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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 plc
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.
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 NetScientific 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).
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