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specinvestor99
Thank you for your post of 14:54, Wed 25 May 2022 which enlightens on the Congo Musonoi [50.1% to RRR] copper cobalt asset [also mentioned in RRR's Interim Results of 29.4.22 + 2 Interviews by A. Bell, Chairman, RRR via Proactive and Stockbox Media, post these results.
Recommend.
--RRR ASSETS - BALANCE SHEET, RRR INTERIM RNS, 29.4.22
Anyone that is a shareholder of RRR can attend the next AGM [Q & A inc] can ask Mr Bell
if the said exploration assets of £13m in the Balance Sheet, Interim Results RNS of 29.4.22
has been INDEPENDENTLY VALUED BY A RECOGNISED INVESTMENT BANK.
Or if they are interested, they can ring Mr Bell to ask as that is called DUE DILIGENCE [Dyor] OR rings the NOMAD to ask.
That is the best way and one can make sure [or as sure as possible].
As for me, I think, this topic is now fully covered.
there are misrepresentations in the mining sector, I am sure those companies you mentioned did their own due diligence and not relied solely on what those companies told them on face value, also I think you will find in each case they had a CPR and not just the rantings of a caret bagger... anyone who has followed RRR over the last 10 years as I have will know that some of the resource statements spouted by the management have been wildly exaggerated with monotonous regularity
re $15 million
This is my understanding
The assets was sold for $20 million of which $5 million was paid (nothing to RRR)
This leaves a remaining balance owed of $15 million Ignoring the 2nd deal for $250 million
RRR should have been paid $2.5 miliion from the initial payment. This gave rise to the court order of $2.5 PLUS damages.
I believe a bank is holding the $15 million and wants documentation/clarification as to how and to whom to pay $15 million
However if the bank (really the people who work for the bank are more likely since this would not have been an official bank action) was somehow involved in the illicit scheme for the $250 million. This may proceed more slowly than a simple payment transaction (as RRR simply providing bank wire instructions and saying now pay us)
I am a fool
P.S.
I would also like to add this as an example:
RRR share price 0.35p to sell and 0.4p to buy[advertised, not live]. MKT CAP : £4.5 -5m depending on the spread etc.
CONGO ASSET [MUSONOI COPPER AND COBALT]:
There have also been TWO Court cases won by RRR in Congo, hence why the $5m can be now enforced legally next.
Also, the RRR lawyers etc - it was part of a package from the interview/s [2] recent post RRR Interim results of 29.4.22 on Proactive /Stockbox Media that this said ASSET WAS FLIPPED TO AN INTERNATIONAL CO for some US$250m.
This is also subject to LITIGATION OUTSIDE CONGO per Mr Bell in the said interview/s as said.
So, NOT CORRECT that ASSETS cannot be valued given that on the open market, the value
could be more as there would have to be a VALUATION REPORT. AT INTERNATIONAL ARBITRATION A VALUATION REPORT would have to be PRODUCED IN COURT. So, at any given moment in time, a VALUATION REPORT CAN BE COMMISSIONED at an investment bank
specialising in resource/s.
----------QUESTION: BASED ON THAT ALONE, HOW CAN IT BE GUESSED THAT
THE RRR INTERIM RESULTS OF 29.4.22 WITH EXPLORATION ASSETS LISTED AT SOME £13M [kindly check as this is from recall] HAVE QUESTIONS ASKED [not by me by the way] ???
The Congo Musonoi HAS BEEN SOLD OR RATHER FROM MR BELL FLIPPED FOR US$250M.
In the latest interview, he quotes US$150-$250m which is presumably the range needed.
I believe Valmin code gives a range if there is a new valuation but Mr Bell did not elaborate but I am sure he will do so next time ie between flipped price [A.Bell] and the said valuation.
So, one always counter-checks as much as possible to see if there is some valuation out
and in this case, there is THE CONGO Musoni asset sold. RRR IS SEEKING US$15M [50.1%] from Gercamines, the state co and they want to know who to pay to given they need documentation. RRR stated in one of their statements that they have supplied this.
So, how did the US$15m come about if there was no REAL VALUE/valuation done and $$$ collected or paid out by the BUYER?
DYOR.
darientaylor
@22:17,Tues, 24 May 2022.
You stated you qualified as a Chartered Accountant in 1986. However, you said you qualified in 1986 to be accurate. From one of the interview, Andrew Bell, Chairman, RRR said that the Congo assets have been written down to some £590k so obviously IMPAIRMENT has been taken into account of the Balance Sheet assets in RRR accounts.
