Goldplat Share Discussion Threads

[michaelfenton] 14/5/2021 11:10

I wonder what Martin Oii knows if anything?

[kimboy2] 14/5/2021 10:22

Presumably there is something happening or something imminent to explain the delay to Q3/21 results.

Perhaps they have just forgotten that they have shareholders.

[lowtrawler] 11/5/2021 08:08

The last 2 updates have been 8 February and 11 November so we should expect something this week.

[michaelfenton] 10/5/2021 10:10

3 months figures overdue? News please.

[michaelfenton] 03/5/2021 15:16

I see gold nearing 1800$ in the US today while we are closed? Lets hope this is sustained.

[camerongd53] 02/5/2021 22:24

no update on Monday as bank HOl so Tues possible
I didn't think the recent RNS was worth the effort as it restated the possibility of getting shares rather than cash for kili.
Hopefully the Q3 21 update will indicate good ongoing profitability but I recollect that they said they were going to use poorer inputs so the profit level may not be enough to drive the share price up. However news on the TSF may do that
Heres hoping at last.

[michaelfenton] 30/4/2021 07:58

Where is the due Quarterly update?

[michaelfenton] 30/4/2021 07:57

Thanks Kimboy2 - Werner is not exactly a livewire speaker and did he tell us anything that we did not already know?

[dangersimpson2] 26/4/2021 10:23

The debenture is secured on the assets of Mayflower Gold, which are now effectively the Kilimapesa mine & production plant. So if Mayflower default, then Goldplat still get Kili back.

The only difference is that if Mayflower don't manage the listing before 26th July, Goldplat get it all in cash then. Before 26th July then Mayflower gets to choose to pay them cash or shares for 70% of the consideration.

[kimboy2] 26/4/2021 10:13

The main point is the bucket where they keep the profits isn't leaking any more, or at least not through the Kilimapesa holes.

[michaelfenton] 26/4/2021 09:50

Lowtrawler - agreed but it appears Mayflower have raised capital on hand, so now the risk is mitigated? All well as far as i can see whatever Papillon do?

[shill10] 26/4/2021 09:33

correct, Lowtrawler - so Mayflower can't back out of the transaction now though and has raised the £4.5 million cash (£2.5 mill subject to Papillion listing). If the listing doesn't go ahead Mayflower is on the hook for the £1.5 mill due to GDP. So from a GDP shareholder perspective its all done, no way Mayflower would have agreed to this unless they were 100% committed and able to complete all payments,

[lowtrawler] 26/4/2021 09:29

MF, I'm also fine with what they have done but as I read the situation:

1. The only cash currently handed to GDP is 150k repaying the initial loan on restarting production at Kili.
2. The unfinished transaction to sell the operations has been replaced by a completed sell in return for a debenture secured over the assets of Mayflower.

Previously, if Mayflower failed to complete the transaction, it would simply have been cancelled and GDP would have retained ownership of Kili and would need to chase Mayflower for costs. Now, if it's cancelled, GDP will need to enforce the debenture to recover the assets and associated costs. In return, GDP no longer have to get involved in any aspect of the sale process or mine operations leaving them free to concentrate on continuing operations.

[michaelfenton] 26/4/2021 08:44

The arrangement seems fine to me as no real downside. Papillon were always going to be late to the table and Mayflower now have cash on hand? I think we are secure whatever happens?

[sea7] 26/4/2021 08:31

Werner just wants it off the books.

[lowtrawler] 26/4/2021 08:23

It appears to me that this is still effectively a holding announcement as Papillon haven't completed the transactions. The difference is all the assets are now with Mayflower and so they can begin to invest in the mine rather than waiting for the transaction to complete. With interest on the debenture starting to accrue from January, it gives them a lot of wiggle room on the timing.

[go2nc] 26/4/2021 07:45

Onwards and upwards shall we say now?

[kimboy2] 24/4/2021 07:42

Quis custodiet ipsos custodes?

[michaelfenton] 23/4/2021 19:43

Security work in mines and metal processing is poorly paid which might go some way to explaining this.

[kimboy2] 23/4/2021 19:31

A bit concerning that £50k was walking out of the gate and makes you wonder how many times it has happened. The evidence that there was a criminal syndicate operating inside the plant is not particularly reassuring.

Anyway let's hope the beefed up security can sort the issue.

[sea7] 23/4/2021 15:06

comes as no surprise really - especially after rand refineries "loss" of all that gold a few years ago.

[kimboy2] 23/4/2021 15:02

Yes that is interesting and explains why they are increasing their security spend. I believe that there were similar suspicions at Kili.

[sea7] 23/4/2021 14:49

A real ‘whodunnit’ – the persistent polygraph problem..page 30 in the link above - employment law section

Recently, In Goldplat Recovery (Pty) Ltd v Commission for Conciliation Mediation and Arbitration & Others (Unreported case no. JR 488/2019, 26 January 2021), the Labour Court was faced with another case where an employer dismissed an employee based solely on the results of his polygraph test.

In September 2018, an employee was dismissed after being found in possession of gold concentrate worth about R850 000. The employer established that the gold concentrate came from a gold processing room, which was in a restricted area. At the employee’s disciplinary enquiry, the employee indicated that he had not acted alone and that a gold smuggling syndicate was operating at the employer’s operations.. continued in article

and...The employer’s witness had also admitted that the security
guards were not trustworthy and could have conspired with the employees
involved in the theft.