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Goldplat, with its gold production centres in Ghana and South Africa, today provides an update on its Q3 performance for the period ending March 2025. It has had another consistent quarter producing a Gross Operating profit of £694k (£1,618k in Q3 FY2024) and a PBT of £769k (£890k). Ghana, once again, was the growth engine with a PBT of £784k with South Africa operating at breakeven with a PBT of (14k). Goldplat remains committed to its Raw Material flow into South Africa and is looking to send South American material from its upgraded Brazil raw materials plant in the near future. In South Africa Goldplat is looking to other profit streams including the processing of PGM-bearing raw materials and the finalisation of the water licence to allow the reprocessing of its old Tailings Storage Facility (TSF) by DRD Gold. The business as a whole remains cash generative and capable of funding its modest capital requirements; it finished with a cash balance of £3.1m (at the end of March). We continue to see value in Goldplat and see a fair value of 16.8p/share.
Goldplat plc
Goldplat, the precious metals recovery experts, today provides an interim update for the period ending December 2024. Goldplat results typically show steady state and these are no exception with an operating profit for the group at £2.64m (H1 FY24 - £2.97m). The slightly lower operating profit has been put down to the change in Ghana where gold-bearing concentrates are now to be converted to doré* in country and a lower supply into South Africa all of which has been offset by the increase in the price of gold. Operating profit translates into a PBT of £1.55m (£1.17m) and an EPS of 0.87p (0.70p) with Goldplat having £2.77m in cash at the end of the period (£3.89m). Goldplat has projects in South Africa to improve its operating position: increased engagement with producers to supply more material from within country and from neighbouring countries and to get the water licence for the tailings reprocessing project over the line. In Ghana the project to convert concentrate to doré needs completion (another £0.25m to spend against £0.90m already spent). We maintain our forecasts today with our fair value of 17.3p/sh using a 3.5x EV/EBITDA multiplier for FY 2025E EBITDA (a multiple slightly discounted to peers – see Zeus note 27.8.2024). We therefore continue to see share price upside from here, with Goldplat a consistent and valuable diversifier to any gold investment portfolio in our view.
Goldplat, the precious metals recovery experts, today update us on its Q2 results for the period ending December 2024. It was another profitable quarter with both its operations registering a profit: £0.6m PBT in Ghana and £0.3m in South Africa. The Group reported Q2 gross operating profit of £1.2m (£1.5m) and an overall H1 2025 gross operating profit of £2.5m (H1 2024 £3.4m) excluding listing and head office costs, finance cost and foreign exchange losses. Adding in finance cost and foreign exchange loss resulted in a quarter profit of £0.8m (£0.7m). We view this as a creditable performance given that some revenue was originally recognised in Q1 FY25 but later moved backwards to Q4 FY24, as final assays were received, and that there were some issues in Ghana in December which meant that only in January was some gold sold and therefore revenue recognition pushed into Q3 FY25. The results were set against improved operating controls and the rising gold price – the gold price reaching an astonishing >$2,900/oz intraday 10.02.2025 – helping to highlight the importance of full gold recovery of all ounces by operations. Goldplat is also making progress at a potential site in Brazil and will look to install simple upgrading circuits to clean material for export at a capital cost of £0.2m. Goldplat continues to invest in Ghana (£0.9m so far this FY with £0.3m to come) and now has the environmental permits required to construct the proposed doré facility on site. We maintain our forecasts today with our fair value of 17.3p/sh using a 3.5x EV/EBITDA multiplier for FY 2025E EBITDA (a multiple slightly discounted to peers – see Zeus note 27.8.2024). We therefore continue to see share price upside from here, with Goldplat a consistent and valuable diversifier to any gold investment portfolio in our view.
Goldplat today provides its full year FY24 results (ending June 2024). Goldplat is a service company to the precious metal mining industry providing recovery services to a wide variety of “wastes” produced as a result of mining. Goldplat has bespoke processing solutions and a series of interconnected recovery circuits to recover as much precious metal as possible. Headline annual numbers were exceptional with a PBT of £6.0m (£3.4 in FY23) and PAT of £4.3m (£3.1m), with cash of £3.9m (£2.8m) and a basic eps of 2.5p (1.7p)– these are the best results in our financial time series. The results were due to good material flows into Ghana and the reduction in the effects of the power situation in South Africa and the good sense by Goldplat management to install back-up generators. Raw material flows into Ghana still look good and Goldplat management continues to look at how to improve flows into South Africa. We maintain our forecasts today with our fair value of 17.3p/sh using a 3.5x EV/EBITDA multiplier for FY 2025E EBITDA (a multiple slightly discounted to peers – see note 27.8.2024). We therefore continue to see share price upside from here, with Goldplat a consistent and valuable diversifier to any gold investment portfolio in our view.
Goldplat today provides its Q1 operating results for the period ending 30 September 2024. Across the Group, operating profits are broadly in line with the same period last year, once finance costs and foreign exchange losses are considered, Profit Before Tax (PBT) is reported at £1,451,000 compared to £1,455,000.
This week’s Q4 operating results from Goldplat reflected encouraging progress, with an outstanding quarter in Ghana and the company’s highest operating profit in five years. Goldplat produces gold (plus minor silver and Platinum Group Metals – PGMs) from by-products of mining and plant clean-up. It has two operating recovery plants – one in South Africa and one in Ghana. The company is cash-generative with an effective management team, strongly focused on growing the business. Following the recent RNS, our fair value today rises based on forward projections of profitability now South Africa and Ghana seem on a more steady path. Our new fair value on this basis is 17.3p/sh (from 14.2/sh) using a 3.5x EV/EBITDA multiplier for FY 2025E EBITDA (a multiple slightly discounted to peers) and adding in net cash. We therefore see share price upside, with Goldplat a consistent and valuable diversifier to any gold investment portfolio.
