establish the path to building shareholder wealth 
via profits and dividends despite a difficult 
external environment. Shareholders can look 
forward to a steady performance from Chatree 
and a turn-around at Challenger coupled with the 
completion of feasibility studies at the two major 
development projects over the coming year.
I would also like to thank our Chief Executive 
Officer and Managing Director, Gavin Thomas, 
Kingsgate management and all of the Kingsgate, 
Akara and Challenger personnel and the project 
teams for their part in delivering the operational 
performance during what was a difficult year for 
your Company. 
The Board  
of Kingsgate is 
determined to 
re-establish the 
path to building 
shareholder wealth 
via profits and 
dividends...
Ross Smyth-Kirk
Director
Chairman’s 
Review