Proactiveinvestors United Kingdom Goldplat

Goldplat's non-exec chairman Moritz increases interest in firm

Wed, 16 May 2012 16:02:00 +0100

Goldplat's (LON:GDP) non-executive chairman Brian Moritz has increased his beneficial interest in the company.

It comes after his wife, Sonia Moritz, bought 250,000 company shares at 11.25 pence per share for £28,125, the company said.

Following the transaction, Brian Moritz's beneficial interest in the company has increased to 1.8 million shares, representing 1.07 per cent of the share capital.

On Monday this week, the firm said its resources at the Kilimapesa mine in Kenya had risen to over 247,000 ounces following drilling east of the current plant site.

The new JORC-compliant resource is 3,133,613 tonnes at 2.46 g/t gold for 247,484 ounces at a cut-off of 1 g/t.

The additional 118,173 ounces are the result of 13 holes drilled at the Red Ray target area, 2km to the east of the main plant, and with a proved strike length of approximately 1,000 metres open to the east and west.

The drilling is part of a programme by Goldplat to boost resources at Kilimapesa to 500,000 ounces and further work is continuing across the area of the mine.

RNS press release - Director Shareholding

Wed, 16 May 2012 15:40:00 +0100

Goldplat adds 118,000 ounces at Kilimapesa

Mon, 14 May 2012 07:41:00 +0100

Goldplat's (LON:GDP) resources at the Kilimapesa mine in Kenya have risen to over 247,000 ounces following drilling east of the current plant site.

The new JORC-compliant resource is 3,133,613 tonnes at 2.46 g/t gold for 247,484 ounces at a cut-off of 1 g/t.

The drilling is part of a programme by Goldplat to boost resources at Kilimapesa to 500,000 ounces and further work is continuing across the area of the mine.

This includes further drilling at Red Ray, the evaluation of the Vim/Rutha target area, situated 2km south of the Kilimapesa Hill target zone, and a 5 hole diamond drilling programme at the Kilimapesa Hill target area where results are due by the end of the second quarter.

Goldplat added that it had also completed processing of loaded carbon stockpiles at the mine with 1,151 ounces produced and sold to Rand Refinery Limited in South Africa.

Grades and recoveries from mined ore, meanwhile,are averaging between 5-6 g/t and 85 per cent respectively, in line with forecasts, the company added.

Demetri Manolis, Goldplat’s chief executive, said: "We continue to drive Kilimapesa forward and establish it as a profitable mining operation through defined development programmes aimed at expanding the resource base towards 500,000 ounces and increasing gold production towards 10,000 ounces per annum."

The underground mining plan at Kilimapesa is also on track, he said, with stopes established to allow for full stoping operations.

As well as Kilimapesa, Goldplat has gold recovery operations in South Africa and Ghana, which recover precious metal from by-products of the mining process, and two brownfield gold development projects in Ghana and Burkina Faso with a target to delineate in excess of 1 million ounces of resources.

RNS press release - Progress Update on Kilimapesa Gold Operating Mine

Mon, 14 May 2012 07:00:00 +0100

Goldplat offers unique exposure to gold recovery business, says Fairfax

Mon, 26 Mar 2012 14:41:00 +0100

Goldplat (LON:GDP) offers investors unique exposure to a highly cash generative gold recovery businness, according to City broker Fairfax, which has initiated coverage on the stock.

The broker initiates with a 'buy' rating and a 26 pence a share price target (current price: 14 pence).

The firm's recent interims revealed a firm in rude financial health with output hitting a record 15,404 of gold from its recovery operations in South Africa and Ghana.

Pre-tax profits rose to £2.37 million from £1.36 million with a forty per cent increase in operating profits to £2 million.

In a note, mining analyst John Meyer said that the firm had a leading market share in South Africa and Ghana and the potential to keep growth momentum in gold recovery by tapping more high value streams.

He added that cash flows from Goldplat's gold recovery business had been used to invest and develop brownfield gold mining assets which will give "greater visibility on revenues".

