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https://twitter.com/Blsellhigh/status/1328182743310581761?s=19
No it's not. It's as of 18th May 2020 as the report clearly states.
Courtesy of Noirua on ADVFN
RRR holding stated as only 9,524,914 shares in the Jupiter Annual Report!
Confirmed on page 82 of the Jupiter Annual Report:
Https://www.jupitermines.com/cproot/967/3/20200527%20Jupiter%20Mines%202020%20Annual%20Report.pdf
"Additional information required by the ASX listing rules and not disclosed elsewhere in this report is set out below. The information is effective as at 18 May 2020."
Holding was 17m at the outset of the year.
When they're gone, they're gone. Value lost imo. Can't imagine this will do the SP here any favours.
DYOR
All POW and RRR investors need to be asking the question about our interest in the JV Victoria assets. A new company is being formed and in the process of listing on the TSX under the name of Red Rock Australasia. This listed company will have the rights to the exploration licences once granted. These assets belong to POW and RRR shareholders and are potentially worth billions of pounds if neighbouring mines are an indication going forward. This is our BIGGEST asset and I am extremely concerned that it will be taken from under or noses. I have asked the question a few times now and have as yet not received a response. The time to question this deal is now and any action to protect these assets also need to be taken now. Stockbox asked the question... how will POW shareholders be compensated and needles to say the question went unanswered.
Kirkland Lake Gold is valued at $12 Billion! I hope ALL long term shareholders, large and small would like to maintain their interest in those potential billions
Try facts Tragic: three buys one after the other of 500,000 shares each: each one at higher prices and the last one well over the offer. Someone was in a rush.
Try facts Tragic: three buys one after the other of 500,000 shares each: each one at higher prices and the last one well over the offer. Someone was in a rush.
Desperate stuff Helpful. Still plugging away. Placees of the recent 125m confetti shares issued at 0.8p must be fuming.
I have no sympathy for them.
I'll watch the trade list. I'll wager that the 500,000 buy at 0.84 gets cancelled out. Same old.
It looks like we have a buyer in town.
Yes. Lets see if it is reflected in the share price.
Briarbank, the man who sold around 0.4p thinking it was going down...
"I cannot see how.." Of course you can't because you choose not to:
Kenya has a value: the deal RRR did with Kansai values it at over £10mil. RRR's 75% was in its books at around £7mil back in 2014. The RRAL license applications have a value as has been shown elsewhere. Both PJ and AB have said that RRAL has had multiple approaches and will be discussing pre-IPO funding and possible JVs.
It is not surprising you called it wrong here.
DYOR
sure Andrew does not see that same problem, only 822m shares in issue, he's been here
with RRR several times before. :)) lol
I forsee a problem. with this part of licence submission...
"whether the applicant is fit and proper plus does it have adequate resources to do something useful with the license(s"
RRR has overstretched it's commitments............Money, money, money ....
Unless RRR sell remainder of JMS stock, I cannot see how they can afford the staff , drilling equipment etc. in Australia. And be able to do the same now in Kenya. As ministry of Mines has only granted exploration licences with similar proviso that RRR has resources to undertake a new drilling program...........................AND not forgetting another exploration prog. has to funded in DRC...................
The reasons why this is a big value inflection point are as below:
1. One part of the application process relates to whether the applicant is fit and proper plus does it have adequate resources to do something useful with the license(s). Having got the first three issued that box is ticked for the rest of the applications.
2. Once the first three licenses are issued they can press on with the TSX listing and talk meaningfully with third parties about pre-IPO funding.
3. The issuance will likely suck in more parties interested in the pre-IPO and the IPO.
4. Any third party discussions about JVs, farm ins etc become more meaningful.
Hopefully we get the first three licenses issued this week. It looks to me that any TSX listing will be based on those first three licenses and the others will still be going through the application process when the listing happens.
DYOR
Brian Gilbertson bought AUD 2.7mil worth.
Good news.
The application process is normally 90 days from now: hence why RRR is expecting the first three to be approved this week.
A BIG value inflection point.
