RE: Sp28 Jan 2026 09:30
It is not a gold miner, it is a gold recycling business, with operations in South Africa and Ghana.
Yes it is sat on a tailings facility, with some JORC and some non JORC resources. However it has not yet processed any of it, and needs external help to do so and does not yet have permits to do so either. This tailings facility is a tenth of the size of say a KEFI in ounces.
The problems here are the location (SA is not great, with historic power cuts, thefts etc) and recycling materials have become harder to find. Ghana has also added a gold export ban on certain types of gold (Dore IIRC) so they have had to invest to turn recycled stuff into bars/find suppliers to do so.
The management have also been selling any bonus shares into the market rather than keeping them which helps to depress the share price.
Given its location and size, it will never have a huge PE ratio, but is still a very good business that could eventually get everything right but has had to paddle against the tide (which is is doing reasonably successfully).