Goldplat Share Discussion Threads

[sea7] 13/2/2018 11:19

one year ago today - kili plant 2 was opened.

[sea7] 13/2/2018 10:46

no problem

[michaelfenton] 13/2/2018 10:42

Tahnks kimboy and sea for sensible points. Much appreciated by a beginner.

[sea7] 13/2/2018 10:26

yep, high grading the mine will shorten the economic life of it, so I doubt they would sustain that for any length of time. Gerard said they can mine there for decades.

With the measured resource around 50k ozs in kenya at present, with expected 5k pa, that gives us at least ten years of operation, which we are a few years in, however, the production to date has not been 5k, so plenty of years to go, before they need to prove up some of the indicated resource.

[kimboy2] 13/2/2018 10:20

I think most mines vary material as to the price of gold as it maximises the life of mine. In GDP's recovery operations case it doesn't extend the life but will help to smotth profitability over time.

ISTR that the original plans for Kili was to operate a 5k mine and to use 5g/t ore compared to a resource of 2.5g/t. Not sure how long they could do that for, several years I suspect, and it would increase profits substantiallly but would hardly be repsonsible to the Kenyans.

[sea7] 13/2/2018 09:30

The stock dam is not in the accounts. we have a resource of 82k ozs unnaccounted for.
They have 32k ozs on site in feedstock.

goldplat rotates materials and grades to optmisise its lines as follows...

higher gold price - less high grade material

stronger rand - more high grade material

stronger US dollar - less high grade material

supplier price hikes - more high grade material - goldplat can turn down material and process inventory to prevent costs escalating here.

operational challenges - more high grade material

Goldplat has always been viewed as a downstream recycler of waste, which, due to its operating ways, the per oz numbers are skewed as not all ounces converts directly to revenue.

VSA should really be putting out more detailed notes, rather than padding them out with cut and pastes from old ones, with pages of "market" views

[sea7] 13/2/2018 09:21

MF -

not being overly pessimistic - just stating events that may likely be impacting sentiment and the stock price.

[kimboy2] 13/2/2018 09:20

Last year the company made an attributable profit of £1.3m which equates to 0.8p. This puts GDP on an historic p/e of something like 9.

VSA are forecasting an attributable profit of about £1.8m in FY 18. This puts us on a future p/e of 6 or 7 wich may seem reasonable enough.

My main complaint about VSA is that they are forecasting a £0.5m increase in profit in FY18 despite at least a £1.1m turnaround at Kili and a VSA forecast of an attributable post tax profit increase in South Africa of £620k.

GDP is not getting any credit for developments until they actually appear in the numbers.

I wouldn't disagree with anything in Sea's list of negatives. However if we take the stock dam and the interminable delays. Yes it may well be a negative that it is delayed but then there is no positive for actually owning the pit in the first place.

The profit from the stock dam, attributable and post tax, is likely to be over £10m. I don't see much in the share price for that.

IMV the bottom line is that GDP is below the radar and not enough people have examined the positives and negatives of the company. IMV VSA bear some responsibility for this.

[dangersimpson2] 13/2/2018 09:09

I can think of a couple of reasons that the share price has been weak recently:

- markets in the US seem to have rediscovered risk. While this will have negligible impact on the business of gold recovery businesses in Africa some people will have changed their tolerance for holding smaller cap illiquid stocks. These got hit disproportionately hard in the sell off.

- 2018H1 production figures in GPL are down on 2017H2, in GRG they are down on 2017H1 and KGL faced minor production disruption due to election-related absenteeism. This may lead some to believe the financial results for 2018H1 will be below par.

What the market misses IMO is:

- quarterly production in GPL varies massively based on material availability and internal choices what to process. In times of higher gold price lower grade material becomes profitable. They have sourced a stockpile of at least a year's feed for the profitable CIL circuits and that massively de-risks short term results.

- I believe GRG has been processing lower grade material from South America however the cost of material is low so the profit margins will be higher per oz produced.

- Current production levels eliminate the loss at KGL & that alone will add £1.1m PBT to the FY18 results vs FY17.

- even if 2018H1 does turn out to be disappointing financially for whatever reason (and odds are still for a market beat not miss IMO) 2018H2 will see further incremental gains from elution in Ghana & operational improvements in Kilimapesa.

[michaelfenton] 13/2/2018 08:58

sea7 - are you not being a tad over-pessimistic? true their are always worries but diversification is now offering some protection? The future looks rosy to me albeit like all AIM companies in particular there are always risks. I have been adding in the last few days but am now at my limit.

[sea7] 13/2/2018 08:36

Zuma to be replaced soon - potential turmoil
mining charter SA could see a further 4% BEE
rand refinery issue still to be closed out completely.
kenya VAT refund delays
kenya election turmoil.

endless delay over west pits 3 at benoni delaying the TSF processing.
elution plant in ghana behind schedule.
cattle dying in kenya due to drinking water from kili trench - not companys fault, however, not good either.

wider stock market correction
interest rate rises giving headwind for gold possibly

just some reasons why I think GDP has dropped back to its listing price.

