Goldplat Share Discussion Threads

[kimboy2] 16/5/2023 21:32

Martin Ooi in effect controls the company.

I don't suppose he is happy with the bureaucratic delays or the load shedding, but he has to deal in the real world.

[michaelfenton] 16/5/2023 15:17

5 out of 10 for what is a nice little business but spoiled by poor management decisions. I cannot believe that Martin Oii is content.

[ih_692232] 16/5/2023 13:21

The same pattern is being repeated -the share price is unsupported by any dividend so folk loose interest over time and sell
The company/board do not have the discipline of having to annually pay a dividend so can just drift along with free shareholders money (unpaid dividends)and nothing really matters
The share price will never gain ground until dividends are paid or the company gets sold
Neither seem likely for years to come
It’s a private little business for the board with no interest in the 75per cent shareholders
Martin 25percent seems content with the fanciful notions of growing the business
He is an insider so maybe he has more compelling evidence than the general shareholders-perhaps the tailings plan will miraculously reach fruition one day
And how do the board now sit as to the balls up over audit followed by the balls up over Ghana licence

Marks out of 10???
Alm

[arlington chetwynd talbott] 14/5/2023 11:47

I believe that the PoG will have its day in the sun, but as ever that will be on its own timetable. GDP needs to get its focus back in the coming months whether the PoG makes further progress or stalls.

[michaelfenton] 10/5/2023 16:22

Let us not forget the POG? I am counting on further rises if so GDP figures will look good as long as they sort out the Mining licence in Ghana (another error by management.

[lowtrawler] 10/5/2023 15:43

I'm now out. Will continue to watch and assess to determine whether to return but my concerns over management capability, strategy and shareholder interests got too much. Good luck to kimboy and the rest of the LTH's. I appreciate all your patience and support.

[lowtrawler] 09/5/2023 16:43

MF, my remaining shares are also "free". I was comforted by kimboy indicating that Martin was happy with the direction of travel. However, I have no idea what Martin is hoping to achieve from his investment. e.g. it may suit him for GDP to falter and he could then make a cheeky offer, install new management, monetise the TSF and sell-on.

The more I think about it, the less comfortable I become.

[michaelfenton] 09/5/2023 16:01

Yes this is all a worry Lowtrawler I only have 75000 shares now and these are all free. Which is the only reason why i am still in. Also what about Martin Oii surely he cannot be happy with the situation.

[lowtrawler] 09/5/2023 15:04

MF, following the interview with Werner. I have now sold 2 blocks and am considering whether to remain invested. Having a license for your Ghana operations is fundamental. Without it, they are out of business. Werner's attitude in the interview was "let's see what happens". Any other CEO would be camped out in the license office. He doesn't give the appearance of someone in control. The same impression exists for what is happening regarding the TSF. Everything just drifts and happens, or not, in its own time. The same impression for the audit debacle. The same for the power outages.

I know we are a small company but Werner is one of the least impressive CEO's I have ever come across. I worry that he will choose an easy life. Retain all the cash generated so that he never needs to worry about funding. Pass our cash onto friends via pet projects. Diversify into vanity projects using our cash.

The only thing actually keeping me here at the moment is the prospect that the TSF comes good. However, I worry he will pass most of the gains onto DRD or "friendly" contractors.

[michaelfenton] 09/5/2023 14:45

I am worried about why the renewal of the Ghana mining licence is delayed. Banana skins are regular with Goldplat and what is it now with coal? Stick to the core business guys and pay a Dividend.

[lowtrawler] 09/5/2023 14:38

baht, regarding dividends. You are correct, GDP has never been an income provider. It has always preferred to develop the business or expand into new ventures, presumably with the intent of becoming larger and more profitable. They now have an extensive track record of failures following that strategy and so investors now naturally need more justification for any proposed expansion or diversification. IMV, GDP is now a mature business and should be looking to return funds to investors rather than use the funds internally.

If GDP wish to invest, they need to do a better job of explaining what, why and the level of return expected so they can be held accountable. If investing for financial return, there is nothing wrong with taking on debt to be paid from the investment returns while providing a return to shareholders.

I don't believe we are likely to hear anything further on the audit debacle. If it was the auditor's, they should not have been renewed and so I can only conclude it was a management problem and not an auditor problem.

[russman] 06/5/2023 07:50

Nothing new; just plodding along.

