We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for real-time alerts, custom portfolio, and market movers
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Goldplat Plc | LSE:GDP | London | Ordinary Share | GB00B0HCWM45 | ORD 1P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 0.00 | 0.00% | 7.20 | 0.00 | 07:36:30 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 7.00 | 7.40 | 7.20 | 7.20 | 7.20 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 72.69M | 4.21M | 0.0251 | 2.87 | 12.08M |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 7.20 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 09/1/2025 | 07:00 | UK RNS | Goldplat plc Notice of Reconvened Annual General Meeting |
| 03/1/2025 | 08:22 | ALNC |  IN BRIEF: Goldplat reappoints Gerard Kisbey-Green as permanent chair |
| 03/1/2025 | 07:00 | UK RNS | Goldplat plc Board Changes |
| 30/12/2024 | 12:41 | UK RNS | Goldplat plc Results of AGM and Adjournment of Meeting |
| 20/12/2024 | 18:26 | ALNC | Goldplat reports "excellent" full-year trading; shares tick up |
| 20/12/2024 | 12:52 | UK RNS | Goldplat plc Audited Results for the year ended 30 June 2024 |
| 05/12/2024 | 19:52 | ALNC | EARNINGS AND TRADING: Synectics deal wins; TruFin to beat expectations |
| 05/12/2024 | 09:03 | UK RNS | Goldplat plc 2024 Annual Results Update |
| 05/12/2024 | 07:00 | UK RNS | Goldplat plc Notice of AGM |
| 12/11/2024 | 07:00 | UK RNS | Goldplat plc Q1 Operating Results for period ended 30 Sept 2024 |
Goldplat (GDP) Share Charts1 Year Goldplat Chart |
|
1 Month Goldplat Chart |
Intraday Goldplat Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 21/1/2025 | 17:41 | Goldplat - Profitable Gold Recovery Business | 11,739 |
| 21/12/2024 | 06:11 | GoldPlat - Gold Panning with Dan | 5,463 |
| 25/1/2020 | 23:30 | EC #3: GOLDPLAT - TURNING WASTE INTO GOLD | 28 |
| 22/1/2020 | 15:49 | Goldplat - recovering gold and other PGM's from mine waste | 3 |
| 05/9/2018 | 09:48 | EC #4: GOLDPLAT - TURNING WASTE INTO GOLD | 351 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 2025-01-21 10:06:05 | 7.40 | 33 | 2.44 | O |
| 2025-01-21 09:32:36 | 7.29 | 19,921 | 1,452.24 | O |
| Top Posts |
|---|
Posted at 22/1/2025 08:20 by Goldplat Daily Update Goldplat Plc is listed in the Gold Ores sector of the London Stock Exchange with ticker GDP. The last closing price for Goldplat was 7.20p.Goldplat currently has 167,782,667 shares in issue. The market capitalisation of Goldplat is £12,080,352. Goldplat has a price to earnings ratio (PE ratio) of 2.87. This morning GDP shares opened at 7.20p |
Posted at 20/1/2025 11:17 by napoleon 14th This turned uo in this a.m.'s emails...You need to subscribe & get it direct if you want the calculations 'cos cut & paste won't do it. "Goldplat GDP - Gold on a plate? Or Fools Gold on a plate? The Oak Bloke, Jan 19 2025. Dear reader, Goldplat (ticker GDP) is a precious metal recovery specialist operating for over 20 years which mines nothing but works with miners to recover metals from their tailings. A “Freddie Dodge” specialist but rather than turning up with his mate Juan (oh), advising on and improving their operation instead Goldplat ships the materials back to its recovery plants in South Africa and Ghana for processing. Its future plan is to add a third plant in Brazil. Its approach is not dissimilar to Jubilee in some ways, although it is interesting that GDP appears to achieve something similar without vast levels of investment, and of course focuses solely on gold. The reason for this is GDP’s annual production of 37,466 ounces is 1.06 tonnes of gold. Jubilee are processing around 2 million tonnes of chrome concentrate per year by comparison. GDP works with a wide variety of “wastes” ranging from wood chips to machine grease and uses a tailored processing approach to each feed, and uses a series of interconnected recovery circuits to recover further precious metal from the wastes. Top Line: A reader strongly recommended I look at GDP, and for sure it is cheap. What struck me though when I looked at GDP was its forecast slow growth according to the broker. A P/E of just 2.8 and discount to NAV of ~25% but its profits would stagnate in FY25 (to June 2025). Hmmm. When gold prices are rising? Why might that be? And how accurate is that? That slow growth especially in rising gold prices takes the shine off things - potentially. Customer (Suppliers of Feed) & Growth GDP have an expanding breadth of customers across Southern and West Africa, plus are expanding into Brazil. This reduces risk of dependence of too few customers and lumpiness of flow. It also diversifies from the challenges of power intermittency which has plagued South Africa and associated rising energy costs. Gold Operations Ounces. Usually you would head straight to production info and see how many ounces were produced. Very strangely GDP only reveal this in the latest annual report (37,466 ounces for the year) whereas we have to assume perhaps 24,000 ounces (taking the midway of “operations recover between 1,500 ounces and 2,500 ounces monthly) the year before (FY23) and perhaps 28,800 ounces in FY22. This must mean a realised price per ounce of $1,940 and an AISC of $1,597 in 2024, $1,745 and an AISC of $1,436. Explains why GP margin is only 17.7% and hasn’t increased in 2024/2025. 