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Helpful does this mean you are taking advantage of RRR situation?
https://twitter.com/susie_dent/status/1577695424361660416?s=20&t=9tXFKXnOdaaMeQCqnQ-lSQ
How is it possible to be 50% down on a CLN? If we do nothing then RRR repays us with interest at maturity.
DYOR
This photo should put everyone's mind at ease:
https://twitter.com/RRR_RedRock/status/1577671443327975429
Let's hope AB is soon on his trip to Burkina Faso.
https://twitter.com/Ole_S_Hansen/status/1577913408875290624?t=rD7hxBhXvVgiqzYP8hRWzw&s=19
Helpful won't be on until late. His in the food bank queue
Still waiting for that translation from French re the legal docs from Congo. Any update helpful?
Be waiting a good bit longer no doubt, quelle suprise.
I think it’s fair to warn anyone tempted to buy this dog that Bell has never got a deal across the line so don’t expect any of the “completion imminent” nonsense to come to anything, helpful has been Bell’s fluffer on this board for some years now, and guess what? Zip.
Another dilution in the next 5 weeks, expenditures (on Bell’s wages) will be required.
Helpful and his clients are already 50% down from the last lending.
No more Muppets like Helpful left to bail out AB. It's game over
I think when Bell's 80 (he's 67) he'll still be achieving nothing at Red Rock and still be running Red Rock.
These past few years Bell has struck lucky with Stephen Lundy (or Helpful) and his wealthy clients. Afterall they lend Red Rock money. The added bonus for AB is they are gullible, weak and subservient because they deal with AB's many failures not by getting rid of him but by lending him more money.
Really? an investigation triggers a suspension In Canada or the US at best it would disclosed but any punishment would be AFTER a trial or at least a hearing
Next news will be suspension following financial investigation by FCA
It's all a con. 2 months being imminent.
'Bell end' is the Bernie Madoff if AIM
Mr Bell needs to get back on a plane to the DRC and be handed the written document and announce in an RNS...
"The arbitration hearings have been completed. We have indicated to us what the decision is...we have not seen it in writing; and of course, those that lost .."
In other words, RRR have won the case!
Strong Buy under 0.4 imo....
Robins, the delay is partly AB's style but his concerns are legitimate.. Projects are political and we want as far as possible to avoid being dragged into local politics.
The reason we nearly lost Migori was local politics. He is also concerned about maximising value and part of that is timing, waiting for some hypothetical better conditions. My view is do a deal and move on, same with RRAL.
RRAL needs a pre-IPO round and then IPO. The pre-IPO pays the cashburn, the IPO costs and some drill costs. My view is list Feb post drill results. As elsewhere getting drill rigs is more difficult than it used to be. But not my call. If someone turned up with a cheque book, I would sell either or both and move on.
DYOR
BB so wrong. He has already indicated in one of his interviews that he had a potential JV partner for Migori and turned them down some time back.
What they would have paid was a multiple of your number. JV partners can problematic.
DYOR
If newly acquired Berringa license expires in Nov and New Ballarat already said they will file to renew would the IPO be delayed until granted to eliminate that uncertainity? or is renewal pretty much certain?
lol AB is far from desperate since he is getting paid and has a pile of options and shares in the event any of the pending events (2 IPOS and Congo) actually happen. IMO it is the current RRR shareholders who getting desperate
Helpful really sorry but if AB could get $1m for Migori it would have been sold moons ago. I'm afraid you valuation is well OTT.
AB is desperate and unfortunately the cupboard is bare.
totally with your comment about AB not completing projects which is why I point out that AB/RRR has identified 3 projects (Congo, USA-IPO and Australia IPO) which completion is either soon or imminent. RRR in an RNS said Mid Migori would neither of those but would be not targeted until after certain events.
Also during this same time frame RRR got involved in 2 other projects again with completion of previously identified 3 projects to be completed "soon' or 'imminent'
Spec this is the problem with AB. He always has several plates spinning but never completes a project. Too late for me as I am 98% down but I would hate any newbies to buy in here on his rhetoric. Sorry to be negative but he has done me.
Robins previously AB said nothing would happen on Mid Migori until after elections and new ministers were appointed
Election was in August, ministers appointed afterwards. Then any potential partners/buyer would make site visits, review data, meet with government etc
IMO AB has a full plate with Congo, IPO in USA and IPO in Australia etc etc At best he is spread too thin and things like Migori do not get the attention it needs and deserves
Helpful have you any idea why we have not sold the Migori mine to date or JV?
The valuations in that report are well out.
The standard metric for gold is $30 an oz for gold in the ground. The grade at Migori isn't the best so you might apply a small discount. On the other hand, they didn't update the JORC post the last batch of work and there is a lot of upside there.
So call it $30 an oz and that gives you $21,690,000. At the current exchange rate that is £19mil. So the £3mil valuation is well out. What it is saying is that it values the JORC gold in the ground at $4.73 an oz.
The reason $30 an oz is used as a valuation metric is that the is the deemed discovery cost. ie., it will cost $30 an oz to find new gold.
If RRR put Migori up for sale at $4.73 an oz it would have no shortage of buyers.
That $4.73 gives nothing for the exploration upside or the gold and silver at the Macalder tailings dam.
I think that RRR might get $50 an oz in an outright sale and $40 an oz in a JV. Buyers pay more for control.
From RRR's point of view it would be better to get a sale with a decent royalty.
AB thinks that there is up to 10mil oz at Migori but the good grade is deeper: it will take a lot of drilling to prove that up and it will be more expensive to mine it. The deeper RRR has to go the more it costs to mine.
DYOR
We have748,000 oz Not 748
Ajaye read the technical report It iS NOT 748 -unless the 000 are omitted which sometimes they are in technical reports or financial statements just for easier reading