
)
|
|
Fines and penalties
|
|
|
|
|
|
(15 |
)
|
|
|
|
|
(68 |
)
|
|
|
|
|
|
|
|
(254 |
)
|
|
|
|
|
(254 |
)
|
|
(83 |
)
|
|
Bank charges
|
|
|
(652 |
)
|
|
(812 |
)
|
|
(2 |
)
|
|
(14 |
)
|
|
(8 |
)
|
|
(5 |
)
|
|
|
|
|
|
|
|
(662 |
)
|
|
(831 |
)
|
|
Fuel issues
|
|
|
|
|
|
|
|
|
(58 |
)
|
|
(59 |
)
|
|
|
|
|
(59 |
)
|
|
|
|
|
|
|
|
(58 |
)
|
|
(118 |
)
|
|
Directors’ fees
|
|
|
(218 |
)
|
|
(288 |
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(353 |
)
|
|
|
|
|
(571 |
)
|
|
(288 |
)
|
|
Welfare costs
|
|
|
|
|
|
|
|
|
(75 |
)
|
|
(51 |
)
|
|
(27 |
)
|
|
(81 |
)
|
|
|
|
|
|
|
|
(102 |
)
|
|
(132 |
)
|
|
Stores
|
|
|
|
|
|
|
|
|
(64 |
)
|
|
(127 |
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(64 |
)
|
|
(127 |
)
|
|
Travel
|
|
|
(503 |
)
|
|
|
|
|
(7 |
)
|
|
(82 |
)
|
|
|
|
|
|
|
|
(2,521 |
)
|
|
(1,623 |
)
|
|
(3,031 |
)
|
|
(1,705 |
)
|
|
Audit fees
|
|
|
(308 |
)
|
|
|
|
|
(38 |
)
|
|
|
|
|
(46 |
)
|
|
|
|
|
(163 |
)
|
|
(941 |
)
|
|
(555 |
)
|
|
(941 |
)
|
|
Non-Audit fees
|
|
|
(6 |
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6 |
)
|
|
|
|
|
Legal fees
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,161 |
)
|
|
(723 |
)
|
|
(3,161 |
)
|
|
(723 |
)
|
|
Share based payment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(236 |
)
|
|
|
|
|
(236 |
)
|
|
|
|
|
Investor relations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(251 |
)
|
|
|
|
|
(251 |
)
|
|
|
|
|
Loss on disposal of assets
|
|
|
(428 |
)
|
|
(269 |
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(428 |
)
|
|
(269 |
)
|
|
Prepayment write down
|
|
|
(74 |
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(74 |
)
|
|
|
|
|
Consultancy fees
|
|
|
(249 |
)
|
|
(3 |
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6,041 |
)
|
|
(4,151 |
)
|
|
(6,290 |
)
|
|
(4,154 |
)
|
|
Filing fees
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(308 |
)
|
|
|
|
|
(308 |
)
|
|
|
|
|
Insurance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(493 |
)
|
|
|
|
|
(493 |
)
|
|
|
|
|
Recruitment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(617 |
)
|
|
|
|
|
(617 |
)
|
|
|
|
|
Bad debts written off
|
|
|
|
|
|
|
|
|
|
|
|
(58 |
)
|
|
|
|
|
(25 |
)
|
|
|
|
|
|
|
|
|
|
|
(83 |
)
|
|
Allowance for credit losses
|
|
|
|
|
|
|
|
|
(23 |
)
|
|
(13 |
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(23 |
)
|
|
(13 |
)
|
|
Listing expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(65,381 |
)
|
|
|
|
|
(65,381 |
)
|
|
|
|
|
Foreign exchange gains/(losses)
|
|
|
35 |
|
|
444 |
|
|
14 |
|
|
217 |
|
|
(108 |
)
|
|
355 |
|
|
(7 |
)
|
|
|
|
|
(66 |
)
|
|
1,016 |
|
|
Change in fair value of earnout liability
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
158,822 |
|
|
|
|
|
158,822 |
|
|
|
|
|
Change in fair value of warrants
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,725 |
|
|
|
|
|
5,725 |
|
|
|
|
|
Operating profit/(loss)
|
|
|
32,008 |
|
|
37,993 |
|
|
(2,038 |
)
|
|
(6,210 |
)
|
|
(1,888 |
)
|
|
(3,028 |
)
|
|
82,361 |
|
|
(14,072 |
)
|
|
110,443 |
|
|
14,683 |
|
|
Finance cost
|
|
|
(1,343 |
)
|
|
(818 |
)
|
|
(150 |
)
|
|
(90 |
)
|
|
(324 |
)
|
|
(332 |
)
|
|
(135 |
)
|
|
(282 |
)
|
|
(1,952 |
)
|
|
(1,522 |
)
|
|
Related party credit loss
|
|
|
|
|
|
(1,652 |
)
|
|
|
|
|
|
|
|
|
|
|
29 |
|
|
|
|
|
197 |
|
|
|
|
|
(1,426 |
)
|
|
Interest income
|
|
|
16 |
|
|
14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16 |
|
|
14 |
|
|
Financial guarantee remeasurement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,746 |
|
|
|
|
|
2,746 |
|
|
Profit/(loss) before taxation
|
|
|
30,681 |
|
|
35,537 |
|
|
(2,188 |
)
|
|
(6,300 |
)
|
|
(2,212 |
)
|
|
(3,331 |
)
|
|
82,226 |
|
|
(11,411 |
)
|
|
108,507 |
|
|
14,495 |
|
|
Income tax (expense)/income
|
|
|
(7,480 |
)
|
|
(9,857 |
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
153 |
|
|
(1,050 |
)
|
|
(7,327 |
)
|
|
(10,907 |
)
|
|
Profit/(loss) for the year
|
|
$
|
23,201 |
|
|
25,680 |
|
|
(2,188 |
)
|
|
(6,300 |
)
|
|
(2,212 |
)
|
|
(3,331 |
)
|
|
82,379 |
|
|
(12,461 |
)
|
|
101,180 |
|
|
3,588 |
|
|
|
|
How Mine
|
|
Redwing Mine
|
|
Mazowe Mine
|
|
Other
|
|
Total
|
| |
|
2025
|
|
2024
|
|
2025
|
|
2024
|
|
2025
|
|
2024
|
|
2025
|
|
2024
|
|
2025
|
|
2024
|
|
Segment assets
|
|
$
|
58,383 |
|
50,771 |
|
90 |
|
20 |
|
236 |
|
248 |
|
4,085 |
|
|
|
62,794 |
|
51,039 |
|
Current assets
|
|
|
12,044 |
|
8,845 |
|
9 |
|
15 |
|
59 |
|
91 |
|
4,058 |
|
|
|
16,170 |
|
8,951 |
|
Non-current assets
|
|
|
46,339 |
|
41,926 |
|
81 |
|
5 |
|
177 |
|
157 |
|
27 |
|
|
|
46,624 |
|
42,088 |
|
Segment liabilities
|
|
|
33,937 |
|
37,850 |
|
20,702 |
|
20,138 |
|
15,002 |
|
16,762 |
|
32,428 |
|
7,215 |
|
102,069 |
|
81,965 |
|
Current liabilities
|
|
|
16,456 |
|
21,719 |
|
9,224 |
|
8,352 |
|
6,698 |
|
8,699 |
|
21,191 |
|
7,215 |
|
53,569 |
|
45,985 |
|
Non-current liabilities
|
|
|
17,481 |
|
16,131 |
|
11,478 |
|
11,786 |
|
8,304 |
|
8,063 |
|
11,237 |
|
|
|
48,500 |
|
35,980 |
|