Goldplat today publishes its Q4 operating results for the period ending June 2024. As a reminder, Goldplat is a unique processor of the by-products produced as a result of mining, recovering gold and other precious metals from raw material generated by other producers; and acting, in our view, as a service provider to the mining industry from its two plants in Ghana and South Africa. Overall it generated its highest gross operating profit since the beginning of 2019 (see Exhibit 1), outperformance against our forecasts at the operating level – and we believe its highest profit ever. This result was brought about by an outstanding quarter in Ghana, where an operating profit of £3.7m (£0.4m in Q4 FY2023) was generated thanks to strong supplies of raw material from within Ghana and imported from South America. Ghana is the growth engine for Goldplat, as we have always believed. South Africa improved from its Q2 and Q3 performances to a sensible gross operating profit of £0.6m (LFL £0.8m), but is still constrained by a lack of new material from current mining operations in South Africa – a situation which is being worked on by management. In South Africa, the power situation is also improving and we are informed there has been no load shedding for over 100 days as of end-August. Cash balances were a healthy £3.8m at the end of the period. We maintain our fair value of 14.5p/sh and will review our model in line with the exceptional Q4 numbers and expect an upward revision.
Goldplat today reports its March quarter results (Q3 FY 2024). Headline operating profits from its two gold recovery plants, in South Africa and Ghana respectively, was £1.6m (Q3 FY 2023 £1.5m) which led to a PBT for Goldplat of £0.9m (£1.7m) for the quarter. Profit was driven by Ghana (£1.5m) with the remainder from South Africa (£0.1m) – with the nine-month total for both operating plants up to a gross operating profit of £5.0m (£4.8m). Cash balance at the end of the quarter was £2.4m – up from £1.7m at the end of December (Q2 FY 2024).
Goldplat is a precious metal producer from the by-products of mining and plant clean-up with plants in South Africa and Ghana and a process to purchase a warehouse in Brazil. It today provides its interim figures for H1 FY2024 (ending Dec 2023). Eps is reported at 0.7p/sh (from 1.0p in H2 FY2023). Despite the headwinds in period from electricity issues in South Africa, slow turnaround from smelters in Europe, lower-than-expected gold in the gravity circuit in SA and sell down of inventory in Ghana after the reissue of a delayed export licence Goldplat made the most of its flexibility and delivered a Group profit of £3.0m (£2.8m) with an eps of 0.7p (1.0p) and period-end net cash of £1.7m (£2.8m) despite capital expenditure of £0.8m (£0.8m). Going forward Goldplat will install a set of generators which will guarantee power in South Africa, has plans to grow its customer base in Africa and is finalising the purchase of land in Brazil to treat lower-grade wastes that are uneconomic to export. In South Africa there is also a plan to treat the old Tailings Storage Facility (TSF) once the new one is commissioned. Goldplat's neighbour, DRD Gold, will treat the TSF once permitting for a pipeline has been received. The TSF contains a 2016 (JORC) resource of 1.4Mt grading 1.8g/t gold (82koz) with a further ~1Mt (WHIe) added since which (in our view) will add to the resource. We see fair value at 14.5p/sh on the basis of an undemanding 3.5x EV/EBITDA multiplier for FY25E. We look forward to including the tailings retreatment project in our forecasts once technical, economic and commercial inputs have been defined.
A disappointing quarter from South Africa which has usually been a very steady operation for Goldplat. We expect the problems in the quarter not to be a regular occurrence, given the long history of profits, but we reduce our FY expectations from a Gross Profit of £9.5m to £7.5m reducing our eps from 2.0p/sh to 1.0p/sh, which still leaves £1.5m in cash by year end. We will look to update our numbers when we have more clarity on the timing of the re-processing of the TSF and any update on the commercial deal between Goldplat and DRD. We see current fair value in Goldplat at 14.3p/sh based on a 3.5x FY2025 EV/EBITDA multiplier.
Goldplat is a precious metal producer from the by-products of mining and plant clean-up with plants in South Africa and Ghana. It today provides its final year figures for FY2023 (year ending June 2023). Eps is reported at 1.7p/sh (from 2.1p in FY2022). FY2023 was a successful year despite headwinds from electricity issues in South Africa, slow turnaround from smelters in Europe and a delay in the export licence in Ghana. Goldplat made the most of its flexibility and delivered a Group profit of £3.1m (£4.0m) with operating cash flow of £3.3m (£3.0m) and year end cash of £2.8m (£3.9m) despite capital expenditure of £1.9m. Going forward Goldplat has begun installation of a set of generators which will guarantee power in South Africa, has plans to grow its customer base in Africa and is finalising the purchase of land in Brazil to treat lower-grade wastes that are uneconomic to export. In South Africa there is also a plan to treat the old Tailings Storage Facility (TSF) once the new one is commissioned. Goldplat's neighbour, DRD Gold, will treat the TSF once permitting for a pipeline has been received. The TSF contains a 2016 (JORC) resource of 1.4Mt grading 1.8g/t gold (82koz) with a further ~1Mt added since which (in our view) will add to the resource). We see fair value at 14.7p on the basis of an undemanding 3.5x EV/EBITDA multiplier for FY24E. We look forward to including the tailings retreatment project in our forecasts once technical, economic and commercial have been defined.
Goldplat today provides an update on its Q1 operating update for the period ending September 2023. Goldplat recovers gold and other precious metals from the wastes produced as a result of mining, operating two recovery plants: one in South Africa and one in Ghana. Today's results are strong with operating profit of £1.87m for the quarter (£1.92m in Q1 2023 and last quarter Q4 2023 of £1.19m) with £0.76m from South Africa (£0.98m / £0.75m) and £1.11m (£0.97m / £0.44m) from Ghana. Goldplat retained a strong cash balance with £1.35m at the end of the period.