I stated that the AUDITORS have SIGNED off the accounts and if you are an accountant [qualified] but you did not elaborate whether Chartered etc. There would have to be an
ASSET LISTING of the various assets. Paul Johnson and other CEO's like Kiran Mozaria of KDNC go to an investment bank to VALUE their projects like AMAPA last owned by Anglo American.
So, NOT CORRECT as it appears that ANY ASSET CANNOT BE VALUED . AMC has just had a US$105m offer for Kun Marie and they have had a valuation done between higher and lower figuress to take account of the Russian situ and assets in Russia given that a discount must be applied.
So, NO DOUBT all the assets could have a VALUATION report attached to it by an investment bank that specialises in natural resource co like Hannan, a Tier 1 investment bank for resource co with the Chairman from JP Morgan previously.
How do ACQUISITIONS and TAKEOVERS HAPPEN IF ASSETS CHANGE QUICKLY as you say?
This is in the mining sector for example Anglo American has just JV with ARCM for some $83m and that also requires a valuation.
How did GANGFENG take over Sonora [BCN] if they cannot value an asset that is not producing but only with a DFS?
If you think that there is mis-rep in the industry, yes, that can happen and if you believe in this case, then you can go to the AUDITORS of any co to tell them and BURDEN OF PROOF or some evidence must be furnished as to why. No doubt you can go to the Stock Exchange specialist dept to also put in a report and they will also investigate if you have some basis for this given esp you are or you say you are a qualified accountant.
So, IF YOU DO NOT GO TO THE AUDITOR, STOCK EXCHANGE , then it appears to be
what I am not sure?
Just as today, you posted about Victoria licence and that the RRR tweet was ...advice but it was FROM A CONSULTANT GEO AND THE TWEET BY RRR WAS QUALIFIED by we'll see.
As an acountant , you will KNOW ABOUT LISTING DOCUMENTS AND ALSO THE NEED FOR A VALUATION REPORT to the Oz Stock Exchange.
I hope this clarifies.
With due respect. Tues, 24.5.22 Just asking.
I qualified in 1986, the asset valuation of resource companies varies wildly in an environment that rrr operate in. It is nearly impossible for a firm of accountants to acurately ascertain the real value of sich aassets as they chamge so quickly amd thete is a largw amount of faith uiven yo the directors on companies that are small like rrr amd have very diverse and geographiclly spread assets, that said it wouldmt be the last tome a set of dorectors mis represented their assets as rrr have been proven to have done over many years. Loon at the many writeoffs in the past . Some huve ones. So dont try to play the' if yhe auditors have signed it off it must be true ' card, it aint that straight forwatd, but then as a lay man ypu wouldnt understand the mechanics
thank you for providing more context. While I am not familiar with the Australian process I am with the TSX. The TSX will also review the technical reports and require the consulting to make changes. All of which creates the variables in the exact timing
----------ARE THERE ANY CHARTERED ACCOUNTANTS ON THIS FORUM?----
By Chartered Accountants, I am referring to those qualified [fully] and can sign off
company's accounts for listed co's etc.
Ref: There was a post on this forum today, Tues, 24 May 2022 REFERRING TO RRR'S
BALANCE SHEET AND ASSETS.
Maybe, laymen are not nuanced that these have to be SIGNED OFF after auditing by
an accountancy firm and filed.
Also, ASSET LISTING is done and checked by the auditor as part of the auditing process by the accountancy firm.
Maybe, if someone is a Chartered Accountant they can quote the para , sub-section
of the regulations etc and the penalties thereof as norm.
It appears that 1 poster thinks that the Balance Sheet of any co are a "FABTASY" [post at 7:21am, Tues, 24 may 2022] and is NOT nuanced in accounting, auditing, asset listing, revaluation, impairment etc and that the RESULTS RNS [Interim /Annual Report] carries
needs a short statement by the AUDITOR eg going concern etc and SIGNED by the auditor for submission to the London Stock Exchange as Regulatory News.
StockboxMedia 24.5.22 tweet:
"RRR-Key licence granted at Victoria Gold JV. This announcement makes a big difference to the RRR listing where it is now ful steam ahead."
A few more points to add from the Andrew Bell, Chairman, RRR interview today with Stockbox Media after the said RNS on the new licence, Victoria, Australia JV:
[1] Mr Bell said that the awaited licence came in on FRIDAY, so Mon to prepare the RNS, Nomad & legals to view etc.
