George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.
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Specinvestor, please don't ignore the December lenders still have an huge amount of prepaid shares. When they decide to convert some or all into actual Red Rock shares i'm sure the discount compared to today's share price will be shocking.
I'm only saying because you seem to be overly optimistic and completely forgot about it.
Banbury-- a reality check on legal process and collection would be in order. In the USA and Canadian court systems settlement discussions are required as well as discounts to amounts claimed in order to receive funds and avoid costs.
People here post "facts' about legal costs which are proven wrong by the figures shown in the financial statements.
Getting cash from the Congo breach is a process. One that I said would take 2-3 years (from Jan 2023) so time wise we are 1/2 there. Of course I would like it to be faster.-
Of course RRR/AB disclose their efforts to resolve (again required under US and CDN laws probably Congo as well). RRR has won the legal side and is waiting for arbitration decision to be finalized. Mining is risk and so is the legal system
IMO the risk is worth the reward.
Kurt - reading your history six months ago you were mega positive on RRR.
Now you are mega skeptical.
What's changed your view ?
Come on then Capt Kurt “ Tell us about the environmental permit timeframes in Zim.I'll let you reply to that before I post a link ( It is months away if approved “
I’ve eagerly waited long enough - post your link ???
Speculative - Greenland is to give you some insight into his character. Sorry but it was a facade of lies. There was no sale.
The issue is you think he's changed his ways !!
100% certain just timing and amount you say !
We are past that. Bell would have been offering discount after discount and nothing has been forthcoming.
Rather than admit that he becomes a modern day Mr Mcawber "something will show up" .
No hard feelings and I would be delighted for you and others if I am wrong.
18 years of failure.
I'm sure every project many where ?? specy
Your about to lose your shirt.
Best you tell the misses sooner than later
Banbury--old news-I am sorry you lost money over Greenland, over 10+ years ago
BTW IMO Greenland chance of success is not 10% but 0%
IMO Congo cash 100% (the amount and timing is uncertain)
5th August 2022 RNS we agreed a 50% discount with a body who had no authority to negotiate. Two take aways - 50% discount and not a place to have a court case.
Half yearly report 31st March 2023 lots of nice noises but little or no progress.
Helpful and Spec won't remember Greenland. A fictional sale. This is similer 10% chance of success.
Zimbabwe looks slower than planned feels like more fund raises to pay the bills.
If the loser doesn't pay in DRC, why did RRR manage to get a costs order?
And if you are referring to the guidance on the EMA website:
1. We are not a complex operation, we are initially not handling water
2. We started the process in December.
DYOR
Kurt -Legal fees-a) post how you calculated 3 million for RRR legal fees when their financial statements say otherwise.
Who pays for legal fees? I have no knowledge about Congo but in Canada and the USA the loser has to pay legal fees of the winner as well. Why do you think it would be different?
IMO when anyone posts just obvious lies they lose credibility
Feel free, post away. I am still not going to comment at this stage. I will merely revert back to this exchange in due course.
DYOR
Tell us about the environmental permit timeframes in Zim.
I'll let you reply to that before I post a link ( It is months away if approved )
I am not going to post anything that trolls might be able to say is inside information. But I know exactly where we are up to.
DYOR
Kurt, what is it with people who lose arguments based on facts that they have to start making stuff up?
I said nothing about whether the costs will get paid or not. It is a fact that the awards have been made by the court in Lumbumbashi.
However, you do have to ask yourself the following question:
If the costs and damages awards against VUP are unenforceable, why did VUP go to the trouble appealing against them and incurring further costs?
I am sure that you have a great answer.
Remember, Gecamines holds $15mil of the $20mil and VUP had the other $5mil previously.
DYOR
No need to make stuff up.
The background is in the RNSs. 1620 Capital (Boardman and Brewer plus another whose name I cannot remember) brought a tailings deal to RRR. The terms were in the RNS.
The tailings deals were not as represented to RRR so another deal was agreed but nonetheless they went elsewhere. A second tailings deal was offered by Gecamines but that went elsewhere. The three licences including Musonoi were secured and negotiated by AB: 1620 and VUP wanted to walk away following the loss of the tailings, twice.
