Gold recovery and mining company Goldplat (GDP) has announced results for its year ended 30th June 2018, noting that this “was a year during which a lot was achieved which did not translate into increased production or profitability, but Goldplat is confident that this will materialise during FY 2019”…
The results show, on revenue of £33.8 million, a reduced profit and £0.67 million reduction in net cash to £0.81 million and £0.91 million reduction in current assets over total liabilities to £3.48 million. This was as it noted some “shortage of suitable material for processing, meaning that we operated at under-capacity” in Ghana and “unseasonably high rainfall, disruptions from elections and production hold-ups” in Kenya.
However, on the former it’s now “pleased to confirm that we have a number of new contracts in the pipeline, which we expect to positively impact production and accordingly profitability moving forward” and on the latter, “we have identified a number of operational improvements that already have and can be made to lower costs and improve efficiencies to achieve profitability in the short term, and we are actively seeking an investment partner to help us realise the full value potential of the mine moving forward… Discussions have begun with a number of interested parties”.
Broker to the company WH Ireland is for this year looking for a £1.8 million pre-tax profit on production of 39,500 ounces of gold, with a $1,275 gold price. There are clear risks re. the delivery of such production, the gold price (although macro concerns see us positive on this) etc., but, with the shares at a current 5p to buy, the market cap is sub £8.5 million. We thus expect updates of progress on last year to see the share price strengthen - on that basis the shares are a buy.
Filed under: Goldplat, Accesso Technology, Big Sofa, Petropavlovsk, ShareProphets, HotStockRockets
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