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Any views on the impending difference between closing SP of IRR and opening SP of ALL , taking account of gold demerger ?
I really can't wait for the updated scoping study to land - another 5 years on the mine life would add ~$200m to the Ewoyaa NPV (using the massively discounted Spodumene price of $650). This would be net $100m NPV to IRR / ALL which is worth around 12p per share...
I suspect they'll up the Spodumene price used to somewhere between $900-$1200 which will take the NPV through the roof. Every $25 increase in Spod price adds ~$60m to the NPV.... I'll leave others to do the maths here.
In the words of Keith Phillips of Piedmont, 'the numbers are going to be fantastic, this is a really special project'.
"" if you wish to partake in the Ricca Resources gold demerger, to avoid disappointment ensure you are on the IronRidge register on Friday 19 November 2021.""
Record date is the 23rd November
Halifax told me to check the Corporate Actions on 22nd November and that the IRR shares I bought yesterday will qualify. I only watched the video once but I think he said you qualify as long as you hold shares before the 19th. Or do I need to watch it again and resist buying more TM1?
Commenting, Vincent Mascolo, Chief Executive Officer of IronRidge, said:
"I am delighted to report the strong support from our shareholders for the resolutions put forward at the AGM held earlier today. The Company's name change to Atlantic Lithium, which will take effect in the coming days, is a reflection of our new strategy on lithium, with the development of our Ewoyaa Project in Ghana our key focus. This coincides with the demerger of our gold assets into a new entity, Ricca Resources, to fully realise the value of our Cape Coast Lithium Portfolio within the Atlantic structure.
"Additionally, shareholders will benefit from the approved demerger of our highly prospective gold projects throughout Cote d'Ivoire and Chad into the separate entity called Ricca Resources. Shareholders and investors are reminded, if you wish to partake in the Ricca Resources gold demerger, to avoid disappointment ensure you are on the IronRidge register on Friday 19 November 2021.
"I would like to thank our loyal shareholders for their continued support, and I look forward to giving further updates on Atlantic Lithium in due course."
Divhunter
Some brokers done communicate AGM resolutions and only get involved when there's an EGM going on. Not great service but they seem happy enough offering it.
Just worth bearing in mind next time there's an AGM for any stock that you want to vote on.
Re the stock split I'd be shocked if we didn't get the materials for that next week, assuming it gets approved at the AGM.
I phoned ii about 2 weeks ago about the split they put me through to a separate department and they told me to check my email and corporate action they seemed to be aware of the pending split so fingers x all should run according
Thanks. I've got IRR shares in my trading account, ISA & SIPP with interactive investor and not a jot out of them. Not even an acknowledgement that there's an AGM tomorrow with a vote to approve a split. Tantamount to negligence on their behalf. I expect them to do the same as Halifax, the breadth of investments on offer is pretty wide, but it would be nice to know what they're planning. Shouldn't be down to the individuals to ask, I can't be the only one.
Dear all, for those who attended, this video presentation is a chance to catch up on the detail - and if you didn't get to see it, here it is. Vincent was in good form despite it being the middle of the night, and took several questions live from the audience. He will be here again live in three weeks time, this time representing Atlantic Lithium #ALL. View here: https://youtu.be/U4Ch1L6eIrg
hmm....been a long road. given up second guessing the SP here
For information - Corporate Action extract from Halifax Share Dealing. As the Ricca shares will not be listed on a Recognised Stock Exchange, they will not be eligible to be held within an ISA product. Should you hold your IronRidge shares within an ISA, any Ricca shares to which you are entitled will be moved to your Share Dealing account upon receipt. If you do not have a Share Dealing Account, we will arrange to open one for you.
Please be aware that the Company has also announced proposals for shareholders who are entitled to receive Ricca shares in the Demerger, to also receive a priority offer to participate in a pro rata Rights Issue by Ricca. Once we have received more information in relation to the Rights Issue, and should we be able to participate in the event, we will communicate to those entitled.
Its a complicated issue and looks like a few people might miss out on the chance to but their extra shares (me being one being with AJ Bell) but I think the logic behind the decision not to list makes sense. Im assuming they done it to avoid a mass sell off on day one for those not interested in the gold. Hopefully the period between Ricca new company and an eventual listing will be full of positive news which makes it compelling to hang onto your shares. Though to be fair constant good news hasn't done much for the share price in IRR.
Shear - a lot of people jumped from here onto Telegram when the paid derampers turned up here in Feb/March. If your not on it jump in, good bunch and some good chat over the positives and the negatives.
