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No I understand perfectly what is going on and what has always been going on. A simple business model predicated on constant fundraising, brutal dilution of existing holders and most of the cash going to salaries and Admin. RRR was incorporated in 2004. As was RGM. In 15 years Bell has raised untold £millions from dilution of holders working with crony lenders like Cornhill and YA and others. Most of the cash went to Admin. 15 years later Bell is still issuing confetti to raise cash.
Whatever happens to the Jupiter iron ore assets (and I predict it will be nothing) the fact remains that any cash that is released from those remaining tranche payments from years ago, will simply be exposed to Bell's business model and will see most of that cash go to Admin and salaries.
Let's face facts. Mt Ida isn't going to be producing in your lifetime. It's been sat mothballed since 2012 and it will cost a fortune to develop and get to any kind of production imo.
Regardless nothing changes here. Give Bell £2m cash tomorrow and he'll waste £1.5m of it on salaries and Admin imo.
It won't add £2m value to the MCAP.
You had a chance ages ago to remove Bell and the BOD and you failed to do so. Biggest mistake you made short of locking your cash in here. There's almost nothing left to ramp here and I can see that this tired old Jupiter Yilgarn yarn is probably your last Hoorah here. It's been ramped every year for the past 7+ years like clockwork. The project remains mothballed by Jupiter nonetheless.
I'm not remotely tempted by the speculative updates. I remain totally confident that Bell wants to get a placing away so I wouldn't personally touch this with a barge pole. Each to their own as always.
DYOR
Your understanding of what is going on now is no greater than your understanding of what was going on when you lost all your money whilst ramping RRR and RGM.
What the JMS iron ore assets are worth on an IPO in 2020 has got nothing to do with RRR selling JMS shares in 2014.
There plenty of posts from you stating that JMS wouldn't relist, was worthless, AB was lying etc going back three years or so.
You are the ultimate ex-wife investor full on lovey dovey during the honeymoon 2011 and full on hatred afterwards when you showed yourself to be a fool.
Anyway, it has been a wait but as I have said, currently everything is going RRR's way: it might not continue that way but who knows? Let's see if JMS moved up overnight.
Migori next.
PS Soma (ex Para) is going okay but that is for tomorrow.
DYOR
Correction to my 16:46 post
Admin expenditure quote of £742,000 a year was RGM's not RRR apologies
RRR's Admin and other expenses from their recent Half Year Report were equiv to £828,000 a year
That is Admin + Other Project Expenses + Exploration expenses
The Admin portion is running at £564,000 a year
Still crazy imo for this AIM tiddler which has a MCAP of circa £2m
Current Liabilities were stated as £2.36m
Cash was stated as £139k
This was the position as at 31st Dec
Hey why not throw in a fresh Broker Report too for good measure with some chirpy fantasy valuations?
and I do miss all those great RRR newsletters with Bell's uber lame ramps in them.
Ah the good old days.
How about another public conference call? They were good. For some strange reason Mr Bell saw fit not to have any more of those. Maybe it was the embarrassing unplanned call from a Migori director on the last one that tipped the scales there?!
Oh well . . . . . . back to the Jupiter ramping
Roll on the confetti
DYOR
Red Rock Resources PLC AIM:RRR - JUPITER MINES LIMITED ASX:JMS - Https://www.rrrplc.com/projects-and-investments/steel-feed/ - Red Rock Resources hold 17,024,914 shares. 5,500,000 Jupiter shares are presently transferred under a loan agreement.
Anglo Pacific own a 0.3% royalty in Mount Ida iron ore production. Red Rock still hold 1.2% at present and 0.75% if the full US$8 million payment is made by Anglo Pacific.
Helpful- " AB and RRR's involvement has no bearing what the JMS iron assets are worth"
LMAO !! What a joker you are !!
AB's involvement directly resulted in RRR selling it's former 74m Jupiter shares at a pittance instead of when they were worth over £25m. There is a clear conflict of interest with the shares as Bell is on the board of Jupiter and it doesn't look good to the markets if a board member sells their shares.
Bell also pawned off 1.5m of the RRR Jupiter shares last Aug/Sep and did so without directly RNSing it to the markets. We can only assume that those valuable shares were cashed in to pay his ridiculous salary and preposterous expenses. That's more value lost for shareholders. It just continually seeps away.