Goldplat, the Mining Services Group with operations in South Africa and Ghana, today reports operational results for the quarter ending 30 June 2023.
Goldplat, the gold recovery business with operations in South Africa and Ghana, today reports that Douglas Davidson, an experienced operations manager and metallurgical engineer has joined the Group management team. Further, a decision has been made to acquire diesel generators that will maintain South African operations during power outages on the national grid. In Ghana the Gold Recovery licence has been renewed and gold exports have commenced.
Bens Creek today updates us on its second highwall miner (HWM) which is today in production. HWM (No. 77) arrived onsite 8 weeks ago and after assembly and modification of site infrastructure just could not be commissioned – software and electrical problems were insurmountable. So, a replacement HWM was found (No. 81), brought to site on the 1st May, assembled yesterday and will be in production today. Bens Creek will be running two HWMs and we anticipate able to make its target production after a period of start-up.
Goldplat, the gold recovery experts, announces today its Q3 update. Profit from the two operating units (one in South Africa and one in Ghana) was £1.5m in Q3, down from the same period last year at £2.3m. For the 9 months Goldplat has generated £4.8m in operating profit ($6.0m). Goldplat reported cash of £2.8m at period end.
Today Goldplat reports its interim statements for the period ending December 2022. Goldplat operates two gold recovery plants treating a heterogeneous mix of waste materials produced as a product of mining, one in Ghana and the other in South Africa. It reports operating profits of £2.9m (H1 - 2021: £3.3m), with the reduction due in the main to a drop in operating profits at its South African operation where electricity problems have led to unstable and erratic production; profitability in South Africa decreased from £1.6m to £1.0m over the same period.
Intraday yesterday Goldplat updated the market on the electricity supply situation in South Africa. It appears that the electricity cuts have continued into Q3 with additional hours in March lost due to problems on the transmission lines to the operations. Hours lost during Q3 to date are already 43% higher than those experienced during Q2. Goldplat is engaging the municipalities and providers to reduce the impact on operations and continues to investigate ways to increase productivity during times of availability. Operations in Ghana remain unaffected.
Goldplat is a precious metal producer from the by-products of mining and plant clean-up. It today provides its final year figures for FY2022 and H2 FY2023. Nothing has changed from our last note for FY22 with eps reported at 2.3p/sh (WHIe 2.3p). We forecast an eps of 1.2p/sh in FY2023 before a return to 2.5p/sh for FY2024 after electricity issues in South Africa are resolved. FY2022 was a successful year with the share buyback of the minority shareholder in South Africa, an agreement with a neighbour (DRD Gold) to treat gold-enriched soil to fill its largest circuit (now with a 7-year outlook), a new tailings dam and a discussion with DRD to reprocess its existing tailings. In Ghana, new suppliers and more material from South America allowed for an increase in profitability. We continue to see incremental improvements in both South Africa and Ghana, with Goldplat on a stable footing and with growth opportunities. The company is also looking to set up a facility in Brazil to treat low-grade materials and act as a base for stockpiling higher-grade materials for South Africa or Ghana. We see fair value at 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 the tailings retreatment project, further progress in treating PGM-bearing wastes in South Africa and news on new supply partnerships into Ghana. We will review our numbers regularly going forward.
Goldplat, a mining services company focussing on recovery gold and other precious metals, today provides an update for the first quarter of this financial year (FY 2023) ending September 2022. Outstanding operational results from both Ghana and South Africa show the continuing momentum of the business.
Goldplat is a precious metal producer from the by-products of mining and plant clean-up. It today provides an update on its operational activities in Q4 ending June 2022 and a first indication of its yearly financials. The news does not disappoint as once again Goldplat has produced a record year. FY 2022 operational profit from its combined operations was £8.0m – up from £5.3m in FY 2021. We are looking for improved performance in FY 2023 with continued access to new materials (South America and wider West Africa) into Ghana and an increase in PGM production and reprocessing tailings in South Africa to accompany the existing, ongoing business. We keep our forecasts unchanged today pending release of the full accounts with an expectation of an eps of 2.3p/sh, rising to 2.5p/sh in 2023. We will update our numbers accordingly following release of the full year numbers.
Goldplat produces gold (plus minor silver and platinum group metals – PGMs) from by-products of mining and plant clean-up. It has two operating recovery plants – one in South Africa and a growing operation in Ghana. Goldplat is cash-generative with an effective management team, focused on growing the business. We recalculate our fair value today using a new methodology, incorporating forward projections of profitability, now that South Africa and Ghana seem on a steady path. Our new fair value on this methodology is 18.7p/sh (from 10.6p/sh), which uses a 3.5x EV/EBITDA multiplier for FY 2023E EBITDA (a multiple that is set at a slight discount to peer companies) and adding in the value of investments and net cash. Therefore, we see upside to the current share price and believe Goldplat to be a useful diversifier to any gold investment portfolio.
Goldplat, the gold recovery experts, today provides an update for its third quarter ending March 2022. It was another strong quarter making progress on its client base in Ghana and its recovery plant in South Africa. Headline numbers were a profit for the two operations in the quarter of £2.3m (up 96% on Q3 2021 from £1.2m) with a year-to-date operating profit of £6.0m (£4.2m) – not including other costs (e.g. corporate and administrative head office costs).
Goldplat today reports a strong half; it reports operating profit from its two plants of £3.8m up from £3.0m in the same period last year. At the end of the period, Goldplat had £1.5m in cash with a significant balance in inventory and debtors, with £3.8m in its operating entities. Goldplat is a unique business generating value from the wastes produced as a result of precious metal mining.