2023 annual report 2024 annual report So there not nearly as much margin, since the revenue is shared with the customer (who provided the feed) and costs are high because of the processing involved. There is potential for GDP to expand its PGM recovery (it’s unclear whether there are any since they only announce gold ounces) and it also has a know how for a fine coal recovery process where it says it is not currently the best time to pursue these ideas. Since mine materials have to transported to either Ghana or South Africa, new sources of feed need to be approved for export, and licences to operate expire - some yearly. GDP’s operations tends to tie up working capital since customers want to be paid far faster than smelters are prepared to pay GDP. You can see working capital getting swallowed up as operations have grown. It’s also noticeable that margins are declining since 2021 due to higher energy and people costs. Cashflow: + Strong cash generation: GDP generated strong cashflows in FY24 - its P/OCF (price to operating cash flow) is 2.5x and FCF 6x. Capex: Ongoing investment appears set to continue via further investment in Ghana and then Brazil. There’s always something to spend the money on. It’s fair to say that GDP appears close to being debt free and there is talk about dividends in 2025 but my assumption is there’s more capex (perhaps £2m a year) to upgrade Ghana to produce Dore Gold and to establish an operation in Brazil. Compensation & Management: Director compensation seems reasonable at £420k (inc fees). Management has been delivering on its promises and has a clear and achievable strategy. Sales: The 2024 revenue performance is far higher than 2023. This is in part to fewer blackouts in South Africa (aka load shedding), but also due to improved gold prices and growth in the Ghanian operation. The broker’s view that sales will drop in the year to June 2025 (FY25) to just £48m (from £72.7m) has spooked me somewhat. Why? No explanation is given for this contraction? The gold price is now higher than it was in the year to June 2024. The 1Q25 result appears to show a £14.8m revenue till 30th September by working backwards from the disclosed operating profit. Annualised that would be around £60m turnover. So do they believe the remaining 9 months will deliver just £33.2m? Their guess is in a report dated the 20th December 2024 so a full month after the 1Q25 results so it appears they believe sales will contract by about a 1/3rd in the remaining 9 months (£48m - £14.8m = £33.2m). Another aspect I’m not comfortable with is sales were £72.69m and 37,466 ounces were produced and sold at $2,076 per ounce. But this doesn’t add up. 37,466 ounces over £72.69m is $1,940 an ounce - $136 per ounce less, or if an average $2,076/ounce is accurate then production must have been 35,014 ounces. I suspect the answer is tied up in minority interests and the like (the Ghana operation is 91% owned by GDP), and/or the reconciliation between their “group” and “company” Cash: Analysing their cash flows debt is or will be paid down now or in the coming months, leaving just lease liabilities. There is clearly growing operational cash flow, which is a positive sign and despite the forecast drop in sales I’ve made some estimates on what cash flows could look like, assuming a £4m budget to address capex for Ghana and Brazil’s operations. I suspect that any dividend will not be until later in 2025 but a prospective £1.7m would equate to 1p per share. Assuming a 40% of FCF dividend i.e 0.4p equates to a very decent 5.4% yield. That could grow to a 10%+ yield with rising cash flows in time. Balance Sheet The nature of the business, and one to get your head around is that your customers (mine owners) are the suppliers and want generous payment terms for their materials. The smelters are a supplier but you supply the processed ore for smelting and they offer slow payment terms. So the nature of this business is lots of working capital gets tied up and there’s not an easy solution here where customers are typically very large, smelters are also large and GDP is the piggy in the middle. Having said that the group balance sheet is solid, and feeds in to the company balance sheet where net assets are 9.6p per share (so at a discount to the share price by 2.2p). Other upsides: A final aspect is the MRE from 2016 where today about 2.3 million tonnes of tailings contain 82koz plus an estimated 50% more? of gold plus silver and