DYOR
It must be groundhog day again and again.
Another rather desperate "nothing" RNS from Bell. Announcing merely that they have APPLIED for an extra bit of land rather than actually acquired it. Good grief is this what it has come down to? What next, RNS when the window cleaners have been round to clean the office windows??
I can only assume that the placees of the recent confetti issue of 125m shares at 0.8p are underwater and need whatever help they can get to try and get the SP up so they can flip the shares. Just my guess. Mugpunters appear to be few and far between however which is not surprising given the dismal history of this share.
.
Is anyone else really starting to get annoyed by this share? Market just does not like it for some reason. Perhaps it starts with an A and ends with a B. Perhaps it should step aside.
Starting to get interesting now.
I suspect that RRR's 50.1% in RRAL is now worth more than RRR's market capitalisation.
It does seem that there was a previously undisclosed license application. I thought the up to date position was 12 license applications: 12 plus 3 is 15 not 16.
We should get the grant on the first three licenses any day now.
DYOR
You need to make your mind up Tragic: either you believe all the RNSs are complete lies and not to be trusted as previously stated by you or something else... What is it in this case?
Mr Magic, I'm pretty certain Red Rock will need to pay Kansai Mining the $2.5 million + $1 million promissory note.
Back in 2009 Red Rock's original agreement with Kansai Mining was in this RNS:
https://www.investegate.co.uk/red-rock-resources--rrr-/rns/further-re-acquisition/200909171542112560Z/
Red Rock would initially own 15% of Kansai's subsidiary company Mid Migori Mining (which held the gold licenses). Red Rock would then have to pay 100% of all exploration costs and they had 6 years to take it up to a bankable feasibility study. Then RRR would gain an additional 45% in Mid Migori Mining. They never took it up to a bankable feasibility study.
Then when they lost licences in 2015 the 26 June 2015 RNS announced a change in the agreement with Kansai. RNS said:
"Red Rock's farm-in agreement is replaced by arrangements under which any interest in the Migori Gold Project or the other assets of MMM that may be retained by or granted to MMM or Red Rock shall be shared in the ratio 75% to Red Rock and 25% to Kansai. Kansai's interest will be carried up to the point of an Indicated Mineral Resource of 2m oz gold"
I was completely wrong the other day when I thought Kansai would have to contribute 25% towards exploration. I believe Kansai "25% carried interest" just meant that RRR would again pay 100% exploration costs but Kansai would keep 25% until Red Rock had attained a 2 million Oz indicated resource. They had 1.2 million Oz resource and so RRR taking it up to 2 million may never have happened + no doubt cost RRR many many millions in further exploration.
Then in 2018 that 2015 agreement was scrapped in this RNS: https://www.investegate.co.uk/red-rock-resources--rrr-/rns/progress-report---african-exploration-assets/201806150700024789R/
RNS clearly says within 3 months of License renewel RRR would pay Kansai mining $2.5 million cash + a $1 million prom note.
For years RRR have been paying 100% of Kenyan asset exploration costs. So they do need to pay Kansai the money so they finally get rid of them.
Sorry Noirua but where does it say the licenses have to be Mining Licenses before the $2.5m becomes payable?
The RNS of 15th June 2018 states:
"In the event of a renewal or reissue of licenses covering the Assets the Company will within three months make further payments, subject to such renewal or resissue not being on unduly onerous terms, as follows: (1) $2.5m payable in cash, (2) a $1m promissory note payable 15 months after issue, and (3) £500,000 of warrants into Red Rock shares at a price 20% above their average closing price on the three trading days prior to issue. "
The licenses have been renewed/reissued have they not?
What is the process for awarding mining rights in Kenya? What steps must the company and the government follow?
19 August 2020
Https://transparency.org.au/publications/kenya-mining-licence-process-map/
Companies do not apply directly for mining leases but must first apply for a PL, which is then graduated to a mining lease.
It can be seen from the above that Red Rock Resources PLC's Kenyan subsidiary has a PL (Prospecting License). It has not yet been graduated to a mining lease. So the $2.5 million will not become due for some considerable time.