Goldplat today announces the results for Q1 FY2022. Headline figures were an operational profit in line with this time last year of £1.4m (Q1 FY2021 £1.4m). There was an increase in contribution from Ghana to £0.84m (£0.28m) due to a steady flow of material but with a reduced contribution from South Africa to £0.56m (£1.12m). The lower contribution from South Africa was due to a lower realised gold price in Rand terms and also maintaining unrealised profits at ~£1m (compared with the more usual £0.5m) as more gold produced is tied up in the gravity circuit (which has a longer sales cycle); the situation should resolve by next quarter and we make no changes to our annual numbers today.
Intraday yesterday Goldplat announced that it would toll treat the first ore from Qala shallows (remnant ore from the Kimberely Reef from early mining operations close to the surface) for West Wits Mining (ASX:WWI: Mkt Cap £35m). Production will begin in February 2022 with tonnages of 8.5kt/month delivered to Goldplat's South African plant. This ore in the agreement is over and above the reserves outlined by West Wits Mining – who will build its own dedicated mill for its full 22 year (1.6Moz gold) project.
Goldplat produces gold (plus minor silver and Platinum Group Metals – PGMs) from by-products of mining and plant clean-up. It has two operating recovery plants – one in South Africa and a growing operation in Ghana. The company is cash-generative with an effective management team, focused on growing the business. We reintroduce our estimate of fair value at 10.6p, based on a simple average of Goldplat's NAV and a 4x multiplier of current year EV/EBITDA (which is set at a slight discount to peer companies) and the value of investments.
Goldplat announces an increased ownership in its South African subsidiary (Goldplat Recovery Limited) raising its ownership from 74% to 90.6%. Effectively, Goldplat will purchase the 15% shareholding of Dartingo Trading 161 and 7.3% of the 11% held by Amabubesi Property Holdings for ~£4.5m. In a related transaction, Goldplat will sell back 4.9% back to Mr Sango Ntsaluba – a related party who owns interests in Amabubesi and Dartingo for £0.8m (at the same valuation) into Aurelian Capital – Mr Ntsaluba will own directly and indirectly, 9.4% of GRL. The net cost to Goldplat Recovery £3.7m (Goldplat's 90.63% share £3.35m).
Goldplat announces a 9 month operating profit of £4.2m (3Q '20 - £3.8m) with an increase in profit in 3Q '21 of £1.2m (£1.0m); in Ghana profits rose to £0.7m (£0.2m) and there was a small fall in profit in South Africa to £0.6m (£0.8m) in 3Q ‘21. The biggest news in quarter, however, was the final sale of the Kilimapesa mine in Kenya allowing Goldplat to concentrate on its core gold recovery business. Goldplat had net cash of £2.1m at the end of March 21.
Goldplat has announced it has completed the sale of the Kilimapesa Gold Mine in Kenya. Goldplat will receive $1.5m to be satisfied by cash or the issue of shares to that value in Papillion Holdings plc (LSE: PPHP – which will be renamed Caracal Gold upon completion) upon the admission to trading on the standard list of the London Stock. Of the $1.5m purchase price, a minimum of 30% ($0.45m) will be payable in cash and the rest in shares. If Papillion is not admitted to trading on the LSE by 16 July 2021, then the full $1.5m will become payable in cash with interest of 4% from 1 January 2021. The completion of the sale will also see the start of the period from which a 1% Net Smelter Royalty from gold production from Kilimapesa will begin – up to a value of $1.5m.
Goldplat today announces its Interims for the period ending December 2020 (H1 FY 2021). In the six months, Goldplat generated an operating profit of £3.0m: £2.1m from South Africa and £0.9m from Ghana. At a Group level the company generated a profit from operating activities of £2.1m and a PAT of £1.5m (up 50% on the same period last year). Cash decreased to £0.9m (from £1.9m) due to an increase in in inventories and accounts receivable with “precious metals on hand and in process” doubling to £7.6m during the period – this relates to large batches of material received in Ghana and gold produced in South Africa not sold. Revenues and profits from this material will be accounted for during the third quarter.
Goldplat today announces an operational update from the period ending December 2020. In the six months, Goldplat generated an operating profit of £3.0m: £2.2m from South Africa and £0.8m from Ghana. Operations in Ghana continue to drive improvements with operating profit up 5x from the same period last year.
Goldplat today provides us with its preliminary results for the year ending June 2020. As previously reported, this was a strong year for the company as it capitalised on its change in strategy away from mining and exploration to refocus on its core capabilities in gold recovery from a wide variety of wastes produced as a result of gold mining and processing. Significantly, the Kilimapesa mine in Kenya was disposed of in year (details to be finalised) with Goldplat exposed to any future upside. The P&L and balance sheet have been restated for 2019 due to the focus on the gold recovery but we see no implications for cashflow arising from this; and Goldplat still shows a significant amount of cash relative to its market cap. Headline PBT for 2020 was £5.7m (2019 restated £1.1m) with gross cash at end of period of £3.1m (£2.4m). With a current strong gold price environment and an improved sight of gold processing contracts we expect 2021 to be a more profitable, and cash generative year.
Goldplat the processor of gold-bearing wastes and residues from mining operations today reports on its first quarter ending Septe2020. As expected the company continues to maintain robust operating profits from its South African operation (£1.12m, up from £1.07m in the same period last year) and an increased operating profit from its Ghana operation (£0.28m up from £23k). Goldplat is in the process of selling its Kilimapesa gold mine in Kenya which contributes small operating losses to the Groups overall performance with the sale expected to finalise by the end of December.