Both 1620 Capital and VUP got paid out in accordance with the terms of the deal. I know exactly who went to VUP and suggested selling the licences and then subsequently approached Glencore.
You might be very surprised how much RRR knows about what went on, when and between whom.
DYOR
Helpful-great point on the damage and costs being awarded to RRR by the lower court
So you expect VUP to pay RRR legal costs ? LOL
Tell us about the environmental permit timeframes in Zim.
I'll let you reply to that before I post a link
Typically, the losing side pays the court costs.
We won on the the 50.1% of the $5mil plus separately the $2mil damages and costs award. The damages and costs award to RRR was subject to appeal. The 50.1% of $5mil award was out of time and could not be appealed. We are waiting on the damages and costs award appeal result.
"We were awarded a further $2m costs and damages in relation to the initial action on the $5m. We had not been able up to now to enforce the first $2.5m judgment against third parties that might hold VUP funds, since it was argued that the continuing appeal on costs and damages meant that the matter was not yet resolved. We believe that we are now able to do so, in relation to both the $2.5m and the $2m awards." Half yearly report.
If RRR is going to get stuck with the costs, why did VUP need to appeal against the damages and costs award in favour of RRR?
Arbitration, we don't know yet but I expect similar to apply.
Maybe the lawyer was working very hard for VUP but now he is a Minister he is no longer working for them. Maybe him being made a Minister removed a road block?
Obviously, I bow to your superior knowledge and ability to read.
DYOR
Helpful has got too much invested into RRR to tell the truth on this bb
DRC asset, everyone thinks AB found it. He didn't
It was Jason Brewer who handed it to AB for a fee.
The Kenya gold license. AB comes back does an interview saying it was a successful visit and news due very shortly.
A week later he does a placing. No news on Kenya.
Join the dots
Spec, limit your losses and don't invest any more into this ponzi.
The legal fees RRR can not pay and will be taking off any award they get. If and a big IF then $3m will be taken in fees. Nearly half. The DRC minister is working hard so VUP get the majority of the funds
REF ALR. Name a single instance when an environment report was submitted and turned around in weeks by a African Gov ? If will take months for it to be rubber stamped.
All the while, AB will dangle the DRC funds and ALR operations for further fundraises .
Companies like these really need stop, so funds can go to real businesses
Banbury-so .50 share price, market cap of 11 m- if those warrants get exercised and with the Congo cash then RRR would have probably that much in cash, plus their other assets plus another lawsuit for even more cash (years away)
plus impact of Lithium news
Kurt- to have knowledge of RRR legal fees you must be insider information. Do you?
3 million in legal fees is about 200,000 per month. Reality check-if true RRR would making much larger fund raises
facts RRR 6 month financial statement shows 8k in legal cost for the entire company. Note FCA warning about posting information that is false or misleading may constitute market abuse -unlimited fines and up to 7 years in prison
VUP attorney is now a minister-so? obviously VUP was connected to accomplish what they did, yet despite those connection they legal the court case and the appeal
I missed the memo where it says I am required to respond to every post.
I expect that if ALR had the certificate in its possession then RRR would issue an RNS. ALR has to have a certificate in its possession and then it can press the start button: being told verbally that it has been agreed or that it is on its way is not good enough.
Further in ZIM they don't do much online. A lot of official stuff is done face to face: ie., you are told the EIA certificate is ready for collection and then you have to go and physically pick it up.
A couple of weeks ago it was their National Independence Day and yesterday was Workers's Day: but yes, I would have anticipated we would have it by now.
We have to do everything by the book, otherwise we will have issues and it will give others the opportunity to flank us and seek to nick the assets off us.
If ALR had the certificate and I knew and then commented on here, I would have the trolls squealing about Insider information.
I have been busy with deciding where the Tomco profits are going when it makes its announcements.
DYOR
The VUP lawyer is now a minster in the government.
You can put DRC funds arriving to 1%
Ask AB what their legal fees are currently in DRC. ......... $3m
Yes you heard it right