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Feel your pain. However I do not think we will have a better opportunity to gain some ground on our losses...maybe by the summer i can look at this share In my account and not wince as much! 2-3 p is still achievable.
In terms of removing Andrew, I would have to agree with Helpful. Only a steady ship will bring value in the short/medium term.
I agree we all look to benefit from our investment but AB has not done me any favours over the years. He has kept us ill informed and I am currently around 90% down. His track record here has been abysmal but you never know his luck might change.
You are right Helpful to say that RRR need AB. I suspect he is the only person with the intimate detail and contacts to bring these projects through to fruition but.... shareholders need to be properly informed about all the corporate actions and decisions he seems to take on his own. With so many projects on the go, there is a need to bring a resolution to some of these, RRAL seems to be a good start !!
As some one who has had the need to "ring the bell" I am aware of my mortality and RRR should be aware of the need to have a succession plan for AB as he will be a hard act to follow, otherwise we run a risk that we will not achieve the benefits we all require.
As shareholders we all look to benefit from our investments, however long we have been invested in RRR. GLA
I will pretend you are genuine:
When was it better value?
Value is here:
Iron Ore spin and very likely acceleration of royalty payments
Award of first three Victoria licenses
Reissuing of Migori licenses
Proximity of the Migori JORC
Confirmation that Luanshimba is highly prospective
Issues with VUP largely resolved
Likely award of new license in DRC
Possibility of an outcome on Adidi Kanga
POW share price
JMS share price
Copper price: last year circa $4k now $8/9k and heading higher
POW lining up to make distributions
RRAL listing TSX
So when?
DYOR
So why didn't RRR get snapped up when it was "better value"?
So why didn't RRR get snapped up when it was "better value"?
Zumore, I don't normally see your posts but for some reason your latest showed up.
1. They tried to spring it on AB at AGM by turning up to vote him off in person with no warning.
2. They tried to vote on two new directors.
3. Those potential directors had not given their agreement to join board at the time of the AGM
4. The NOMAD has to do DD on any potential Board Members and it had never been put to the NOMAD that these new Directors would join the board.
5. So the AGM was suspended whilst the mess was sorted out.
6. When it came down to it the two potential directors declined to join the board and the shareholders were stuck.
7. They had voted AB off but had no one lined up to replace him.
8. AB declined to get involved with sorting out the mess on the basis he had been voted off and therefore his services were no longer required (understandable).
9. The coal deal was poor from day one and it completed on a different basis from the one proposed. It was under-capitalised from day one.
10. I was approached to fund it and it turned it down before Brian Kinnane funded it.
Bottom line; be careful what you wish for because you might get it. What we need here is steady progress and evolution not a messed up Palace Coup. It is very likely that RRR will look materially different in six months time. There are a number of valuation inflection points lined up waiting to happen.
If you read the Juno IM you will realise that the Juno IPO might be the biggest value inflection point. Again, if someone hasn't read the Juno IM they can't possibly value RRR correctly.
If things work out and they should because they are pretty much baked in, RRR will be much bigger at the end of the year.
DYOR
A proximate example would be Angus. I trade in and out on a regular basis:
Yesterday, I bought some at 1.00p. Today it is up 12.82% on no news. Which is right? The price yesterday or the price today? They can't both be right.
I bought because it is getting closer to announcing its funding package on Saltfleetby, I took the view it had dropped too much and that Friday it would be up because of FOMO. But nothing has changed from yesterday in terms of Efficient Market Theory.
DYOR
You are misinformed.
So what happens on a regular basis where a bid comes in for a quoted company at a 50%/70% premium to the share price? Which price is right? The market says x and the bidder says 1.5x: which is right? According to you the bidder is wrong.
How are gold assets valued? Well one way is the replacement cost of gold in the ground. Typically it costs $30 an ounce to find gold. On that basis Migori should be value at say $21mil to $40mil. Apply a discount because although a license has been issued it is not a mining license yet: apply 50% discount so $11.5mil to $20mil but the deal that RRR did with Kansai to buy their 25% out would value it higher. Regardless, the market values Migori at zero. Which one is right?
Further complicated by the fact that when the Kansai deal was agreed gold was much lower and less popular. So if we do a read across from the Kansai deal and apply an uplift for the increase in gold price, what would we get? Again, a lot more than zero.