[lowtrawler] 05/5/2023 16:13

Werner is not exactly proactive, is he? We hope to get our license in Ghana in Q4, let's see! Everything's running smoothly, a few problems here and there, they should sort themselves out? We'll continue to explore whether we might do anything about power for our SA operations....

Any more laid back and he'd be horizontal.

[kimboy2] 05/5/2023 13:49

Our leader speaks;

[dinky00] 05/5/2023 11:59

3m cash, on track for 6m profit.Once again 15m Mkt Cap is just bonkers. WHI admit their price target of 21p is based off undemanding forecasts

[spagboll] 05/5/2023 11:15

For what it is worth my take on it is that they have 2.7m cash and need to spend 1.1m over the next year, which leaves some spare cash plus whatever profit they make in Q4. Which due to this comment regarding Ghana - Once the new license is signed, accumulated inventory will be sold which is expected to lead to non-recurring higher sales volumes in Q4. - should be healthy and therefore potentially allows for a year end shareholder return.
Main disappointment was regarding the TSF but regardless of that things look promising, the Ghana delay may even be beneficial if the gold price keeps rising.
But I have been a holder for a long long time so no doubt something will come along to mess things up haha

[michaelfenton] 05/5/2023 10:43

I expect you are right Lowtrawler - I have taken my profits and sitting on my freebies which for obvious reasons i do not wish to sell at this time.

[lowtrawler] 05/5/2023 10:27

MF, it's the banana skins which keep the share price well below fair value. If anything, they are becoming more accident prone and so I'm expecting an even bigger discount to fair value. Hence my sell.

They had been closing the discount until the YE accounts debacle followed by the SA power outages. Add-on today's Ghana license, extra capex needs, TSF delays and smelter delays - they are likely to outweigh current strong metal prices. In combination, it will also mean we are no closer to dividends.

[michaelfenton] 05/5/2023 10:07

GDP has a long history of banana skins mainly because it is such a small entity. But all things considered things are not too bad. Wish they would pay a dividend.

[lowtrawler] 05/5/2023 09:56

Thanks kimboy. As I said last month, they are continuing to make good money even with the SA electricity problems. However, they are running into problems at almost every turn. The only thing that appears to be going well is supply of material.

I have no confidence the TSF will be advanced this year and with all their other issues, believe the share price is likely to fall further. I sold 50k early today and would have sold more had I been able to get a quote.

[kimboy2] 05/5/2023 09:00

WHI View: We continue to believe that the investment case in Goldplat is strong,
electricity supplies in South Africa aside. Goldplat offers a unique solution to
treating gold-bearing waste-material from mines and is ideally placed in Ghana
and South Africa to serve several large gold-producing regions. We see robust
profits (despite recent issues) going forward with growth potential in Ghana a
realistic ambition from the company. Whilst we hold our forecasts, as Goldplat
has obviously found ways to cope with the electricity issues in South Africa, it is
obviously an evolving situation and there is risk that we will have to downgrade
our forecasts if a solution cannot be found. We maintain our fair value of 21p on
the basis of an undemanding 3.5x EV/EBITDA multiplier for FY24E where we
assume that electricity supply problems in South Africa are resolved, and look
forward to including upgrades from the tailings retreatment project, further
progress in treating PGM-bearing wastes in South Africa and news on new supply

[kimboy2] 05/5/2023 08:28

Well GDP seem to be suffering from the endemic corruption of some African countries whether it is the non signed license in Ghana, power cuts in South Africa or the failure to sign off the pipeline for the TSF.

Having said that I didn't think the financial results were too bad. My rough and ready estimates are;


£m Q1/23 Q2/23 Q3/23Op Pr SA 0.976 0.356 1.175Op Pr Gh 0.966 1.026 0.295 SA Tax 28% -0.27 -0.1 -0.329SA Non con 9.5% -0.067 -0.024 -0.08Ghana Tax 15% -0.15 -0.154 -0.044 Finance -0.1 -0.1 -0.1 Central costs -0.17 -0.17 -0.17 PAT 1.185 0.834 0.747

[arlington chetwynd talbott] 05/5/2023 08:25

Fair comment. We can see why the market has essentially lost interest in GDP. I am sticking with it on a value basis, but it could be a while before it regains its momentum, even if the PoG makes further progress. Classic AIM.

[lowtrawler] 05/5/2023 07:14

Careful what you wish for. Disappointing Q3 on almost all fronts. The Ghana license issue is a true banana skin. Higher than expected capex. No reportable progress on the TSF. SA power problems for at least the next 12 months. Smelter processing delays.