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The mine is financially viable excluding loan repayments...
The mine continues to operate as normal...
We are in default of our Newgen loan agreement,due to not paying interest and repayment...
What does the loan agreement say concerning default?...
Is there a default process ?
Is there a remedy process?
And is there a timescale for remedy?
What does ‘42’ mean?
The answer to life, the universe, and everything.
LL
That’s not true
We are not viable at this Cu price
Factor in development costs, trucks….etc
I imagine zero drilling and development happening… which is not sustainable medium/long term
Paying contractors in shares
Not paying aged AP….
Aubrey......we are generating a cash margin..
Unfortunately this is not sufficient to repay loans..
LL
That margin is not sufficient to cover non-operating costs.
It’s not ‘viable’ at this Cu price irrespective of the Newgen loan liabilities (interest and repayment)
C1 costs Q1 were $6.42
Q2 were $3.47
They claim that June C1 were $2.91 but good luck if you believe that…..
With some confidence C3 costs are currently well north of current Cu price and that excludes Newgen finance. IMO
Plus I reckon they’ll be well behind with production against forecasts making fixed overheads prorata more expensive….
Aubrey, you'll have to read rns 21st October.....
My point was , what is the resolution process in the loan agreement for default...
And more importantly , is there a timescale?
LL
I’ve read the 21st RNS
We clearly disagree which is fine
Your opinion is the mine is currently viable (when taking out Newgen loan)
My opinion is the the mine is currently not viable (even when excluding Newgen)
Good luck
I genuinely hope this comes good for shareholders even if I don’t think it will
The issue is that the mine requires additional funding (for ore sorter etc) to reduce the long term costs in which case it is very much viable. So it should be an attractive acquisition for a company with deeper pockets
ok let me be clear rmm is about to change for first time ever its going to be a mid tier i cant say how but really best time in rmm history. know 0 understands. idont care about default normal
· The Loan Note will be secured by first ranking security over all assets of the Company and its material subsidiaries;
Default will mean Newgen can go to Court to obtain right to sell the assets required to pay what's due. I imagine it takes a few weeks to get Court permission.
The Court will probably take into account the risks to workers (jobs/ health and safety etc), and maybe stop Newgen just going in and grabbing random equipment. Maybe the Court will order the Company to find a buyer for the business intact and report to the Court by a certain date with progress.
But I am guessing
If I hadn't already laughed my **** off at Moon's hysterical and embarrassing you tube videos, I would swear that he was some spotty prepubescent kid living in his mums spare bedroom with posters off chickens and UFO's on the wall, spending most of his time playing Call of Duty or practising Fortnite dance moves for TikTok! Not finical advice..
Moon.
Your "clarification" is as opaque as ever old chum...
Yes many of us also saw this as a mid tier. That's why we invested. But given the current financial state. Just how can that happen..... Without the destruction of the share value for existing holders. Care to elaborate?
You say that another investor (know0) understands? What does that mean.... You forming a cartel to rescue the company. Again more obfuscation.
You say the mid tier will still happen. But you "can't say how"..... How do we read that.... Wishful thinking, and you don't know... Or again more nudge nudge.... I know stuff but won't say..... S*it or get off the pot!
Finally you don't care about the default. Well most of us flippin do! There is a real chance that without a plan here existing holders will come out with sweet FA relative to their investment levels.... If I recall, even you in your ramping, then de ramping days admitted to buying shares here at levels way above where we are now... If the company massively dilutes, or has to be sold to pay debts etc. Your shares, like ours will be impacted immeasurably do you not think?
I can't see much value in carrying this on tbh. But just to be clear. Your games here were annoying when things looked good. When things are very difficult. Any slight charm you possessed has run out mate.
VisciousHippo....thankyou..
I think until any court order is granted ,then the company viable..
I suspect that with arguement and counter that it will take more than a few weeks...
Still all to play for....
Hi StrummerJones, feel your frustration. As you may be aware, quite a few of us LTH are also on a Discord group, your very welcome to come and join us...
I don’t care if my shares devalued thinking long term not bothered really not if it was 2020 then yes I would be
Moonie you can type at last. 0h and by the way anyone can mine crypto all they need is some software and a PC
I’m actually pinning my hopes on the fact moon is in fact correct. Can’t really see any outcome other than a sale ending the torture.
But moon, if you are guessing, speculating you need to clarify this in your posts. I you just believe this, say so, or if you know something tell us or just shut up about it.
I am going to find this strange but I am going to "defend" Moon on a few matters!
We have still never met or spoken and unless one of my guesses as to what will happen are along the lines of what Moon believes / knows, then I am non the wiser as to what the outcome will be (although I would like to chat with you Moon but you dont contact me?)
HOWEVER - the default is not an issue - NewGen will have been in consultation with RMM for the last few months and will be fully aware the payment wasn't coming
For those taking the urine out of Moon, how many of you jumped on a plane at your own expenses and travelled to BV (a days drive one way by itself)? I take my hat off to Moon for doing that and whether he knows more than us or not, he went there kicked the tyres
The only way RMM will be a mid tier mine in the short term is by being bought by a mid tier mining company.
I am still of the thinking that the BoD are trying to avert a hostile bid and thats why they suspended last Thursday - I hope for all of us holders that an offer is forthcoming that they can recommend - anything under 75p the buyer has done well. Anything over a £ the BOD have done well
Other options are some other form of deal - asset sale of LD / WB or some quasi partnership with a larger mining company
BUT, this isnt going bankrupt
4 full crews are mining MM round the clock and mill working to capacity - so output (which will be down on the originally expected 7-8,000 tonnes annualised, will be reasonable IMO
No change today than it was last Tuesday - looking fwd to what the plan is one way or the other
DYOR and GLA
I highly doubt the fantasist has been anywhere near BV or anywhere else in Canada for that matter...!
know 0 I will contact you this week not a problem at all. as I have said best time ever in rmm hisory i like the fact that it has happened. it was going to happen anyways.. u cant do everything at one time tb. way of thinking great make bussiness do talking for itsself it has. broken records on every moment. best situlation rmm been in. as said i not worryed at all. guess what another picker of mine icon labs coming back to market been one year they was supstened. so i am relexed.