Look at the Chentun deal on Kalongwe: which price was right, the market valuation of Nzurri Copper before the deal or the price that Chengtun paid? According to you Chengtun got it wrong.
Then we have comparative analysis and what is called a read across. What does the Kalongwe deal mean for Musonoi (copper was around$4k per tonne when that deal was done and is now over $8k). What do the other deals in Victoria mean for RRAL?
The idea that the market sets the right price is a theory called Efficient Markets: https://www.investopedia.com/terms/e/efficientmarkethypothesis.asp#:~:text=The%20efficient%20market%20hypothesis%20(EMH)%20or%20theory%20states%20that%20share,low%2Dcost%2C%20passive%20portfolio.
It assumes that all knowledge is known, that all market participants have equal access to the knowledge and that all information is efficiently and immediately processed. It doesn't apply to small cap companies and in particular to small cap companies in the mining space. For it to apply, you would need to know as much as me about the Nzurri Copper deal and what it means for Musonoi. You would need to know all about the various transactions that happened in the Victoria gold space over the last 18 months or so. You would have had to have read all of the Oretek reports a few times... and so on. Efficient Market Theory simply doesn't apply.
RRR is mis-priced.
DYOR
This may surprise some but I somewhat agree with HELPFUL in that the removal of Bell wouldn't necessarily make RRR prosper.
Bear in mind he's loaded RRR up with debt. He also has assets in difficult to operate countries (like Congo and Kenya). Also the RRAL joint venture is with Power metals. Yes Paul Johnson does all the POW interviews but Bell is the unseen chairman of Power metals.
I'm convinced Bell complicates things on purpose so it makes it difficult to remove him.
The value is dictated by the market. The market isn't dictated by delusional whimsy.
Since Victoria Goldfield company LEVIATHAN GOLD listed on the TSX on 10 February its share price has been extremely erratic. It hit an high of $0.99 on its first day of trading, it hit a low of $0.53, however yesterday it ended at $0.58 after they announced a 30,000 metre drill program on its Victoria Goldfield licences. Here is yesterday's news release: https://money.tmx.com/en/quote/LVX/news/8411320097093987/Leviathan_Gold_Launches_30000_meter_Drilling_Program_at_its_newlyacquired_Avoca_and_Timor_Projects
So could be good to keep an eye on its progress to gauge the present TSX appetite for Victoria Goldfield assets.
LT read the RNSs.
We had a deal with Kansai we had to give them cash and warrants.
RRAL is not happening for free: it is a JV and RRR has to pick up 51% of the costs. Migori has been having money spent on it, as has Luanshimba and Musonoi.
I do take your point and my view is that you are wrong on this matter. Look at what happened to RGM when they tried to kick him out without any proper preparation. I know the person who tried to organise that and he is down circa £700k as a result.
RRR has a lot of pregnant value that is not recognised by the market. Getting rid of AB will not correct that: putting a strong board in place will. There are a number of things in place that need to be brought to fruition all of which would be jeopardised by AB's removal.
1. The JV negotiations in Migori need to be brought to fruition plus we need a mining license for the tailings and for the hard rock. AB is key plus the licenses will need to renewed in due course. Getting rid of AB now would probably mean that those mining licenses do not get issued and the overall licenses don't get renewed.
2. DRC is French speaking and there is no doubt it is easier to operate in DRC with AB speaking French. We have a new license about to be awarded in DRC which dwarfs the others, which given Musonoi is supposed to have 240,000 tonnes of copper in place is something. We are also at a delicate stage with Adidi Kanga. I also suspect that the local partners in the VUP partnership would find a way to get us out of it without AB.
The issue is the board, which has been just gone along with whatever AB has wanted to do without any proper oversight. That has now changed AB does not control the board any longer. He has said that new directors will be appointed, hopefully they will be acceptable to all parties.
We want someone who is strong, seen to be independent and who the market will support.
My view is that as of today, fair value is 4/5p but with a little bit of a push it would be materially higher. RRR is a sitting duck for a bid. We would support a bid at the right price, which would be higher than where it is now.