Meanwhile, profits from the gold recovery are expected to continue to grow with operating profits increasing to £4.75 million for 2012 up to £7.5 mln in 2014, it said.

Fairfax has valued the company on a sum-of-the parts basis and gives its gold recovery business a conservative multiple of 5 times EV/EBITDA.

Net present value for gold production from Kilimapesa is based on a base case production of 7,500 ounces per year from Kilimapesa for 10 years at a cash cost of $750 per ounce with gold prices reverting to $1250 per ounce in year three using a 10 per cent discount rate.

The broker values the other exploration activities of the business at £5 million and said Goldplat had cash of £4.6 million at December 31.

Goldplat performing well but can do even better, says chief executive Manolis

Tue, 20 Mar 2012 11:21:00 +0000

Goldplat’s interim results revealed a company in rude financial health. Output hit a record 15,404 of gold from its recovery operations in South Africa and Ghana. Profits grew by three quarters to £2.37 million, and the business was also hugely cash generative, which has allowed it to finance its expansion organically.

RNS press release - Goldplat plc: New Corporate Website

Thu, 15 Mar 2012 07:01:00 +0000

RNS press release - Correction: Interim Results

Mon, 05 Mar 2012 14:15:00 +0000

Goldplat's profits soar as recovery output hits record

Mon, 05 Mar 2012 08:32:00 +0000

Record output from its gold recovery operations helped Goldplat’s (LON:GDP) profits jump by nearly three-quarters in its latest half year.

Pre-tax profits rose to £2.37 million from £1.36 million with a forty per cent increase in operating profits to £2 million.

Revenues in the six months to December rose by 16 per cent to £11.2 million as output from the gold recovery business in South Africa and Ghana improved by 11 per cent to 15,404 ounces of gold.

For the first time, output from Ghana exceeded South Africa and following first production from the Kilimapesa mine in Kenya, Goldplat reaffirmed it expects to beat “significantly” last year’s total of 28,285 ounces.

Kilimapesa currently has a JORC-compliant resource of 1.65Mt at 2.44 g/t for 129,000 ounces of gold, but Goldplat said it aims to increase this towards the 500,000 ounce mark through further exploration of other targets within the licence area.

Work is also continuing to develop the Anumso gold mine in Ghana which has a non-JORC compliant resource of 262,107 ounces of gold to a depth of 100 metres.

Goldplat added there is significant potential to upgrade this and increase the resource with infill drilling and increase the depth of drilling to 250 metres and it expects Anumso to be its next mine.

Cash at the half-year rose by £1.5 million to £4.6 million, which Goldpat expects to rise further by the year end with a contribution from Kilimapesa.

Demetri Manolis, chief executive, said: "With three successful gold producing operations, resource upgrade programmes underway to delineate in excess of 1 million ounces of resources this year across our portfolio, and a strong treasury to support future opportunistic project acquisitions, we look forward to a highly exciting second half of the year and beyond."

RNS press release - Interim Results

Mon, 05 Mar 2012 07:00:00 +0000

RNS press release - Holding(s) in Company

Tue, 28 Feb 2012 13:45:00 +0000

Goldplat valuation under review at Edison after South Africa mine restart deal

Fri, 24 Feb 2012 10:35:00 +0000

Edison Investment Research said it has put its valuation of Goldplat (LON:GDP) under review pending confirmation of a deal announced last week to restart mining at the Crown East and CMR Bird Reef mines near Johannesburg.

Goldplat announced the deal with Central Rand Gold (LON:CRND) on February 16 under which Central Rand will receive a 5 per cent net smelter royalty and the ore will be processed at Goldplat’s gold recovery operations.

Goldplat is a gold recovery specialist, which last year produced just over 28,000 ounces of the precious metal.

Edison said in a flash note that this project is in line with Goldplat’s business model of low-cost gold production from recovery operations, with both parties believing significant recoverable ore remains to be mined.