uranium at 1.5g/t (?). Building a second tailings storage has now been completed and is a stepping stone towards processing the older tailings. Conclusion: A £12m market cap at a discount and delivering a £4.3m profit after tax should be a dream come true. But how much could and one day will translate into returns for its owners? After you strip out minority interests, and try to account for production that doesn’t appear to quite add up to the revenue, a high AISC, a fairly heavily discounted gold price (so a limited net margin and upside to gold prices), ongoing capex requirements, quite a bit of past bad luck, a PEG of 2.66, geographic risk and crucially the prospect of a FY25 33% sales drop according to the broker’s estimate for absolutely no apparent reason…. an uneasy feeling prevails. Perhaps I’m overthinking this one and just need to get comfortable. I’ll be paying close attention to the interims and the truth of the broker forecast. Regards, The Oak Bloke." |
Posted at 10/1/2025 11:02 by lowtrawler GDP could and should have provided indicative numbers to the market for the TSF in order to generate interest. It would have supported the share price and been to the advantage of shareholders.However, shareholders appear to have a very low priority in the world of Goldplat. There is no sense of urgency in resolving the TSF; they can advise shareholders the TSF will be resolved by June 2025 and only weeks later say they haven’t yet submitted the license applications with no apology or responsibility; the shares are suspended for late delivery of the accounts with nobody held accountable; they look to diversify into new activities without providing a business case; the business model changes to require more working capital and shareholders have to investigate what is happening rather than being told; they agree pricing to buy-out minority interests which disadvantages shareholders (and remember they were related parties); Investments are always made from retained earnings rather than borrowing; there is no timetable or policy for providing shareholder returns. Currently, the annual accounts narrative indicates they expect to use all available capital for investment over the next 6 months which probably means there will be no shareholder return considered until Q4. With the license applications for the TSF not being made until the end of this month, at the earliest, we probably won’t get any price accretive news on the TSF until 2026. With Ghana going through a period of change, their financial performance will probably be below 2024 levels until the second half of 2025. IMV, it means we won’t see the share price break out of its trading range until late 2025. Simple changes could be made that would transform the SP: produce a plan; produce a shareholder return policy; commit to business cases for any diversification; fund investment through borrowing; explain variances to plan and what has been done to prevent recurrence. All of these ideas are simply good governance. I had been overweight GDP in expectation of shareholder returns and the TSF being unlocked by the middle of this year. I have now scaled back my holding in expectation shareholder returns are unlikely to be announced until late 2025 and the TSF will remain locked until mid 2026. I maintain a sizeable interest but cannot justify an overweight holding when GDP continue to treat shareholders as low priority. |
Posted at 13/11/2024 19:09 by ih_692232 Low-I hold shy of 3per centI am stubborn - I will wait until I get my reward -I won’t be selling under cost -I want to make a profit Martin is not buying this company - if he had wanted to he could have bought shares very cheaply to do so What he wants is I am sure what long term shareholders want - a return on their investment He can not sell into this market the share price would tank He has two options -the company is sold (a buyer doing so on strength of business returning profits annually and the TSF delivering a bonanza in due course )-or Martin gets his reward by TSF development and substantial dividends I am in same boat as he but on a smaller scale - I want board to focus on being rewarding shareholders by dividends The board have a propensity to waste cash - coal ? Silence now but cost 550k generators- a wasted investment of 750k -over the years there is a long list Audit shambles -Ghana licences - lack of driving focus on TSF -no buy backs -no dividends -cash from sake of Kili-promised as dividend The board have consistently failed shareholders Boy have they and we been lucky as to gold price but has this share share price increased in line with increased gold price ??? So yes this board needs to be accountable to its shareholders and yes it is very anger inducing that they have failed so miserably thus far to deliver They have probably wasted enough cash in last 5 years to cover 3years of 1p per share dividend Alm |
