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Hi Redhill, you make a very good point. The money was raised back in 2020 to fund West Kenya drilling. So, the investors paid for it but Patel reaps the benefit. What’s there not to very annoyed over with that?
Just added another 46,864 to bring my total no vote to just over 77,000.
It is good to see Blackrock and Ruffer buying. If everything does through as the board hopes, buying in at c 12.9 gives them c5% gains (dividend and profit) for a six month hold. Twice as good as short gilts. If another bid comes in then they will do even better. The point is that they must see little downside if the deal falls through.
Doing the same calculations, I will be holding my shares until the bitter end. If another buyer comes forward then I will have to sell but and a higher price with the satisfaction of seeing the board thwarted. Best of all, I am hoping it all falls through, this company is worth much more. At worst, if the bid succeeds, then I still gain. A no brainer hold imho.
I cannot image how any truly independent director could possibly support such a ridiculous offer.
Add my 30,000 to the list of no votes.
Hopefully, the stupid price will bring forward some other interested parties.
Neither 46% or 25% can be right. The grade is 1.6g/t . Take off 46% and the tailings of the tailings would still contain over 0.8g/t. Pan African’s tailings only contain 0.39g/t and they reckon that they can recover around half of this. The low figures I have seen simply don’t make sense
I don’t know where the 46% recovery rate comes from.
Data from the PAF definitive feasibility study gives a range of estimated recovery rates from 34.4% to 75.71% depending upon the specific dump.
The average grade of PAF’s TSF’s is just 0.29g/t. Ours is 1.6g/t so I would expect a much higher recovery rate from Goldplat’s dump.
PAF have just released details of DFS relating to one of their TSF’s with a read across for here. It quotes an AISC of $914 per oz based upon estimated total recoveries of 650,000 oz. It requires massive capex of $161m but here’s the point. The estimated grade is only 0.29 gpt and they expect to only recover c60% of this. Put another way, they expect to lose c0.12 gpt. Deducting this from the 1.6 to 1.7 gpt in our TSF indicates a much higher recovery rate for us. Combine this with our much lower capex requirement and it’s easy to see the enormous profit potential from reprocessing our TSF.
Watch Gold price tomorrow after Fed Interest Rate decision. I have a feeling that large gold buyers have been holding off in recent days waiting for the bullion banks to hammer the price when the 0.50% interest rise is confirmed. This will cause a sharp drop as the Algo’s will join in. At this point the buyers will pile in reversing all of the recent losses. Maybe just wishful thinking on my part but let’s see.
Due to the rules of the buy back GP can’t pay more than 5% more than the average price last week. So today’s buying probably just speculators (or market makers) front running the buy back. I would prefer dividends as share price increase due to buy back might well be temporary in nature.