Goldplat Share Discussion Threads

[russman] 11/11/2023 06:16

18 months supply in WIP was the only interesting point.

[shill10] 10/11/2023 11:00

fair point - the water licence approval March-June 2024 should be D Day, finally :)

[kimboy2] 10/11/2023 10:17

Martin Ooi is in effect a block on a bid, and I don't think he will take 10p. I know he is excited about the prospects.

A lot of the value is in the TSF and no bid will come in till all the permissions are in place.

Once they are then I can forsee DRD offering GDP the option of a processing deal or a takeover.

GDP does seem a good fit for DRD. The fact that DRD is supplying material to GDP indicates that.

[shill10] 10/11/2023 09:49

thanks Kimboy, we are not going mad, those are the facts. We base our shareholding value on a share price that moves around 9% on £10k of volume, my biggest worry is that this gets taken over at 10p, it is a sitting duck apart from Martin Ooi's holding.

[kimboy2] 10/11/2023 09:28

WHI report

We see fair value in Goldplat at 18.1p/sh based on undemanding 3.5x FY24 EV/EBITDA now that we see an end in sight to issues in South Africa and the beginning of the flow of material from West Africa into Ghana. We note that our numbers do not yet include any contribution from the reprocessing of the TSF, and we will include this eventuality in our numbers once there is a better understanding of timing and revenue share for the project.

[lowtrawler] 10/11/2023 09:12

As Martin was put on the board to represent shareholders interests, he's obviously reaching out to shareholders to understand.....oh, wait!

[dinky00] 10/11/2023 08:59

Where's Martin Ooi?

[dinky00] 10/11/2023 08:59

Where's the director buying!?!?

[dinky00] 10/11/2023 08:54

The board sitting idly by while the shares are sub 6p is a disgrace. £100k of a buyback would get these back above 8p or more. The board doesn't need every £100k

[kimboy2] 10/11/2023 08:49

Some indicative numbers

Q1/23 Q2/23 Q3/23 Q4/23 Total Q1/24Op Pr SA 0.976 0.356 1.175 0.75 3.257 0.79Op Pr Gh 0.966 1.026 0.295 0.438 2.725 1.106 SA Tax 28% -0.27 -0.1 -0.329 -0.21 -0.909 -0.22SA Non con 9.5% -0.067 -0.024 -0.08 -0.071 -0.242 -0.054Ghana Tax 15% -0.15 -0.154 -0.044 -0.065 -0.413 -0.166 Finance -0.1 -0.1 -0.1 -0.2 -0.5 -0.2 Central costs -0.17 -0.17 -0.17 -0.17 -0.68 -0.17 PAT 1.185 0.834 0.747 0.472 3.238 1.086 Cash £m 2.92 2.92 2.75 2.8 1.35



The upshot is that the market cap is about £10m and PAT may be in the order of £3-4m for a p/e of under 3.

With a return of 30%+ buy backs are the obvious route but cash is down.

If we ignore inaccuracy in the numbers and disparity between the numbers and actual cash receipts then it looks like £2.5m of cash has been used this quarter.

The capex reported is £0.525m but that still means that £2m is getting wound up in working capital this quarter.

I got the impression from the presentation in August(?) that Q1/24 would see the bounce back of cash due to various delays. Seems the delays are winning at the moment.

There is another £1m profit into the company but it feels like a compressed spring. Let's hope we all live long enough to see the bounce.

[ih_692232] 10/11/2023 08:46

Well what does that tell us ? nothing much positive to be expected in the next 12 months share price imho will languish around current levels - (although now in the 5s )there is no chance of a dividend or buy backs -the next 12 months are cost heavy
No real detailed information again -for example how much is waiting to be paid in cash from Ghana ?
The company would stay on this same old track forever- the only hope of dramatic change in fortunes is TSF and or being bought out because of TSF
So it’s sit and wait another12 months in fact probably two years in reality
I pin my hopes on the coal business !!!

The time to bail was when the share price was 10- 12 - we won’t see that Sp again until the TSF has started to actually produce income from gold sales
Alm

[lloydypool] 10/11/2023 08:35

Market makers far happier to buy then sell at this level

[shill10] 10/11/2023 08:28

sure Kimboy will do a far better job, but back of the envelope if generators improve SA in 2nd half that's still roughly 2p per share earnings run rate , p/e less than 3 with valuing TSF at zero, we've been here before :)

[lloydypool] 10/11/2023 08:07

Short term chance of dividend is none existent, it’s not a terrible update but slower progress than would have been hoped for and there doesn’t seem to have been much uplift on the quarter from Ghana delayed sales.

I guess some will get bored & get their money from here, just leaves me wishing I held less less so I’d be happy buying more!

[arlington chetwynd talbott] 10/11/2023 08:04

Agreed, I am holding too. I think the downside is limited but as ever the upside requires patience.

[michaelfenton] 10/11/2023 07:50

ACT - my feelings exactly. Progress is always slow with the addition of banana skins. yes the future looks brighter but forward planning is not the strength of the Board. I will be holding in the belief that the gravy train will finally arrive. Chances of Dividend is uncertain.

[arlington chetwynd talbott] 10/11/2023 07:24

The classic mixed bag.

[lloydypool] 07/11/2023 12:49

A few more buys going through, if the quarterly update is better as expected then I can imagine few will want to be selling here and it could push on quickly towards 10p.

[shill10] 06/11/2023 11:17

someone very keen to buy today, the week of 1st Quarter results, let's see if they know something that we don't.

[ih_692232] 01/11/2023 13:01

Kim boy
I am certain sure that Martin Oii does not want to buy the company
He is in it to either sell the company or make dividends from his investment
He has had a great of cash tied up in shares for a long time now so I expect one or other to happen soon
Growing the company organically is not an easy task the TSF is the best hope for rapid growth in revenues - however a buyer may have the same view if close to information
Why have company not updated the estimated reserves of gold in the TSF
It was measured a long time ago-and since then 50 million tonnes deposited -surely not the most expensive job to get an up to date and accurate value given the vast amount of extra deposits in the TSF since original estimates
I have not advanced shareholder group yet - awaiting quarter results and I have an op shortly so will get to it soon
Alm

[kimboy2] 30/10/2023 16:06

There will be numerous ways around it.

[sw112233] 30/10/2023 15:22

"The response to irrationality is not to be irrational." Well said!

PS Re a share buyback, not sure if any M&A lawyers here, but doesn't Rule 9.1 of the Takeover Code say that one has to actually purchase shares to trigger a mandatory offer, not just get pushed over by a share cancellation?