[2] The Consultant Geo NOT only did a report and his remarks as above but took the report to Perth Geologists as well. Mr Bell also showed a co ie 3D models. So, consultations all round.
[3] Mr Bell also mentioned that one needs "GOOD PROPOSITIONS" to go ahead by which he meant IPO.
My Comment:
As I said, an IPO on the Australian Stock Exchange has to go thru many loops
and one of them would have to be at least a Geo Report but in this case the said Consultant Geo did a Ajax mine report and his remarks as above ie title of tweet above and had
peer review. No doubt there would have to be a fair valuation as well given ALL NEW IPO's in Australia have to have a MINIMUM A$20m mkt cap. One cant just list without PROPER LISTING DOCUMENTS AND SUPPORTING TECHNICAL REPORTS/VALUATION ETC.
So, the comments earlier today may not have been cognisant of the stringent Australian Stock Exchange rules but may be just a layman's idea that AN IPO is just based on views?
I dont know but I did know it is not like that for ANY LISTING, even on AIM etc in London.
DYOR.
Bells comment listing 2-3 months IF everything was in their control which it is NOT
Since something always happens to delay the process I would guess 4-5 months
This is a process in which the Australian regulatory authority will review and process. I suspect we all know that any government moves slowly
Obviously the additional license is positive news and the listing process changes from "on hold" to "moving forward" IMO
-------------------NEW ANDREW BELL, CHAIRMAN, RRR INTERVIEW TODAY 24.5.22-----
Link: https://twitter.com/StockboxMedia/status/1529100475630505985
Stockbox Media tweet just appeared on my Twitter so I have just listened to it.
What I could make out:
"Andrew Bell: During Covid, a Geologist did a report on Ajax mine : BEST CHANCE OF FINDING
FOSTERVILLE. He took it to Perth geos - looks good. The Geo told Andrew Bell: Just apply for the licence.
A co [couldnt hear the name] looked at the 3D and they love it. Ajax produced 300,000 ozs of gold at 14 g/t. WAITING FOR THIS LICENCE - Waiting for this to have a good proposition to go ahead [think Mr Bell mentioned one needs a good proposition to go ahead for IPO]. Complex Geology. If no delays, 2-3 months." [Ref: RRR RNS, 24 May 2022 on getting 3 licences inc Ajax mine area]
My Comment:
One poster on this forum mentioned about the title tweet from RRR. So, now it transpires that it was INDEED from a Geo and there is a report on it.
Ref: Post at 12:10 with link from POW of the new licence AJAX mine [RRR/POW JV], Victoria ,Australia.
Click to see the link from POW re: map.[Today's RNS from RRR/POW on new licence granted].
FOSTERVILLE - KIRKLAND LAKE.
Marked in light blue on the map.
FOSTERVILLE SOUTH - Newish IPO in Australia.
On the map, almost adjoining Fosterville, JUST SOUTH of Fosterville marked in GOLD.
Latest: " Fosterville South jumps on gold drill results."-Kitco News, 29 Apr 2022.
RED ROCK RESOURCES/POW JV, VICTORIA, AUSTRALIA [IPO]
The new licence area [Ajax mine] is to the LEFT of FOSTERVILLE SOUTH' s licence.
Comment:
I have only just seen the Fosterville South licence area, SOUTH of Fosterville.
So, no wonder why there may be interest in Australia over this area especially given it is
near Fosterville mine.
Tues, 24 May 2022.
To put £48,000 in context - £60,000 or a bit less can BUY A HOUSE OUTRIGHT in
Greater Manchester, UK.
Ref: Sun 23:06, 22 May 2022.
THE BIG TRADES OF FRI, 20 MAY 2022:
Just a little ------------OVER 10M shares bought of RRR-------------.
Click this thread to see and check.
10 million sold.
===
BIG TRADE JUST TURNED UP TODAY, TUES, 24 MAY 2022
Its just been posted -"Delayed publication" - 15:45, Tues, 24 May 2022
===2.024 Million RRR shares at 0.385p =£7,796.==
My Comment:
In total , there are only 7 trades today and the advertised price is 0.35p to sell and 0.4p to buy +1.33%.
Now, that the market has closed AFTER 4.30pm today, I can give LIVE QUOTES because it is now HISTORICAL @5:50pm. RRR share price :
LIVEPRICE TO BUY 0.385p
LIVE PRICE TO SELL: 0.36.55P
One can also check the other prices of the small trades to see the prices as above this page for free.
