Goldplat Share Discussion Threads

[kimboy2] 16/6/2021 14:57

Well they did say;

Engagement with the authorities with regard to the new tailings storage facility (TSF) is encouraging and we still expect to receive approval by July.

Another fortnight left. Hopefully all this navel gazing may yield an erection.

[michaelfenton] 08/6/2021 18:37

Kimboy - you nailed it navel gazing is a good nickname for GDP? Lets hope for once all goes smoothly.

[kimboy2] 08/6/2021 16:09

Well they have said they expect approval for the new TSF 'by July', so 22 days left.

Once that is out of the way hopefully they can kick on with the TSF reprocessing. They said that they had decided on the best 'options' for reprocessing and deposition.

The one thing that concerned me was that they said they would then start the 'approval process with relevant parties'. Not sure if this is code for even more navel gazing.

[lowtrawler] 08/6/2021 13:36

Indeed, it's not volume related and so either a hidden order or news about to come out.

[go2nc] 08/6/2021 12:45

Why sudden love for us? 6% rise!!!!

[aloafofbread1] 07/6/2021 20:18

I was in GDP for years. Under valuation was ever thus. Nice little company but I didn't make any money out of them. That's on me of course. No reason why others shouldn't do better.

[michaelfenton] 01/6/2021 16:48

Lowtrawler - I have given up praying and wishful thinking? In the current environment how can we be so lowly valued? But here we are? Waiting, waiting, waiting.

[lowtrawler] 01/6/2021 16:33

I think you called it 2 weeks ago kimboy, nobody but the nerds watching GDP. You look at the chart even and apart from short spikes, we have been stuck between 7p and 8p since August last year. Relatively few days with more than 1m volume. Virtually no movement with precious metal prices either.

Hopefully they can trigger some interest once the Kili proceeds come through.

[kimboy2] 20/5/2021 08:23

They repaid about £470k of the loan during the quarter. There are a few demands on cash including the TSF and building inventory.

Not sure the delayed report damaged sentiment because I am not sure anyone was watching other than us GDP nerds.

[camerongd53] 19/5/2021 22:05

My thoughts on the update
Overall, it was in line with my expectations - the water power etc and profitability issues had previously been signalled.
Good to see them disclose cash & loan positions although there must be a good reason why they have not repaid the loan!
The update was in my opinion long overdue - having got most of the quarterly updates previously out well within a month, no reason was given for leaving 6 weeks post the quarter end to make the latest announcement. I believe that the delay in the announcement has had an adverse effect on sentiment and on the share price which has been very erratic and negative and possibly contrary to the underlying trading fundamentals.

I expect a further improved cash position at the June y/end and hopefully a return of buybacks or divi which will hopefully improve the share price. Cash position can be significantly affect by tax payments stock building, tax payments capital expenditure and working capital movements.
I don't expect any large movements in share price before the y/e reporting (July to Sept) unless there is good progress on the TSF

[russman] 18/5/2021 05:51

still struggling for decent supply for South Africa.
No progress on the old and new TSF. Time is running out.
Would have been useful to flag the estimated writedown on Kili sale.

[michaelfenton] 17/5/2021 09:44

good point Kimboy and agree with you Lowtrawler.

[kimboy2] 17/5/2021 08:53

They seem to be talking in riddles on the TSF, and I expect deliberately so.

My interpretation is that they have someone, presumably local, who will take the stuff and process it. The problem being that they are wanting to charge too much for it so GDP are saying it is decision time.

The advantages for GDP are that they get the stuff off site and clear more area for tailings, as well as probably getting it done quicker and the cash earlier.

Against that saying that the new stock dam is a pre-requisite would suggest that they are going to do it themselves. They still have not produced any figures for the TSF which would suggest to me that both options are still viable.

On the other things in the report the fall in SA operating profit is not surprising. I would expect that they are processing material bought at higher prices so there will be a headwind.

The good news is that further progress has been made in building up stocks of inventory. I think the target was 5 years of supply so we are over half way there.

The deal in Ghana regarding tolling and processing has been so long in the gestation that I am not sure any of us will live to see the happy event. Anyway it will be good news if it happens and I am sure that there is loads of potential material in Ghana.

Margins seem good in Ghana if they can get a reliable supply, and preferably a stockpile of material.

[lowtrawler] 17/5/2021 08:48

MF, if they special dividend the £1.5m kili proceeds, that will be PR enough. Introduce a £1m normal annual dividend alongside that, we'll go ballistic.

[philjeans] 17/5/2021 08:43

Steady as she goes.

Outstanding value here and an easy doubler.

[michaelfenton] 17/5/2021 08:10

Lowtrawler yes for sure your valuation is likely correct BUT no one even knows of the existence of GDP. It is invisible? Some decent PR from a non accountant would be helpful?

[lowtrawler] 17/5/2021 07:59

Remaining conservative and applying an earnings multiple of 3 to ongoing earnings of £6m (with the TSF and pog) = £18m, plus £3.5m cash and proceeds, gives a price target of 13p. I see that as an absolute minimum valuation.

[lowtrawler] 17/5/2021 07:40

Steady progress. Market capitalisation of £12m, deduct net cash of £2m and upcoming kili proceeds of £1.5m = £8.5m. We made £4.2m over 3 quarters, let's say £5.5m for the year, an earnings multiple of 1.5!

[michaelfenton] 17/5/2021 07:20

RNS - a tad disappointing? SA operation slipping and Ghana continues to improve. GDP should be doing better with the POG at 1850$? Werner is an accountant?

[kimboy2] 14/5/2021 19:36

It could be anything but it would be good if it were a development on the TSF.

I was relatively reassured by the interims. In particular the 'precious metals on hand' went up by about £4m. That is perhaps an operating profit of £1m baked in before anything else happens this quarter, given a fair wind.

[dangersimpson2] 14/5/2021 15:53

I hope it's just the amount of management time taken to close the Kili transaction that has delayed reporting. With Goldplat good news tends to travel quickly & bad news takes its time!

[lowtrawler] 14/5/2021 13:40

Agree with you kimboy. No reason to delay a Q3 update unless something is happening to effect the content.

[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.