Subject to due diligence, Goldplat’s aim is to reclaim the high-grade pillars left at these mines, and the agreement has the potential to add another 10,000 ounces per annum and raise Goldplat’s annual gold production target to 60,000 ounces, the research house believes.

Goldplat declared last week that it is targeting gold production of 50,000 ounces per year in the medium term, and a JORC-compliant resource estimate from its three gold projects in Kenya, Burkina Faso and Ghana of half a million ounces by the middle of this year.

Edison said processing the Crown East and CMR Bird Reef ore at the company’s recovery operations in South Africa provides for simple logistics and an expected cost per ounce in the lower-quartile range.

Little capital expenditure is required to reach production compared to a start-up operation, creating near-term revenue potential.

Work on the project is to be funded out of current cash reserves, which were £4.6 million at December 31 2011.

“Edison’s valuation of Goldplat, which stood at 18.2 pence a share at a long-term gold price of US$1,350/oz, is under revision pending deal confirmation,” it added.

Goldplat was last trading at 15 pence.

Goldplat & Central Rand Gold plan mine revival

Thu, 16 Feb 2012 07:44:00 +0000

Goldplat has agreed a deal with Central Rand Gold to restart gold mining at the Crown East and CMR Bird Reef mines near Johannesburg.

RNS press release - Signs Agreement with Central Rand Gold to Mine in

Thu, 16 Feb 2012 07:01:00 +0000

Goldplat expects significant increase in operating profit in first half

Mon, 30 Jan 2012 09:17:00 +0000

Africa-focused Goldplat (LON:GDP) said today it expected to report a 'significant' increase in operating profit for its first half after its gold recovery operations performed well.

Goldplat said its high grade mill project is performing solidly while it has agreed with a mid-tier South African gold producer to mine one of its shafts on a net smelter return basis.

A Letter of Intent has also been accepted by DRD in South Africa to secure further feedstock from its East Rand Proprietary Mines operation.

Longer term, Goldplat is also accessing a project to reprocess tailings from the Goldplat Recovery operation and nvestigating the feasibility of setting up a tailings processing unit in Burkina Faso.

Shares in Goldplat have been rising strongly since it said last week that it expected 2012 gold production to exceed last year's figure.

On January 3 the firm's shares stood at 10.5 pence but have been steadily climbing and today are trading at 14.75 pence.

Production of the yellow metal for the year to June 30, 2011 was 28,185 ounces and for the year to June 30, 2012 it is expected to be much more.

Goldplat operates two gold recovery operations based in South Africa and Ghana.

Chief executive Demetri Manolis described the company today as "highly cash generative" and "profitable".

"I am delighted to report that our two gold recovery operations in South Africa and Ghana have performed strongly for the first half of the trading year and expect to see this trend continue for the second half of the year."

Goldplat is also developing the Nyieme gold project in Burkina Faso, the 100 per cent Kilimapesa gold mine in western Kenya, and the Banka gold project in Ghana.

Earlier this month, it announced a significant milestone - its first gold pour from the Kilimapesa mine - and the beginning of production there.

"In turn we also have two brownfield high grade gold development projects in Burkina Faso and Ghana with resource upgrade and production potential. With these developments in mind, I believe that Goldplat looks set for significant growth during the remainder of 2012 and beyond," added Manolis.

At the South African recovery operation, highlights included that the plant's operational efficiency was continuing to improve and that a project to increase milling capacity had begun.

In Ghana, gold recovery is performing ahead of management's expectations and there had been a marked increase in by-products received for processing, added the firm.

RNS press release - Gold Recovery Operations Increasing Production

Mon, 30 Jan 2012 07:00:00 +0000

RNS press release - Exercise of Options and Issue of Equity

Fri, 27 Jan 2012 15:00:00 +0000

Goldplat completes second gold pour from Kilimapesa

Thu, 26 Jan 2012 08:18:00 +0000

Africa-focused gold miner Goldplat (LON:GDP) has poured its second gold from the Kilimapesa mine in Kenya after successful commissioning of the elution plant.