Goldplat today provides an update on the sale of its Kilimapesa asset in Kenya. The sale process continues with many of the conditions already met and with the parties now agreeing to extend the period of exclusivity until the end of December 2020.
Goldplat today provides an update on the proposed sale of its Kilimapesa gold mine in Kenya. Further to the announcement on the 3rd July of the sale, Goldplat can confirm that the ultimate buyer of Kilimapesa will be Papillon Holdings plc (LSE:PPHP) through Mayflower Capital Investments Pty, subject to the appropriate regulatory and shareholder approvals and a minimum raise of $4m to fund the development of Kilimapesa's operations. A £50,000 exclusivity fee has been paid to Goldplat and Mayflower's team are on site completing due diligence and over-seeing the start-up of the plant. The fee to Goldplat of $1.5m, payable in shares, remains the same.
Goldplat announces that it has agreed a sale for its Kilimapesa Gold mine, currently on care-and-maintenance, in Kenya. Under the binding Term Sheet, Goldplat will sell the mine to Mayflower Capital Investments Pty Limited for USD1.5m in Mayflower Shares plus a 1% Net Smelter Return royalty capped at USD1.5m. Mayflower will look to list Kilimapesa in London and will seek to raise USD4m to recapitalise the business properly. Goldplat will keep its shares in Mayflower in escrow for 12 months.
European Metals Holdings today announce that a support and financing agreement with EIT InnoEnergy, the principal facilitator and organiser of the European Battery Alliance has been agreed. This agreement is to help progress at the large Cinovec Lithium project in the Czech Republic, a JV for which has just been set up between European Metals Holdings and the large Czech utilities Group CEZ to fully fund the project through Feasibility and to a construction decision. Goldplat today provides an update on its Q4 2020 and the end of its financial year (FY2020). Despite the best efforts of COVID Goldplat has had an excellent year. Overall business units in Ghana and South Africa have seen an increase in profit levels, and losses have been stemmed from the Kilimapesa mine in Kenya which is now on care-and-maintenance. Cash at the end of June was £3.2m. Digitalbox is an AIM-quoted digital publishing company, currently owning two distinct digital media assets and with a scalable platform to grow through acquisition. This morning the group has provided a trading update for the six month period to 30 June 2020. H1 2020E revenue is reported to be flat against the prior period on a comparative basis at c.£1.0m, reflecting increased audience volumes being offset by the well-publicised fall off in digital advertising pricing. However, despite this present backdrop, H1 2020E adj. PBT is anticipated ahead of management's expectations due to a strong margin performance in the period; this driven by changes made to improve operational efficiencies. Encouragingly, as at 30 June, the cash balance has increased by £0.6m to £1.2m. With this morning's announcement, NBB has confirmed that the thorough overhaul of the company in recent years has continued to bear fruit notwithstanding the pandemic. Notably, the news that the company has been EBITDA positive in H1 is a tribute to the proactive actions taken by the management in (1) building new businesses which now make up more than half of the group, and which continue to progress, (2) taking out significant costs, and (3) developing tailored solutions for clients which incorporate all of the separate business strands as required. We view the achievement in a particularly positive light since the market for Executive Search has been challenging as a result of the global Covid situation.
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Goldplat, the gold recovery company, today provides an operational update for the quarter ending March 2020 (FY Q3). Operating profit from the South African and Ghanaian recovery plants was £1.0m in Q3, which was slightly offset by a small loss at the Kilimapesa mine in Kenya of £0.2m; the mine is on Care-and-Maintenance. This saw a 9 month operating profit overall of £3.3m which is a significant improvement on the same period last FY where operating profit was (0.3)m.
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Goldplat, which provides gold recovery services, today provides an update on its operations following the order from the South African Government to place operations on Care-and-maintenance for 21 days.
Interims show the improvement – Goldplat delivering on expectation Goldplat's Interims (six months to December 2019) today provide some background to the excellent operational update presented by the company at the end of January. To recap, Goldplat provides a unique gold recovery service to the mining industry by recovering gold from waste products produced by the mining cycle (see full note of 6/11/2019). The mainstay of its cash generation comes from its established recovery operation in South Africa (£2.6m operating profit for the half year) where it has regular contracts in place, a stockpile of its own material and a flexible plant. In Ghana, Goldplat looks to the gold industry in West Africa for feed and also as an overseas import location for high-grade wastes – and is making progress on new contracts with a welcome return to operating profit in the period (£0.2m). The Kilimapesa mine in Kenya is now on care-and-maintenance with Goldplat seeking a partner or sale of the project. We update our forecasts today and see fair value at 12.5p/sh.
Goldplat produces gold from a variety of precious-metal bearing mine wastes through its two recovery plants in South Africa and Ghana and, until May it also operated a small gold mine in Kenya – Kilimapesa. After a disappointing few years for its mining division Goldplat is now concentrating on its core capabilities – gold recovery from waste. Recent results underplay the ongoing profitability of the gold recovery operations with an operating profit £1.5m which had been dragged down by losses of £1.9m in the mining segment. With the Kilimapesa mine now on care-and-maintenance, and with Goldplat seeking a JV partner to take on the capex requirement at the mine, we see a return to ongoing profitability in FY 2020 and beyond. South Africa is the mainstay of operations, with every effort being made to source new quality material for the Ghanaian recovery operation. An increase in the gold price is a welcome sign for Goldplat – not least in increased expected revenues but also for increased activity in the sector and the generation of more waste to treat. Goldplat is in a potential turnaround situation and remains a unique business and one with a difficult to replicate capability. On a SOTP basis, and using conservative parameters, we see fair value at 8.9p/sh.