Shear - a lot of people jumped from here onto Telegram when the paid derampers turned up here in Feb/March. If your not on it jump in, good bunch and some good chat over the positives and the negatives.
Sharketmare, it's one thing expecting your nominee broker to hold your unlisted shares for a while until they are relisted somewhere & then dealing with it, it's another asking them to buy unlisted rights issue shares for you & holding them. The only option might be to ask for certified shares to get the rights issue & all the paraphernalia that goes with it.
Great to see a rise up. I'm frankly amazed at the opportunity still on offer here. Making money in investing isn't easy, nor is it supposed to be, IMO the Ricca situation is an inevitable part of investing life - if you want the biggest rewards you often have to go out of your way to get them. Vince confirmed last night that anyone holding shares at the record date will receive a share certificate & will be able to get their rights issue shares, he said you could contact IRR directly to get help.
As for valuation, I think an awful lot of it is down to the wider market perception that we are still an explorer. There are hardly any posts on here or ADVFN, nor on Twitter. The biggest thing on the call last night was Vince stating they want Eyoyaa to be in production by 2023, which again is well ahead of market expectations...
Between now and then we'll likely have several updated scoping studies, a PFS and a DFS, all of which should reaffirm the amazing project economics. Once we get to DFS, the share price should reflect the potential far better than now. No point putting a number of where it could be because there are too many factors at play, however with EBITDA at $105m per annum on Spod prices of $650, it should be multiples higher than present. Could we even see dividends as early as 2024 if Spod prices remain anywhere near current levels?
Interestingly, my buy today shows as a sell!!!!
cyfalafwr - I'm slightly confused as to why you would sell your IRR shares now and miss out on the free Ricca shares?
To your second point I think there are two factors. 1) Geography as you rightly point out. Whilst Ghana is mining friendly and much safer than much of the rest of the continent, it is still Africa, not Australia or Canada. 2) The investment case as-things-were was not particularly clean. If you are an investor wanting exposure to a proven and highly promising lithium asset, you also have to take on the risk and exploration costs associated with the gold assets (fundraise, potentially poor drill results etc). For a while this acted in IRR's favour as the company was (possibly) seen as well-hedged through its diverse portfolio. Now with the Ewoyaa much further ahead in its development cycle than our other projects, it makes sense to spin it off, rebrand, and get the message out there that this is one of the best lithium plays out there at the moment.
At the start of this year I said I'd be happy with 45p by year-end (much to the ridicule of the £1+ crew). Unfortunately I think I'll be around 3 months out. If ALL doesn't achieve that price before April I'll be very disappointed.
SM
Yes, disappointing answer. Can't see any of the nominee brokers being able to take up the ri in RICCA, a has anyone confirmed they will be able to? In which case it's downward pressure on the SP for IRR
Listened to the webinar last night , for me two things crop up .
Investors who have HL as brokers , and like me have IRR shares in an isa wrapper , were told by Vincent to change broker as an answer to a question from a pi .This will probably make me sell my IRR shares today and buy ALL when they list.
The second thing is he said IRR valuation is x4 less than our peers , and gave all the reasons why the share price should be higher .So my question is why ? Is it because of our location , are investors wary of all the deposits being in Africa , I cannot see another reason.
Interesting to see ALL and Ricca share the investment in A8G (5.5 Mio shs each).
For both companies good to have a piggy bank. (3Mio AUD each)
ALL is about as good as it gets, fully funded etc. RICCA, at a MC close to its cash value is a well funded early exploration company, the deals on those projects will come in time as those projects are drilled out and prove their worth. Each of the 4 main gold projects good potentially be worth a 100 mil. Market cap in their own right, we just need the right data to come in. I think 14 million $ is enough of a war chest to get us there, knowing what we know about the stages of these 4 projects. I wouldn’t say no to a 90 cent fund raise after 5 bagging from 20 cents to 100 by the middle of next year.
And then there’s the IC lithium area!! Find some pegmatites there and RICCA rockets!
To be honest I see RICCA as a gamble & ALL as the certainty. I'd rather see RICCA fully funded by IRR in the demerger & the rights issue with the ALL shares. But I'm committed either way so here's hoping, an to be more honest that's what it is. Every faith in ALL to deliver.
is a great deal. You get your shares in a company with a market cap the same as the cash value of the company. They're holding it back to do even more drilling on more licenses, Dorothe slated for Jan / Feb and more in IC.
I wonder what the SP of the new Ricca company will do when it lists on an exchange at the same time results from multiple projects such as Zaranou MRE, Dorothe and Kineta are all published???
Could be interesting!