-------------SO, LOOKS LIKE SOMEONE IS BUYING 10M and a little over SHARES of RRR [see this thread] on Fri, 20 May 2022 and today, another 2.024m @£7,796.
The said 10m bought would have come to £39,000 approximately + £7,796 today [2.024m]
= £48, 000 in round figures approximately.
-------------WHO IS THIS PERSON? It would appear this person [if the same 1] appears not
to be taking note of what 2 posters on this forum said, says of RRR? Not sure but appears so given whoever it is [one or more] are continuing to buy.
I am cognisant one cant buy a certain amount online as I have tried so they have to
telephone the broker and the charges will be more for commission by telephone and not online dealing.
Interesting and will have to wait to see what happens next. IN EVERY MARKET, THERE ARE BUYERS AND SELLERS. I am sure that whoever is buying [one or more big buyers] who has £ 4 8, 000 to spend just like that may or may not be nuanced?
Tues, 24 may 2022.
when I invested a couple of month ago I anticipated that RRR would have to raise additional funding around $1.5 million
IMO successful investing means look at the past but invest with an eye to the future. Its those future events which will determine the future share price
Simplisctically I invest in 5 stocks which have the potential to go up 10x my goal is have at least 1 hit that target
thus i will be wrong 80% of the time but make at least 2x my money
An negative opinion will be right 80% of the time whereas I will only be right 20% of the time but make 2x my money
So I have to live with being right 20% and you can be right 80% of the time. I am OK with that
Likewise specinvestor99
"I understand that prior purchasers who still hold RRR bought at significantly higher prices.........."
Nope, not one of those poor souls but I can guarantee that you will end up as one of those who thinks they've bought in at the bottom only to be diluted by further share issues then diluted again by the inevitable consolidation.
Look forward all you like. It's the past you need to learn from.
TDT
P.S.
End of RRR tweet as above has : "WE'LL SEE."
So, they further qualified it. tues, 24 May 2022.
Helpful, Tues, 24 May 2022:
Thank you for your supporting document of 16 pages on Daylesford, Victoria , Licence EL 00733
from Oretek from Melbourne, Australia [16 pages] - Red Rock Resources Sep 2020.
Oretek appears to be a Geo Consultancy?
So, useful to see all the reports that need to be filed for the Admission Document for an Australian IPO for Red Rock Resources /POW JV of the Ballarat , Victoria, Australia which now includes the DAYLESFORD licence per today's RRR RNS.
From Australian history, I am cognisant that FIRST GOLD WAS DISCOVERED IN THE DAYLESFORD area, Victoria gold fields, Victoria, Australia. [near Melbourne].
The tweet re Newcrest was their quarterly report covering amongst other things Haverion. Nothing to do with opinion. Look at the grades they were getting excited about.
Not everyone is on Twitter and what the company is tweeting and/or retweeting and/or liking is relevant.
This is the Oretek report of EL007330 https://www.rrrplc.com/wp-content/uploads/2020/09/Licence_Report_EL007330-Daylesford_Rev0.pdf
You might find it useful to read. Maybe you can then do your own comparison v Fosterville.
PS you revealed your true self earlier: it is clear that you are not interested in any facts on the ground. Your grudge against Andrew Bell reduces everything else to nothing.
I suspect there will be some interesting investors in the pre-IPO round now that Daylesford has been granted.
DYOR
IMO the share price will not move until a liquidity event happens such as:
1-collect money from Court award on Congo
2-IPO on Elephant -outside of RRR control so unknown
3-Kenyan JV or sale
4-Australian IPO (as noted by prior posters who expressed an opinion this is several months away)
RRR can only directly impact 1 or 3 but 3 IMO is time consuming and I think AB, understandably has been focused on Congo legal proceedings
IMO todays news is positive and builds value but will not move the market for reasons outlined above
I will repeat a portion of my prior post which relates to your issue:
I understand that prior purchasers who still hold RRR bought at significantly higher prices and are disappointed with share price and it very well may be that I too may be disappointed in the future but for now there are multiple reasons to be optimistic
I invest looking towards the future
I will repeat a portion of my prior post which relates to your issue:
I understand that prior purchasers who still hold RRR bought at significantly higher prices and are disappointed with share price and it very well may be that I too may be disappointed in the future but for now there are multiple reasons to be optimistic
I invest looking towards the future
darrientaylor
For your attention:
Notice the word : "POTENTIAL" from Red Rock Resources dated 24 May 2022, post the RNS today.