Goldplat produces gold from a variety of mine waste products through its two recovery plants in South Africa and Ghana and, until May, also operated a small gold mine in Kenya – Kilimapesa. The preliminary results today are for the year ended 30 June 2019 with a headline operating loss of £0.5m, a PBT loss of £1.7m and an EPS loss of 1.33p/sh. However, these overall figures mask the ongoing profitability of the gold recovery operations (operating profit £1.5m) dragged down by losses of £1.9m in the mining segment. With the Kilimapesa mine now on care-and-maintenance, and with Goldplat seeking a JV partner to take on the capex requirement at the mine, we see a return to ongoing profitability in FY 2020 (and on). South Africa is the mainstay of operations, with every effort being made to source new quality material for the Ghanaian recovery operation. An increase in the gold price is a welcome sign for Goldplat – not least in increased expected revenues but also for increased activity in the sector and the generation of more waste to treat. Goldplat is in a potential turnaround situation and remains a unique business and one with a difficult to replicate capability.
NetScientific (NSCI) – Corporate – New data published further demonstrates NEATstik’s potential | Goldplat (GDP) – Corporate – Kilimapesa mine on Care-and-Maintenance
Goldplat plc EMV Capital PLC
Goldplat produces gold (plus minor silver and Platinum Group Metals) from byproducts of mining and plant clean-up. Goldplat has had a challenging first half (especially challenging in Q1) which led to a reduction in production in both South Africa and Ghana and resulted in an operating loss of £0.6m (Dec 17 H1 profit of £1.6m) with gold equivalent production down to 15.8koz (20.3koz). The key challenge is in sourcing gold-bearing material for the plants and remains a key focus for management. We have reduced our forecasts for production in FY19 and FY20, but are expecting a modest recovery to a breakeven position by the end of the year, with production growth growing into 2020. On the back of our reduction in forecasts we cut our fair value from 13.0 to 10.7p. Key catalysts to achieve our new targets will be announcement of new contracts in Ghana (in negotiation and awaiting export/import documentation) and the completion of a transaction at Kilimapesa.
Goldplat today announces its Q2 operational update. The headline production figure of 9.6koz gold equivalent shows a return to normal production levels (from 6.1koz in Q1 and 10.0koz in the equivalent period last year). Goldplat recovery in South Africa produced 7koz; Ghana produced 1.8koz; and the Kilimapesa mine in Kenya produced 0.9koz.
Goldplat produces gold (plus minor silver and Platinum Group Metals) from byproducts of mining and plant clean-up. It has two operating recovery plants – one in South Africa and a growing operation in Ghana – together with a small, but established, gold mine in Kenya. Today’s results show a continuation of progress and management has confirmed a strategy for growth. The business is cash generative with an effective management team, focussed on growing the business. We update our estimate of fair value for the company to 13.0p (15.3p) based on a simple average of Goldplat NAV and a 6x multiple of current year EV/EBITDA (which is set at a slight discount to peer companies).
Goldplat today announces a trading update for the quarter and for the year as a whole with gold production overall 17% down for the year at 35.4koz gold (FY 2017, 42.8koz, WHI18e 44.0koz) with 39.4koz gold sold during the year. Despite this the company says PBT is in line with expectations on ounces sold and a higher profit margin per ounce. Despite the lower production, we feel that progress has been made on several fronts leaving the company well placed for FY2019.
Goldplat produces gold (and minor silver and Platinum Group Metals) from byproducts of mining and plant clean-up. It has two operating recovery plants – one in South Africa and a growing operation in Ghana – together with a small, but established, gold mine in Kenya. It is cash generative with an effective management team, focussed on growing the business. It has announced a strategy of matching gold production from the gold recovery operations with primary mining. Our estimate of fair value for the company at 15.3p is based on an average of Goldplat NAV and a 4.5x multiple of current year EV/EBITDA (which is set at a slight discount to peer companies).
Goldplat (GDP LN) has announced an update in relation to Q2 FY 2018 with production marginally lower QoQ by 2% and 18% lower YoY to 10,022oz. Production was impacted in Kenya by disruptions related to the recent elections whilst production in South Africa and Ghana was lower following particularly strong performance in the prior period. Gold sold and transferred of 8,794oz was down 5% YoY and 32% QoQ in part owing to the timing of sales.
Goldplat (GDP LN) has announced that it has signed a Memorandum of Understanding (MoU) in relation to the outstanding dispute with Rand Refinery. The MoU contains an agreement on an undisclosed amount to be paid by Rand Refinery to GDP. GDP has stated that while this amount is less than the full amount claimed, given the positive impact on legal costs and management time of a shortened process this is a benefit to both parties. GDP previously indicated that an arbitration process was due to be held in June 2018.
Goldplat (GDP LN) has provided an update in relation to its arbitration with Rand Refinery as well as general corporate activity, both of which indicate positive progress. An agreement on an arbitration process has been determined and dates for the proceedings have been set for June 2018.
Goldplat (GDP LN) has announced robust Q1 FY 2018 numbers with production up 12% YoY to 10.2koz which is on track for our full year target of 45.8koz. Gold sold increased 95% YoY to 13koz, however, this was primarily a result of timing of sales in Q1 FY 2017 as well as some delayed sales from Q4 FY 2017.
