Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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CCAA Filings RNS'd, Bradbury's Affidavit is an interesting read:
https://www.rns-pdf.londonstockexchange.com/rns/4072R_2-2023-2-28.pdf
Note pages 19 and 20, active court action against them. Quite the list. Most are recent.
Of particular interest is page 28/29 short term and long term restructuring goals and items 86 through 94.
It gives a much clearer view of what they intend to do before selling which is latter option.
Atb
Micru - Suppliers. To be expected.
Well that was some grim reading. If I had known that their financial situation was that bad I would have pulled my money out a lot sooner, as I am sure others would have as well.
I agree Redkite2010, how the **** could he give that interview when the finances were so bad? These people need suing for every penny.
It could be saved I believe so. Only problem is newgen holder
Below is Bradbury's comment on the financials in July, the article itself (link below) was exceptionally bullish and no doubt led to many retail investors buying the stock.
' I should emphasize that we are comfortable with our capital structure for the current operations. Any future capital requirements would be for expansion opportunities only'
Reading the Court Notes this evening the financial situation was anything but comfortable - I cannot recall such events before involving a CEO - comments seemed so far away from the actual reality of the position.
I only have a small position here (thankfully!) but was hoodwinked (like others) thinking RMM was a recovery play based on the suggestions of the CEO who implied the financials were of good standing at the time. Not so at all.
This article needs storing as I expect it will shortly disappear off the RMM website.
https://ramblermines.com/storage/properties/rmm-metals-news-july-2022-1657288277.pdf
HawaiifiveO, same.
This should be backed up as well.
https://ramblermines.com/storage/misc/rambler1-28374-pro-1660851163.pdf
HawaiifiveO, not just people who bought following that summer ramping, but anyone who decided to keep holding based on that false information. We have all been screwed out of our money.
What TB says is no different than every other mining company CEO says about their own companies… Welcome to the world of mining investing. They’re salesmen telling a story without being specific enough to have any real liability for what they say. Plus they can always hide behind the boiler plant forward looking/safe harbour statements that tell you nothing is certain.