Low - I am relying on their adventure in coal in SA to really make a difference -what was it half a million invested ? And of course they have done a great job keeping us informed on how successful that is turning out !!!
Alm |
MF, the reason we are all still in GDP is because we can see the value. Highly profitable / cash generating, debt free, growing and with substantial value in the TSF not reflected in the share price On the opposing side, we have a Board who appear incapable of rewarding shareholders; consistently fail to deliver items on time; accept no responsibility when deadlines are missed; overpay when buying out minority interests; spend money on failed ventures, and; are exceptionally poor communicators.
If only they would learn from Ghana and stick to their core skills. Forget trying to retain a presence in declining markets like SA and roll into expanding markets. I would be very happy for them to sell SA to DRD, particularly if they can get similar pricing to what they gave our minority interests. Dividend the proceeds out as special dividend, move into South America and seek similar opportunities worldwide. More importantly, just deliver the opportunities sitting in front of them quicker. |
Somo many poor decisions at times I question why I am still in GDP? The number of waste of money ventures and banana skins is laughable. The TSF is now looking fragile?
I would prefer a dividend (which they can afford right now) rather than a buy back. |
Low -careful some board members will view it as really bad to criticise the board
But you are not wrong …
The share price will never go up until they announce dividends buy back and TSF resolutionn
I consider shareholders are out of patience with this board - martin I am sure is one of them
Even if they only allocated 500k to div/bay back this first step would send a signal to the market that this was at last a shareholder rewarding company
Alm |
See my 21.12.24 @14.15. Thats why |
The financial performance last year was nothing short of sparkling. Publication of the annual accounts should have been a showcase. Instead, the share price falls. Why? They have maintained the message that dividends and buybacks will only happen when the time is right while giving no indication when this will be. Having given their first official timeline for delivery of the TSF licenses with the Q1 results, June 25, within a few weeks that has become early 2026. Not an indication they have this under control. So long as they continue to deliver strong financial performance, shareholder returns will surely follow. The wording and tone of the annual report acts against shareholder interests. Once they provide a date for delivery, they need to stick with it or explain why they got it wrong. Once again, they have succeeded in making victory sound like defeat. |
Anybody going to the AGM? |
Thats the problem when Paul only looks at the here and now. Company has consistentky let down shareholders and market is aware of it, hence very little move on the results.
I think the market is taking a lets see how ths pans out(pardo the pun). |
 From today's Small Caps Live (much recommended weekly freeby):
Goldplat (GDP.L) - Final Results
Better late than never (or into the new year, which would get the shares suspended!) Perhaps good things come to those who wait, though:
· Revenue increased by 73.6% to £72.7m (2023: £41.9m)
· Operating profit increased by 127.0% to £9.8m (2023: £4.3m)
· Profit for the year increased by 40.9% to £4.3m (2023: £3.1m)
· Robust cash generation with net cash flows from operating activities of £3.9m (2023: £3.3m)
· Cash and cash equivalents increased to £3.9m (2023: £2.8m)
· EPS increased by 50.3% to 2.51p (2023:1.67p)
EPS is bang in line with what Mark was expecting following the recent ahead statement. They don’t report EBITDA, but their broker, Zeus, calculates that this puts them on 1.2xEV/EBITDA. However, Zeus are not forecasting the year ahead to be as good, making them on a forward EV/EBITDA of 1.5, which is still very cheap. This aligns with what they reported for Q1, so if each subsequent quarter is similar, the 2.2p EPS looks like a reasonable estimate.
Quarterly operational reporting means that there is little surprise here, but we do get a bit of detail on the working capital requirements in Ghana:
"Looking forward, we expect inventory, trade and other payables and trade and other receivables to increase in the first two quarters, specifically in Ghana, as the Ghanaian operation is going through a business model change with the requirement to beneficiate all concentrates to doré gold bars in‑country."
Assuming they are talking about their fiscal year, then this should be peaking around now, perhaps opening the way for buybacks or dividends with the HY results. |
Interest component
GBP
GBP
Interest receivable
102,000
69,000
Interest on pre-financing of sales
(1,604,000)(956,000)
Operating foreign exchange losses
(2,040,000)(221,000)
Net Finance Costs
(3,778,000)(881,000)
Net finance costs increased to GBP3,778,000 (2023 - GBP881,000) during the year as a result of:
Increase in foreign exchange losses in operations from GBP221,000 to GBP2,040,000. During the current year we had a large foreign exchange loss in Ghana due to the depreciation of the GHS against the USD during that year. As we pre-finance a portion of our sales to the smelters, the exchange rate on the day we receive most of our funds was lower than the exchange rate on the day we recognise the sale in our records.
- GHS/USD forward exposure ; who at Goldplat is monitoring this potential liability and taking steps to mitigate it. |
I agree with kimboy2. The need for landowner consents and water licenses are not new. They may sit outside GDP's direct control but the progress has been painfully slow.