This Morning’s News Sula Iron & Gold (SULA LN) Goldplat (GDP LN)
Goldplat plc Power Metal Resources Plc
Sula Iron & Gold (SULA LN)# | Goldplat (GDP LN)#
Goldplat (GDP LN)# | Millennial Lithium (ML CN)#
Totally (TLY) - Sch 1 for £11m RTO of Vocare, a provider of integrated urgent care services to the NHS throughout the UK. £76.8 million rev in the year ended 31 March 2017. Totally to address Care Quality Commission concerns. Due 24 Oct. | Central Asia Metals (CAML) -RTO of Lynx Resources. Anticipated market capitalisation at Admission: £404.8m. Raising £113m at 230p. Acquiring the SASA zinc-lead mine in Macedonia from Solway Industries. Due 15 Dec. | Springfield Properties—Scottish housebuilder. “Our turnover exceeded £100 million for the first time this year and now we employ around 500 people. This IPO is the next step in our growth.” Expected 16 October. Offer raising £25m at 106p with marketcap of £87m. | OnTheMarket—Intention to float on AIM to raise c.£50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m. | Orogen plc, to be renamed Sosandar plc on Admission. Sosander is an online womenswear brand specifically targeted at a generation of women who have graduated from younger online and high street brands, and are looking for affordable clothing with a premium, trend-led aesthetic. Offer to raise £5.3m with market cap of £16.1m, expected 2 November 2017 | OG Graphite, brownfield development-stage graphite company focused on the reactivation of its wholly-owned Kearney natural flake graphite mine and mill located 280 km north of Toronto, Canada. Offer TBA, expected late October . | SolGold—Publication of prospectus regarding transfer from AIM. Due 6 Oct | ContourGlobal LP— contracted wholesale power generation businesses, with 69 thermal and renewable power generation assets in Europe, Latin America and Africa. In the year ended 31 December 2016 it generated $905.2 million of combined revenue and $440.4 million of Adjusted EBITDA. Raising c.$400m. Expected November. | TI Fluid Systems—Maybe second time lucky? Pulled last October. global manufacturer of automotive fluid storage, carrying and delivery systems seeking to raise €425m to reduce financial leverage (to approximately 2.0x net debt to Adjusted EBITDA by the end of FY 2017). Possible partial sale by Bain. Revenue for FY 2016 was €3.3 billion and Adjusted EBIT was €362.1 million | M7 Multi-Let REIT—Intends to raise up to £300m at 100p. Aims to acquire and hold a portfolio of UK regional light industrial and regional office assets diversified by geography, asset type and tenants that is expected to generate stable income returns and, where appropriate, offer the potential to leverage and enhance returns through active asset management initiatives. Due 13 Nov. | Bakkavor Group - Provider of fresh prepared food intends to float in November. FY 16 Revenue: £1,763.6 million FY 16 Adjusted EBITDA: £146.4 million (13.7% CAGR FY 14-FY 16). Part vendor sale and primary raise of c. £100m. Price TBA. | Russia’s En+, owned by Russian aluminium tycoon Oleg Deripaska, has assets in metals and energy, including hydropower. reported to be seeking dual London and Moscow listing raising $1.5bn | TMF Group , which provides tax, admin and legal support services, reported to be seeking London IPO to raise c. £200m. | People’s Investment Trust—Objective of sustainable wealth creation. Also to list on the Social Stock Exchange. Targeting £125m raise on 17 Oct. No performance fees or executive bonuses in order to focus on long term rather than short term performance.
GDP YGEN NAH ANGS PTD 80M R4E 0RX
Goldplat’s (GDP LN) strong operational performance resulted in an increase in production of 14% YoY to 43koz in FY 2017, another record year of production. This has driven earnings outperformance beating our earnings estimates. Revenue of £31.7m was up 57% YoY as GDP benefitted from stronger gold prices and favourable currency movements alongside record production. Consequently, GDP has achieved a 148% increase in operating profit YoY to £2.9m and a 100% increase in EBITDA to £3.8m. Profit before tax was up 43% YoY to £2.8m. GDP generated £2.8m in free cash flow in the period, the first time since FY 2013 that GDP has been cash flow positive. We have upgraded our earnings estimates for FY 2018F on the back of these strong results and now expect £5m in EBITDA this coming year.
Goldplat (GDP LN) has announced an update to the ongoing dispute over a contract with Rand Refinery. With no resolution having yet been achieved GDP has now decided to issue an application to the High Court of South Africa for recovery of the fees owed by Rand Refinery.
This Morning’s News Goldplat (GDP LN) Vedanta (VED LN)
Goldplat plc Vedanta Resources
This Morning’s News | Goldplat (GDP LN) | KAZ Minerals (KAZ LN)
Goldplat plc KAZ Minerals PLC
Goldplat (GDP LN) has announced an update demonstrating robust operational progress as well as the potential impacts from the recently proposed changes to the South African Mining Charter. The notable changes that GDP would need to make relate to BEE ownership and board quotas. Currently the required BEE stake, with which GDP is compliant, is 26%. However, the new proposals would increase the stake to 30%. The Chamber of Mines of South Africa had not been consulted on the proposed changes and given the controversial nature of the new Charter; it is taking legal action against the Government to prevent its implementation. This is likely to be a drawn out process.
Goldplat* (GDP LN) – Update shows slow progress | Herencia Resources (HER LN) – Peter Reeve takes over of Chairman of Herencia | SolGold (SOLG LN) - BUY – Geophysical survey identifies additional anomalies | Trans-Siberian Gold (TSG LN) – Mineral resources update for Asacha
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This Morning’s News Goldplat (GDP LN)
This Morning’s News Goldplat (GDP LN) Metal Tiger (MTR LN)
Goldplat plc Metal Tiger plc
This Morning’s News Goldplat (GDP LN) Millennial Lithium (ML CN)
GDP announced on Friday that it has secured a US$2m loan facility from Scipion Capital. The facility is available for 360 days from first draw down and is repayable monthly while annual interest is set at LIBOR plus 9.5%. We expect the expansion at Kilimapesa and consequent profits to be the primary source of loan repayments.
