Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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BS that is a guess, you don't know.
AB recent comments on telegram group concerning DRC funds
"Bells comments have to be definitive. Study his travels the next few days if you want to anticipate them"
More clued up ?
The sp is 0.027p and AB has failed to deliver on the DRC Arbitration. VUP have ignored the ruling
H50
Plum to you too and figgy pudding.
It was in response to Brainspark's post
"Once AB gets the arbitration signed then the board should make him step down"
I suspect that I am a bit more up to speed on things than you. And no, no comment on anything.
xx
Wow the old man has started 2023 super grumpy! complex analysis? This is again all in your head... BB are for sharing views are they not? I didn't see anyone else point out a few of those things so where's the harm? I think it's quite telling how you're reacting to a simple post.
oh so sorry My mistake on such a complex analysis that lead to your conclusion (based on your extensive knowledge" that "each time it gets progressively worse". This board is, no doubt, in awe of your analysis
It was a statement. No implied expectation - that's in your head. However, I've been consistent in what I think of this sham of a listing and I don't believe you're really that dumb to think I was expecting an improvement in circumstances. But obviously you are free to read whatever you want into it. Happy that it made you "LOL".
Helpful you plum, Bell has not received the $7.5m-$10m cash out of the Congo - the market is suggesting it never expects him to, if he was so self confident then why proceed with a death spiral funding package that you and your chums allowed him to proceed with.
As for EO well I have suggested for some time that EO will never ever get their listing in the US, so far I have been proved correct.
The new plan is to generate Lithium revenue in Zimbabwe, so be it, however with Bell in charge what could possibly go wrong.
Bell and the entire BOD are no more than vultures of shareholder funds, story tellers - in the last TEN YEARS the market cap of Red Rock has never exceeded £10m, that in itself tells you all you need to know.
The major shareholder group are party to this failure, the support they offer Bell & Co is, quite frankly, incredible, what is in it for them?
Like investor 'Longterm' I have bought a decent slice sub .30p only because history suggests it is at a 8 year low average entry point, it is purely a trading position - perhaps 'Longterm' will do as he initially implied and make the revelations he suggested he would in his recent maiden post, will be an interesting read.
Let us see what Q1 brings.
"each time it gets progressively worse" what was expectation?
Where did I say that?
LOL seriously were you really expecting that ELEP would get better before the IPO?
I've finally had a little bit of time to look at the latest filing, each time it gets progressively worse.
The latest file has acknowledged that some of the pitiful $6m net has to be used to repay loan notes
"approximately $0.9 million for repayment of the Dragon Note and the December 2022 Note"
The Dragon Note has been attracting an interest rate of 20%(!) since August due to failing to get the IPO away before the maturity date. Thus "the balance of the note payable was $364,087 with interest expense of $124,852" and increasing all the time.
So the rest of the use of proceeds have been revised to accommodate this repayment such that now:
"the remainder for business costs, working capital and selling, general and administrative purposes."
That remainder is budgeted as $100k. To cover business costs, working capital and the management's insane wages.
So what are the lucky new investors getting for their money? They will be putting up 67% of the total consideration and only be getting 13% control of the business. That's because the existing scumbag shareholders only paid on avg $0.33 per share. The management is trying to sucker in new idiots at $4.65.
After the fundraise, the net tangible book value rises to a whopping $0.4 hence the warning in the prospectus that:
"DILUTION
If you invest in our Common Stock or Warrants in this offering, your ownership interest will be immediately diluted to the extent of the difference between the assumed initial public offering price of $4.65 per Unit (the midpoint of the range appearing on the front cover of this prospectus) and the as adjusted net tangible book value per Unit immediately upon the consummation of this offering."
Awful prospectus, awful management. The whole thing stinks and the stock will be worth close to nothing by the time the lock-in lapses. You would have to be a total melon to even consider investing in this ****. RRR may as well write the whole lot down to zero already.
I can support that timeline even if it takes 12 months to complete the list.