Posted at 12/11/2024 18:33 by lowtrawler ACT, there has been virtually no volume yesterday or today. The only substantial transaction was 400k shares after hours today and it was a buy - roughly equal to the rest of the day's volume.The reality is, unless the MM's are working trades behind the scenes, the share price movement was not driven by supply and demand. It was purely the MM's setting a price they thought would balance their books. I have said it before but will repeat. The share price this year can move around between 6p and 8p without generating trading interest. We are effectively in a wide trading range and the MMs can move the price at will within the range. There was nothing substantial in today's announcement to move us out of the range. |
Posted at 23/9/2024 16:16 by lowtrawler The problem we have is accurately valuing the TSF. Even Werner has explained GDP have a wide variation in possible outcomes. Some variables are easier to estimate than others but the compound error from estimating so many variables makes any TSF valuation suspect.It starts with any update to the JORC. We know what it was in January 2016 (82k ounces) and we know that 800k tonnes of material have been added to it since then @ c.1,45 g/t which equates to around 41k ounces. However, the original JORC is likely to be more with the material now having settled. Overall, it seems likely an updated JORC would reflect over 125k ounces. The next variable is how much of the contained resource is recoverable. There is a large variation of possibilities. Anything from 35% to 65% appears possible. This variable alone means we are looking at a gold recovery of anywhere between 44k - 81k ounces. In relation to the DRD contract. There are clearly project initiation costs and project clean-up costs. These could be substantial. In addition, we don't know whether DRD will charge a typical processing price or a price in which they profit share. I doubt we will get any clear view until the terms of the contract are published or included in a forecast by GDP. While the pipeline appears fairly straightforward. GDP say they need to conclude arrangements with "third parties over certain areas for the installation of a pipeline to the DRD Gold processing facility". We don't know what costs are associated with this. We do know that 9.37% of the profits made from processing the TSF will belong to minority interests and we also know there will be South African Tax to pay, currently at 28%. We can all see the huge sales value in relation to GDP's market cap but until the variables are better established, we cannot say with any certainty what profit will flow to GDP. The fact GDP expect processing to take 6 years from commencement also adds risk / uncertainty. When I work through the range of possibilities, I end up with attributable profitability of between 15p and 43p per share. Even then, the actual results could easily fall outside that range. Once you discount the values to reflect 6 years processing, the share price impact could be anywhere from 10p - 30p. IMV, once GDP sort out a reasonable shareholder return for the ongoing business, it will be priced around 4.5x earnings of 2.2p i.e. around 10p. Thus, if the TSF achieves the lower end of my expected range, the share price should reach 20p. In reality, until the TSF is actually delivering returns, nothing like the full value will be reflected in the price. This is why I discussed 15p earlier. Ultimately, I expect 10p for the TSF to be an underestimate and for the full return to be closer to 30p. For shareholders to extract the full benefit, I believe you will need to hold throughout the processing timeline. |
Posted at 29/8/2024 10:44 by ih_692232 LowThe company is not telling us anything about funding of materials -they should be if there is a change from present arrangements - so why should we assume there is such a change ? Isn’t that what a board of directors should do - keep the shareholders informed on any material change to the business ? The other staggering thing about goldplats performance and resultant low share price which is entirely the boards fault is that this is against a backdrop of a staggering increase in the value of gold -they just can’t run a successful business at these gold price levels with an share price that should be 3 or 4 times the current share price with buyers queuing up to buy the stock It’s all about a useless non focused board interested only in their own benefit with no vision forward long planning and a realisation that communication is key They need not only produce and sell gold but really sell the business through communication to its present and future shareholders The questions to be raised to this board at the presentation ??? Don’t expect any meaningful answers Alm |