Goldplat (GDP) has delivered strong H1 FY 2017 results as Sterling denominated gold prices along with strong production, up 22% YoY and 5% HoH to 21.3koz, drove revenues up by 35% YoY and 52% HoH to £14.4m. Despite headwinds of a significantly stronger Rand, EBITDA of £1.4m was up 161% YoY and 9% HoH and GDP is on track to reach our full year estimate of £3m. However, net income of £742k was down 22% HoH as a result of FX losses. The stronger Rand is expected to have a negative impact on earnings, however, this is likely to be offset by significantly stronger than expected production in South Africa. We have upgraded our production estimate by 5koz to 43.5koz for the group in FY 2017F, as a result.
Commodities - Metals & Mining
Goldplat (GDP) has announced that it has secured a US2m short term debt facility from Scipion Capital. The loan is structured as a revolving pre-export facility and is available for 360 days from first drawdown. Interest is LIBOR plus 9.5%pa and repayment and interest are due monthly. Security on the drawn amounts has been granted over GDP’s South African tailings facility.
This Morning’s News Goldplat (GDP LN) Randgold Resources (RRS LN)
Goldplat plc Randgold Resources
Goldplat (GDP LN)# has released a trading update for the three months ended 30 September 2016.
Gold production of 37.7koz was up 23% YoY in FY 2016, while revenue was up 21% YoY to £20.2m. EBITDA of £1.9m marked a return to profit while PBT of £2m, in line with recent guidance, benefitted from a £0.8m FX gain. Net income, of £1m, was positive for the first time since FY 2012, demonstrating the success of the operational turnaround undertaken this year. In H2 FY 2016 EBITDA was up 148% HoH to £1.4m benefitting from rising gold prices and further depreciation of both the key operational currencies; the Rand and the Cedi.
Goldplat | Highland Gold | Kodal Minerals | Gemfields | Kefi Minerals | Savannah Resources | SolGold
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This Morning’s News Goldplat (GDP LN)# Petra Diamonds (PDL LN)
Goldplat plc Petra Diamonds Limited
Goldplat (GDP LN) has released a trading update indicating an increase in production of 65% QoQ to 11,969oz gold equivalent. This includes the silver contract which is currently under dispute with Rand Refinery. Total gold sold was 6,584oz with a further 9,131oz transferred to clients by metal transfers. The total volume of gold equivalents sold and transferred was 15,715oz up 262% QoQ.
Crossword Cybersecurity *(ISDX:CCS) | Goldplat (GDP.L) | Benchmark Holdings (BMK.L) | FairFX Group (FFX.L) | Arria NLG (NLG.L) | Quantum Pharma (QP.L) | Taptica International (TAP.L) | Hummingbird Resources (HUM.L) | Surgical Innovations Group (SUN.L) | Eurasia Mining (EUA.L)
GDP BMK ARRAF QP/ HUM EUA NEXN 2FX
Goldplat* (GDP LN) | Hummingbird Resources (HUM LN) | Mkango Resources* (MKA LN) | Ncondezi Energy (NCCL LN) | Weatherly International (WTI LN)
GDP HUM SGN MKA WTI
Caledonia Mining | Goldplat | Jubilee Platinum | ZincOx
GDP JLP ZOX CAL
This Morning’s News Goldplat (GDP LN)# BHP Billiton (BLT LN) Hochschild Mining (HOC LN)
Goldplat plc Hochschild Mining plc
Despite a 10% YoY decline in gold prices in H1 FY 2016, the solid operational progress resulted in an increase in production to 17.5koz. Revenues were up 33% YoY in H1 FY 2016 to £10.7m while EBITDA was up 48% YoY to £555k. As a result, the net loss narrowed from £503k to £11k. Following, the strong operational turnaround that has previously been highlighted, the results are largely in line with our expectations. However, due to significant gold price volatility in the latter part of 2015 and early 2016 we have updated our earnings outlook which indicate a marginal decline in our full year estimates for revenue of 2% to £21m, for EBITDA, 11% to £1.2m while our net income estimate of £174k is 21% lower. However, from 2017F onwards our estimates have been upgraded.
Goldplat | Gemfields | Petra Diamonds | Savannah Resources | Sirius Minerals
GDP PDL SAV SXX GEM
This Morning’s News Goldplat (GDP LN)# Vedanta Resources (VED LN)
This Morning’s News Goldplat (GDP LN) Lonmin (LMI LN)
Goldplat plc Lonmin
Goldplat PLC (GDP LN) – Operational Update at Recovery Operations | Kaz Minerals (KAZ LN) – Initial production at new copper mine | Lonmin PLC (LMI LN) – Shareholders take up 70.93% of shares offered in underwritten rights issue | North River Resources (NRRP LN) – appointment of Rod Beddows as NED | Petra Diamonds (PDL LN) Buy, Target Price 156 pence – Flat Pricing for Second Tender but improved product mix
GDP KAZ PDL LMI NRRP
Goldplat* (GDP LN) 3.4 pence, Mkt Cap £5.7m – Operational Update | Minera IRL (MIRL LN) SUSPENDED – Both sides issue statements. Our conversations with Minera IRL staff support the EGM to replace the board
Goldplat plc Minera IRL Limited
Having stabilised operations following the Rand Refinery issues earlier this year and combined with cost cutting programme we expect Goldplat (GDP LN)# to generate positive EBITDA in FY 2016, after the £132k loss in FY 2015. We expect enhanced efficiency and cost cutting to drive sustainable margin recovery with a return to free cash flow generation from FY 2016F.
Metallon (private) – Metallon preparing to reopen its Redwing Mine in Zimbabwe in October | Goldplat (GDP LN) – Director Dealing | Tri-Star Resources* (TSTR LN) Buy – Target Price 0.5 pence (prev 0.38 pence) – Ready to build Antimony Roaster | ZincOx Resources (ZOX LN) – Open offer to raise £1.1m
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