The second smelt produced an 11.4 kg (366 ounces) gold doré bar of approximately 75-77% purity with the balance comprising about 20% silver. The bar was sold to Rand Refinery Limited in South Africa.

Goldplat added it will continue to smelt and produce gold from existing stockpiles at Kilimapesa on a weekly basis.

Once the stockpile has been used up smelting and gold production from the mine will occur on a monthly basis.

Goldplat chief executive Demetri Manolis said: "We are delighted to report on our second gold pour from our Kilimapesa mining project in Kenya.”

“Smelting and production of gold from our existing stockpiles of loaded carbon is continuing in line with management's expectations with gold sales positively impacting our bottom line in FY2012."

Shares in Goldplat rose by 0.25p today to 13.5p and have risen by almost 40% over the past two weeks on the strong newsflow from the company.

On Monday, Goldplat predicted it would easily exceed the 28,185 ounces gold produced in its previous financial year over the current twelve months.

The miner is also planning more exploration drilling at Kilimapesa and its other prospects at Anumso in Ghana and Nyieme in Burkina Faso.

The company is aiming to expand its total resource base towards 1 million ounces in the first half of 2012.

RNS press release - Second Gold Pour at Kenyan Gold Project

Thu, 26 Jan 2012 07:00:00 +0000

Bullish Goldplat "easily" expects to outstrip last year's gold production - UPDATE

Mon, 23 Jan 2012 09:41:00 +0000

- adds broker comment

Shares in Africa-focused gold miner Goldplat (LON:GDP) jumped 13% today as it said it easily expected to beat the previous year’s gold production in the current twelve months.

Better than expected output from its gold recovery operations in South Africa and Ghana that produced 9,995 oz in 2011 are behind the bullish forecast.

The group also poured its first gold from Kilimapesa earlier this month and expects to raise annual production from the Kenyan mine towards 10,000 ounces by the end of this year.

Goldplat chief executive Demetri Manolis said, "With the commencement of production of mining at Kilimapesa and gold recovery performing strongly in South Africa and ahead of management's expectations in Ghana, we expect to easily exceed our production of 28,185 ounces gold last year.”

More exploration drilling has started or soon will at Kilimapesa, Anumso in Ghana and Nyieme in Burkina Faso. The company is aiming to expand its total resource base towards 1 million ounces in the first half of 2012.

“We were delighted to report our first gold pour and sales at our high grade quartz vein project at Kilimapesa earlier this month, and we look forward to continuing underground and surface development to bring the resource to in excess of circa 500,000 ounces of gold,“ said Manolis.

“Additionally, we are making excellent progress at our two other highly prospective gold projects: Anumso in Ghana and Nyieme in Burkina Faso. All three gold mining projects are being developed through the implementation of extensive drilling programmes with the aim of delineating in excess of 1 million ounces of resources this year,” he added.

Research house Edison said last week: "If Goldplat increases its JORC-compliant resource to 500,000 oz at Kilimapesa, it would manifest between 3.5-8.1p per share in value. If Goldplat also defines a JORC resource of 250,000oz at Anumso , it would crystallise between 1.9-3.8p/share on an attributable basis."

Manolis added: “We are a highly cash generative and profitable business with three production/revenue streams and a cash balance in excess of £4.59 million as at 31 December 2011. This is against a current market cap of circa £19 million.”

Broker Fairfax said it was a very positive update for Goldplat. The gold recovery operations generated pre-tax profits of £3.1m in 2011, a 40% increase after the Ghanaian operation doubled its output.

Profits for this year to June 2012 will be boosted by the continuing performance of the gold recovery business (particularly Ghana) as well as the gold production coming through from Kilimapesa.

"Operating profits for the financial year 2012 could go up by 32% just from inclusion of gold production from Kilimapesa without taking into consideration the increase from the gold recovery business being indicated by the company.

"The company’s cash position of £4.59 m and internally generated cash flow should place the company well to exploit is current projects."

The broker added: "Based on the potential for profits to increase from here, the current share price is too low and has significant scope for upside from current levels."