Posted at 28/8/2024 09:36 by lowtrawler When I first read the RNS yesterday, I had to look twice. I thought they had mixed up the Q4 numbers with the annual totals. In Q4, excluding foreign exchange, Kenya tax and impairments, they made more profit after tax than Q1-Q3 combined. This is an incredible performance. The cash on hand is sufficient to meet all their planned investment and loan repayments. The cash they generate over the next year can be used to build inventory and transition towards a model where they pay miners up front.It is unclear whether Q4 was an anomaly or whether the higher operating profit will continue. Even assuming GDP revert to previous profit levels, after 12 months GDP should have a strong balance sheet and be able to reward shareholders. With cash generation roughly matching profits, I reckon they can safely return 50% to shareholders and reinvest the remaining 50%. That would mean a dividend of 1p per annum at previous profit levels or 1.25p+ at the higher profit levels. We need GDP to provide an indication of where they expect profits to sit over the coming years and set a policy for rewarding shareholders. In a world where investors have seen GDP squander profits and fail to reward shareholders, GDP need to change the narrative. They need to convince investors they will be rewarded and set an expectation of what those rewards might look like. In relation to the TSF. GDP have consistently failed to provide any detailed plan for delivery. This has allowed delivery to drift with shareholders left in the dark as to why and no understanding what GDP are doing to bring it back on track. It is time for GDP to publish a plan and provide detailed quarterly updates on progress towards delivery. It is the only way management can be held accountable. |
Posted at 12/7/2024 07:37 by lowtrawler MF, only you can answer that question.IMV, the core business is worth more than the current share price which creates limited downside. The only threat would come if Ghana were to decline but that currently appears unlikely. If GDP properly communicate the TSF, most of the benefits should appear in the share price at the point monetization begins. Even if they move at a glacial pace, that is likely to be within the next 3 years. However, if they fail to communicate and the benefits are only visible over the course of monetization, the full impact might not be felt until monetization is complete and that may be 10 years away. I can't believe Martin would allow that to happen and so I currently expect benefits of the TSF to be substantially in the share price within 3 years. |
Posted at 03/7/2024 16:36 by lowtrawler Taking a look at what should happen to the GDP share price once the TSF is fully documented and underway. Using kimboy's assessment from post 11172, @ $2,150 gold, there should be a gross profit of around $70m split over 6 years (based on last quarters investor call), about $50m after tax. Assuming the $50m is split evenly over the 6 years and using a discount rate of 18% with year 1 commencing immediately - I think it will not be fully reflected in the share price until underway....The DCF value is c.$29m or c.£23m, about 14p per share. If the plan is to fully distribute these profits, it should all be reflected in the share price (the high 18% discount rate takes account of risks). The core business should have a value of 6p - 14p and so the share price should comfortably exceed 20p. I reckon we are probably at least 18 months from monetisation of the TSF but as we gain visibility, the share price should start to head towards the 20p. The main issues I see are that the TSF returns are still high level and rough - they could be out by a country mile. Also, GDP may choose not to fully distribute the windfall profits. |
Posted at 27/6/2024 15:21 by lowtrawler ertugral, the market is trying to look forward and value on future cashflows with countless other adjustments including risks, opportunities, threats, management quality, dividend policy etc. Ultimately, the long-term share price comes down to the attributable cashflows either being returned to shareholders or used for business expansion. At any moment in time, valuing using my simplistic method will not deliver any insight to the current price but over a longer period, the share price will tend to reflect the financials. Sometimes that longer period is decades but more normally 5 - 10 years.In the case of GDP, they have been making a lot of attributable profit but it has all been retained in the business. In theory, that should mean growth leading to additional attributable profit but Ghana is the only area of successful investment we have seen. The lack of shareholder returns means GDP sits on a low rating. The poor quality management and problems in SA are other black marks. Hence, we have a share price at the lower end of what the financials would support. |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
