Earnings per share

Weighted average number of shares – Basic earnings per share
(in number of shares)	2020		2019		2018

Issued shares at the beginning of year (note 24)		10,763,041		10,603,153		10,603,153
Issued shares post consolidation		10,763,041		10,603,153		10,603,153
Weighted average shares issued		940,489		138,736		-
Weighted average number of shares at December 31		11,703,530		10,741,889		10,603,153

Weighted average number of shares - Diluted earnings per share
(in number of shares)	2020		2019		2018

Weighted average at December 31		11,703,530		10,603,851		10,603,153
Effect of dilutive options		13,173		143,267		698
Weighted average number of shares (diluted) at December 31		11,716,703		10,747,118		10,603,851

The average market value of the Company's shares for purposes of calculating the dilutive effect of share options was based on quoted market prices for the year during which the options were outstanding. Options of

14,827

(

2019:

32,771,

2018:

37,302

) were excluded from the dilutive earnings per share calculation as these options were anti-dilutive.

The quantity of options outstanding as at year end that were out of the money amounted to

Nil

(

2019:

18,000,

2018:

18,000

) options.

The calculation of total basic and diluted earnings per share for the year ended

December 31, 2020

was based on the adjusted profit attributable to shareholders as follows:

	2020			2019			2018

Profit for the year attributable to owners of the Company (basic and diluted)		20,780			42,018			10,766
Blanket Mine Employee Trust Adjustment		(485	)		(986	)		(280	)
Profit attributable to ordinary shareholders (basic and diluted)		20,295			41,032			10,486
Basic earnings per share - $		1.73			3.82			0.99
Diluted earnings per share - $		1.73			3.81			0.99

Basic earnings are adjusted for the amounts that accrue to other equity holders of subsidiaries upon the full distribution of post-acquisition earnings to shareholders.

Diluted earnings are calculated on the basis that the unpaid ownership interests of Blanket Mine's indigenous shareholders are effectively treated as options whereby the weighted average fair value for the period of the Blanket Mine shares issued to the indigenous shareholders and which are subject to settlement of the loan accounts is compared to the balance of the loan accounts and any excess portion is regarded as dilutive. The difference between the number of Blanket Mine shares subject to the settlement of the loan accounts and the number of Blanket Mine shares that would have been issued at the average fair value, is treated as the issue of shares for

consideration and regarded as dilutive shares. The calculated dilution is taken into account with additional earnings attributable to the dilutive shares in Blanket Mine, if any. The interest of the NIEEF and Fremiro shareholdings were anti-dilutive in the current and prior year (i.e., the value of the options was less than the outstanding loan balance). Accordingly, there was

adjustment to fully diluted earnings attributable to shareholders.