[michaelfenton] 13/2/2018 06:50

Thanks Kimboy2 - I always appreciate your insights and research.

Question why has the share price sunk so low. Surely Goldplat is insanely undervalued?

[sea7] 12/2/2018 19:38

yes rodson, lion is heading down again, athough 2p looks more likely

[1rodson] 12/2/2018 19:07

HEADING DOWN AGAIN TODAY 4P LOOKS ABOUT RIGHT,

OH YES SOME SH^T ON MY SHOE. sea77 Feb '18 - 15:45 - 12178 of 12179 (Filtered) THATS BETTER
sea712 Feb '18 - 12:40 - 12181 of 12181 (Filtered)

sea712 Feb '18 - 12:40 - 12181 of 12181 (Filtered)

[sea7] 12/2/2018 12:40

lion heading down again rodson/miller - down over 7% atm.

your post on the happy lion board..

1rodson
12 Feb '18 - 11:46 - 2277 of 2277
0 2 0
soon 5p will just be a memory.But I FEAR MOST HERE WILL MISS THE BOAT!

.....................

5p is a memory, it has retreated below it, sometime ago and is likley to stay below 5p for some time to come.

[1rodson] 12/2/2018 11:51

HEADING DOWN AGAIN TODAY 4P LOOKS ABOUT RIGHT,

OH YES SOME SH^T ON MY SHOE. sea77 Feb '18 - 15:45 - 12178 of 12179 (Filtered) THATS BETTER

[1rodson] 11/2/2018 17:10

This ignorant ugly minded bum is permanently filtered! S7 is so thick he cant see how ridiculous he is making himself look,

sea711 Feb '18 - 10:15 - 1271 of 1274 (Filtered)


sea711 Feb '18 - 10:22 - 1272 of 1274 (Filtered)

YOU WOULD ALL BE WISE AND BE DOING THIS BB A FAVOUR IF YOU FILTER S7 AND HIS BUMBOY FOREVER

OR YOU COULD CONTINUE TO FOLLOW HIS DESPERATE RAMPINGS DOWN TO 4P

[kimboy2] 11/2/2018 16:42

While I am wittering about production and profitability here are the numbers for South Africa;

H1/16 H2/16 H1/17 H2/17 H1/18Production 11,831 16,947 12,539 16,879 13,968 Post tax Profit 0.78m 0.99m 0.73m 1.92m ?

[kimboy2] 11/2/2018 13:28

One or two little snippets in the interview. Suggests that production will meet targets for the year, which would mean;


2017 H1/18 H2/18 2018F South Africa 29,418 13,968 15,332 29,300Ghana 10,031 3,598 6,902 10,500Kilimapesa 3,408 2,683 3,317 6,000Total 42,857 20,249 25,551 45,800



Production is one thing but profits are of course another. Profitability will depend on how much they are paying for the material and to a lesser extent the price of gold.

Ceteris paribus I would expect the 2nd half to be financially stronger because they will have a new elution column in Ghana, a new fluidised bed and have optimised the processes at Kili.

I got the impression from the interview that the Kili first half may not have been in profit despite Q1/18 being in profit, but that the full year will be. However it is clear the turnaround at Kili is going to be the main boost to profits in H1/18.

Not sure when the results will be out as I would have thought they would want the RR announcement first.

[1rodson] 10/2/2018 21:03

Ever wondered why you are stuck in this des duck share when other wise enough like me got out at 11,5 ish?

Because you mugs have been listening to unscrupulous scum like S7 who admits to pumping and dumping.

Here is what other thing of the bum.


potter2510 Feb '18 - 13:02 - 2246 of 2253
0 2 0
Multiple message boards being spammed by derampers! Sea7 please refrain from posting negativity and trying to create doubt amoungst holder's!
sea710 Feb '18 - 13:05 - 2247 of 2253 MODERATED (Filtered)

[kimboy2] 10/2/2018 18:23

Our leader speaks from Indaba;

[1rodson] 10/2/2018 11:24

sea79 Feb '18 - 19:46 - 3894 of 3894 (Filtered)

[sea7] 09/2/2018 19:46

clearly rodson/miller, your threshold for what you consider "massive selling" is very low.

There were two sell trades today - one for 4693 shares totalling £328.51 and the other for 193,366 shares, totalling £13,632.

With a market cap of £12.35m and 167m shares in issue, seeing sells totalling nearly £17k which equates to about 0.14% of the issued share capital, hardly equates to massive selling.

Massive selling is normally attributed to dog stocks, such as lion.

[1rodson] 09/2/2018 18:51

Massive selling today perhaps punters are waking up to the FACT that this mismanaged dead duck needs an influx of totally dedicated, innovated, properly professional management who can at least count.

[1rodson] 09/2/2018 18:41

sea79 Feb '18 - 15:08 - 3891 of 3891 (Filtered)