Only a few weeks ago, GDP publicly stated they hoped to have all the licenses in place by June 2025. They are now saying they hope to have applied for the licenses by the end of January and, if we get lucky, they will be in place 1 year later. That doesn't shout as if they know what they are doing. Within a period of a few weeks they have moved from expecting everything to be in place by June 2025 to "hoping" they can submit license applications by the end of January 2025 that will then take a year to process.
It's another avoidable banana skin and yet nobody ever seems to be held accountable for these failures. |
respectfully that's a little disingenuous imo, in-between they hit some issues that required a redesign, hence the delay, as you know....but if they don't meet the Jan 2025 aim then management credibility will drop further, even if its a result of "landowner " issues that are out of their control. |
Deja vu December
December 2023
The new TSF allows us to divert all deposition from the current facility, which will provide us with the ability to use the current facility to recover the JORC resource through DRDGOLD. The processing of our old TSF remains dependent on the approval of the water use license over certain areas for the installation of a pipeline to the DRDGOLD process facility. The application process is ongoing with engineering designs being finalised with final application to be done before end of December 2023. Approval is estimated to be received within Q4 of the 2024 financial year.
DRDGOLD and Goldplat Plc are currently in the process of evaluating different variables that will impact on the processing of the TSF, as well as the commercials of doing so; this process will be completed alongside the water use license. To enable us to process the current TSF through a DRDGOLD facility, we will require approval to install a pipeline to this DRDGOLD processing facility (as indicated in paragraph above) and will need to finalise commercial agreements with DRDGOLD.
December 2024
The new TSF allows us to divert all deposition from the current facility, which will provide us with the ability to use the current facility to recover the JORC resource through DRDGOLD. The processing of our old TSF remains dependent on land owner consent and the approval of the water use license over certain areas for the installation of a pipeline to the DRDGOLD process facility. We aim to have the final application submitted before the end of January 2025, subject to land owner consent. The approval process normally takes 365 days from submission.
DRDGOLD and Goldplat Plc are currently in the process of evaluating different variables that will impact on the processing of the TSF, as well as the commercials of doing so; this process will be completed alongside the water use license. To enable us to process the current TSF through a DRDGOLD facility, we will require landowner consent, approval to install a pipeline to this DRDGOLD processing facility (as indicated in paragraph above) and will need to finalise commercial agreements with DRDGOLD. |
Wig
Very impressive post -Alm |
I would add that the Water Licence application will only be submitted after Landowner Consent is given (estimated currently at end January 2025, ie in 6 weeks time). This is the only barrier to making public the financials of the agreement with DRD Gold, hence logically Goldplat should be in a position to make public these financials in roughly 6 weeks, assuming "landowner consent". Significantly bullish if that is the case imo. |
I would add that the Water Licence application will only be submitted after Landowner Consent is given (estimated currently at end January 2025, ie in 6 weeks time). This is the only barrier to making public the financials of the agreement with DRD Gold, hence logically Goldplat should be in a position to make public these financials in roughly 6 weeks, assuming "landowner consent". Significantly bullish if that is the case imo. |
"long grass" is a bit over the top ,Kimboy - December rather than June 2025, with a bit more detail over process is what I see. £3.9 million cash , 2.5p earnings, Martin will get us where we want to go, a few things (like "landowner consent") are out of management control... |
Yes increadible results, so much so that someone bout £1500 of shares aubsequently.
Looks like no progress on the TSF this year and it has been kicked into the long grass.
Wonder if the FD is going to resign due to the late results for yet another year. |
No reaction in the market to a pretty grand set of results. Maybe we need that long wished for dividend payment? |
Incredible results |
My posts are clear and to the point. But thank you alm for your endless repetition. I'm sure Martin with his 28%+ holding and the rest of the management team (who you keep "stabbing") will be blown away by your insight. Dividends, buybacks and let's get the water licenses. Well I bet they never thought of any of that. Atb |
Wig
Hey -all the best to you to -nice to see you wanted to have another stab at being judgemental
I look forward to reading all your informative and interesting posts in the future -thank you so very much for your detailed contributions thus far
Alm |
Step change in equity too, +£3m over the year. First time it has gone above £20m. GLA |
Results out:Revenue increased by 73.6% to £72.7m (2023: £41.9m)Operating profit increased by 127.0% to £9.8m (2023: £4.3m)Profit for the year increased by 40.9% to £4.3m (2023: £3.1m)Robust cash generation with net cash flows from operating activities of £3.9m (2023: £3.3m)Cash and cash equivalents increased to £3.9m (2023: £2.8m)EPS increased by 50.3% to 2.51p (2023:1.67p) |
"Daring to challenge.." lol what a hero. You are not challenging management, you're just tapping away at a screen and dumping your impatience on others. The most likely cause of your vexation is not the lack of a capable management team here. They are probably mostly making the right decisions. The real problem is you do not really understand what you own. ATB |
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