DYOR
https://twitter.com/baroninvestment/status/1362656692031418371?s=19
Rrr is un a very good uptrend, starting in the 15th december ,its looking good for 1.4 in the very near term.imo
It's very difficult for long term holders to remain positive when it appears the ceiling is and has been 1.20 -1.30. Like I said before, substance and sentiment go hand in hand on aim. Even in this market, with the assets we now have , this board will always be the tether as confidence has long gone. I still see fair value above 2p and believe we will get there.
Longterm / Helpful - Surely between you and your networks you have enough shares between you to get AB off the board? Work together and force his hand, and maybe, "stale bulls" like myself on the sidelines, watching, can jump on board again. I won't do so while AB is connected with the company. Preferably would be nice to get rid of SK as well.
Helpful - you’ve missed my point, what about the PREVIOUS £1m raised? Where did that go? Not this latest one?
And yes, the company has serious assets and a useless CEO. Hence the SP and market doesn’t move or care about headlines anymore because no one believes a word bell says. Has to be the worst CEO I’m invested in. And he will continually drag this MCAP down. As is currently.
Copper price is irrelevant despite any deal. You have done this a long time like me - if it WAS relevant the SP would be higher but, well, BELL.
More nonsense interviews? Surely this gets boring? Who cares? It’s about time something was delivered. And if you or the market had any confidence they would BUY MORE SHARES. But the SP doesn’t lie. Everything corrects eventually but this is consistent now - it is simply because of Bell. And on that note why doesn’t he or management buy shares on the open market if they have so much confidence in these continual interviews? Same again, no one believes him. It’s toxic to this company and SP.
Enough is enough. Look at POW, it’s management buy shares, and shareholders believe them (more) so they significantly re-rated.
RRR can have 3 positive headlines next week and it will be met by the flurry of sellers that don’t believe the rhetoric and from his PRIOR £1m placing - where the cash disappeared and no one knows who owns.
As to the price of copper: I think you are wrong on that point.
Check out the deal that was done between Chengtun and Nzurri re Kalongwe. The assets we have a serious value, even at this stage. The price of copper is material to that value in respect of Musonoi and Luanshimba. I expect that we will be drilling at Luanshimba in the next two months.
DYOR
It was done with ETX. I expected it but didn't know about it. It was always likely it would happen once the company knew post 1pm on the Wednesday that the 3 resolutions had been voted down.
I have been told that ETX were still ringing people at 9pm on the Thursday evening to fill the book.
They did the raise because the were worried about being prevented from doing a fund raise going forward.
Well, they have the money now and they have three active drill programmes coming up v soon. Apparently, AB has done a long interview with Tom Winnifroth: I haven't seen it.
DYOR
I keep saying the same thing. As a holder of 2% here, I only want the company to do well, but can no one see the continuing pattern of “SP both legs above 1.2 broken level” - then BANG - Bell fundraisers again.
Where did the last £1m he raised go? And WHO did it go to as no Holding announcement. So went to pikers who keep hitting the bud with a 5% rise. This has rinsed and repeated multiple times.
In capital markets I’ve never seen such a useless and incapable CEO. Why can he not bring on any II investors? Where did this money go? He promised me at the time when I held 4.5% here the company would issue a spreadsheet showing where funds would be spent - but nothing, then what about further funds and this £1m raised?
The guy hasn’t even considered reducing his salary during this.
More tweets on here and copper prices is useless with someone as a CEO which cannot control finances and has almost zero respect in the City. This company has great assets. But total Groundhog Day from a CEO That has made barely a penny of revenue in 12 years. It’s not good enough and all that will happen will any rise will be sold into due to his awful placing of shares prior. Just look at the trade list. Abysmal management
JMS DIVI was £800 k but that was when RRR had over 1% shares, now only 00.69% . AB sold the diff. last year without a RNS,
As someone pointed out on the other site, the last time Jupiter had similar profit RRR received in excess of £800k in dividend.
RRR looks a very interesting proposition right now, a good entry point.
https://twitter.com/PowerMetRes/status/1362374354571579395?s=20
25 mil shares and 20 mil warrants.
DYOR
Great news for the upcoming JMS Dividen in May .. JMS price up to $0.36 on high volume. Juno spin off near too - looks like there is more to come.
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02342782-6A1020834?access_token=83ff96335c2d45a094df02a206a39ff4