Best of luck for 2023 to all LTHs - let’s hope we all surpass our break even figures…… as a minimum
1-Jan Congo arbitration signed and paid
2- Jan- ELEP IPO
3-Jan positive Australia drill results
4-Feb Bilbale-drilling program announced
5-Feb/March- Lithium in production making money
6- March/ April- lawsuit filed for larger money
7-April/May JV partner for Mid Migori
8-April./ May-more properties in Congo
9-May/June IPO for Australia
10 june positive dril results for Bilbae
Brianspark-if arbitration is signed the next step is to begin litigation on even larger money. Do you really think the board should have AB step down. if anything a big cash bonus and more stock options
Brianspark-if arbitration is signed the next step is to begin litigation on even larger money. Do you really think the board should have AB step down. if anything a big cash bonus and more stock options
Lets work it through.....
Hey AB thanks for getting in the $7.5mil in but we are going to bin you. Here is your 2 years' severance pay. And BTW will you still help us out with our claim against Big G and be a witness? What? Now that you have been binned you want a profit share on the claim and a very large consultancy fee to work on it for the next 2/3 years?
He can say "do one" in more than one language.
DYOR
https://www.jxscmachine.com/new/lithium-ore-flotation-technology/
BSpark - There is currently no replacement for AB and no one in their right mind would join RRR on £150,000 when there’s £60,000 in the bank to do a job that involves weeks away in hostile countries and constantly raising invisible money for countless projects.
So we wind up or AB continues with his one man show.
Come on everyone (especially Chatty) What do you want to happen and in what order?.
Once he signs, AB will be offered fantastic opportunities for Copper, Cobalt and Lithium in the DRC.
Once AB gets the arbitration signed then the board should make him step down
Can’t say I disagree with most of what you say! Its mostly factually correct.
Could I ask you to list the 10 actions that you would like to see from RRR and shareholders, then the many many many words you’ve used might appear more than a long winding whine.
In short, what do you want to happen ……l and in what order?
until a company (any company) develops a cash flow an investor should ALWAYS anticipate the company will issue more shares.
Even if directors worked for free (most if not wont), even if employees worked for free (they wont) running a company even if nothing is done costs money (think attorneys, CPA firm, stock transfer agents, website, putting out news releases all of that takes money. Every single exploration property RRR has costs money every single year
When AB travels by air does he travel 1st class? great question I have worked at companies larger than RRR and we had a policy of NO first travel-ever. A traveler could upgrade at their cost
From todays RNS ;-It is the prime responsibility of the Board to ensure the Company and the Group remains a going concern. At 30 June 2022, the Group had cash and cash equivalents of £0.066 million and £1.864 million of borrowings and, as at 22 December 2022, the cash balance was c£400,000. The Directors anticipate having to raise additional funding over the course of the financial year.
The above statement uses the word 'Anticipate' which is indicative that despite the stated expectations of payment to be received RRR will be raising funds. So more dilution to be expected and expensive because of Mr Bells consistent track record over an astonishing period of time, at least 20 years zero returns to shareholders has created a serious amount of push back negativity
Full of optimism and unrealised expectations, also risky in operation otherwise how come the amount of litigation in progress
Recently Bell even stated RRR shares were basically not worth buying.
2021 AB income was £144.000 out of total directors costs £312,000;-Note the staff costs recorded as £436,000 for total including directors of 6 staff.
2022 AB income was £164,000 out of total directors cost of £302,000;-Note staff costs £657,000 for total including directors of 14 staff
Bell recently boasted he had visited 30 countries presumably first class all the way?
Investments in unsafe jurisdictions, that is where the home office advise against travel. Those investments have created legal arguments where RRR has been apparently been cheated .The question is how was that allowed to happen?
He has been there too long and his presence is now a hindrance and a liability to the company and shareholders. The board must take action and remove him or at the very least reduce his salary by at least 60% and base any bonus on actual returns to shareholders.
As to investments, RRR should focus on investing in assts in companies that have a proven track record and are in stable jurisdictions. That way the company can reduce their risk and ensure a return for shareholders.
The company should also focus on cost control and efficiency improvements to ensure that their profits are maximised. The board should ensure that all investments are scrutinised thoroughly and that the company is not taking undue risks.
Finally, the board should be transparent and accountable to shareholders by providing regular updates on the progress of the company and its investments.
Basic premise is any investment is high risk of zero returns and loss especially as the BOD anticipates raising additional funding over the year . Take it as before April just 3 months away.
true- admin is high, much higher than before. IMO the cause is projects in too many countries. 8 weeks in Congo would have been expensive just by itself. I am optimistic but 2023 is shaping up to be a make or break year