Bell is responsible for the utterly ridiculous expenditure on Admin here which Annual Reports show is around 75% of available cash. It is directly because of Bell that one can not value the JMS holding at its face value on TSX. Whenever those shares are cashed in the cash will be exposed to Bell's Admin trough. The same is true of any other asset or holding and for any cash raised. Over £16m of it raised from 2012-2019 and over £12m of it went to Admin. Ancient history indeed !! It's the constant MO here, past, present and future. It won't change until and unless the entire BOD are removed. Half Year Report showed Admin is running at £742,000 a year. That's a lot of paper clips for such a useless AIM tiddler ! Basically a joke.
You said ages ago that the large holders wanted to liquidate the company but that you'd rather Bell carried on to deliver value (lmao!). How much value has been lost since you made that decision?!! What was the SP then and what is it now?
Your posturing remains frankly an embarrassment and I hate to imagine what your clients think having been walked into this POS. Do you feed them the same "jam tomorrow" spiel that you post here? God help them.
Confetti O'clock imo. Tick tock. The savvy will recognise the signs imo. Increased pumping, large round trades, update RNSs etc etc. Obvious as night and day. Only question is how low the placing price will have to be to get people interested to shell out the cash. 0.25p? 0.20p ??
Either way this is a total avoid for me personally
DYOR
Mr Tragic,
you love your ancient history don't you? Unlike you I get to speak to people face to face. I have told AB to his face that he made a mistake on Steelmin and on the diamond fiasco. I know more than you about pretty much everything but unlike you I don't spend all day casting aspersions.
Steelmin was a great deal and RRR did well out of it: the mistake was that he went back and I can confirm that he regrets it.
I don't know that a placing is incoming and I don't want a placing to happen. I want him to get Migori finalised and the JV executed. If he wants to do a placing up at 2.5p ish: no problems. You have been spoofing a placing non-stop for three years.
The main issue is that you have a personal emnity against AB and blame him for the money you lost in 2011/2012 when you were ramping RRR to high heaven. Well look in the mirror. The assets are worth what they are worth: AB and RRR's involvement has no bearing what the JMS iron assets are worth. The same goes with the Victoria assets. Two sets of assets that likely will be separately listed in the next 6 months with RRR a passive shareholder in both: but but but Andrew Bell...... No AB is of no consequence: Victoria will likely be listed on TSX and the iron assets on ASX. What will you be doing in five years time? Still trolling because.... Andrew Bell...
You need to get some help. In the meantime, I am very pleased with both pieces of news today and hopefully Migori is not far behind.
DYOR
You're fooling no-one here I'm afraid. It's so patently obvious what is happening and doubtless you will be participating.
I never tell anyone to buy or sell. Conversely you ramped Shoats Creek which went nowhere and doubtless cost some PIs a lot of money and you ramped Steelmin which went into Administration and doubtless cost PIs money there too. You ramped Mayan Energy for years which was one of the worst AIM diluters going. I'm not remotely fooled by your pumping.
You're locked in here and appear utterly desperate. You only have yourself to blame for dumping your cash into a Bell share.
Tell you what, if Bell doesn't raise this month I'll donate £100 to my local homeless support centre.
If Bell does raise then people here will note what your sudden spurt of ramping was all about
Hey Mr Tragic,
I have taken you off filter. Not the news I was expecting but welcome nonetheless. You have been saying for three years that they will be a placing.
You were telling everyone to sell when the price was down at 0.15p ish. Anyone who listened to you has lost money.
The news on JMS relates to the JMS iron assets: RRR has no control. As I posted earlier JMS has been looking at what to do on the iron ore assets since last year. Iron ore and the Yilgarn is red hot: if they were going to do something with those assets, now is the time.
The placing from POW was at mid market a significant acheivement.
Anyway, I was expecting Migori news. Any time now.
Keep your pecker up old chap.
Laughable. I choose to believe they are trying to drum up interest to get a placing away. The recent fervour of Helpful was a giveaway but 2 update RNSs seal the deal for me personally. I predict that it is Confetti O'clock. I'll be standing very clear thanks.
Bell just issued another 210m shares and attached warrants at POW. He will follow suit here as night follow day imo.
Each to their own but I won't be falling for this tired old song and dance routine. Can't be many left who do these days imo.
DYOR
And a second one.
Getting serious on Victoria. An NC 43-101 is the Canadian version of a JORC. No point in getting one done if there is nothing there.