Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Next door neighbours
https://twitter.com/theminingmaven/status/1279657524497649674?s=19
As I said...
https://twitter.com/TereaAfrica007/status/1279701717232300034?s=19
Things going well for RRR at the moment. Lots of news on the way.
DYOR
Looking pretty good to me.....
What do you reckon Tragic? News on Migori, news on DRC, news on Victoria or news on JMS?
I reckon I will be taking you off filter pretty soon.
DYOR
Still nibbling.....
What do you reckon Tragic? News incoming?
How're those El Limon royalty figures coming Stephen? You seem to be struggling to post them up.
Will you be participating in the inevitable confetti issue?
Still nibbling.
Looks like our buyer is still nibbling.
https://www.bbc.com/news/amp/uk-england-cornwall-47041314?__twitter_impression=true
Good grief, Helpful now trying the old El Limon royalty angle again!!! Desperate stuff indeed.
There's a reason RRR stopped providing quarterly updates on the El Limon royalties. They were so pitifully tiny. The figures back then showed it would take over 100yrs for RRR to recoup the $3m owed. Even with modest increases in gold price since then that situation will still be laughable. I invite Helpful to post up the latest quarterly revenue figures for that royalty. Won't hold my breath of course !
Then as always Helpful tries again and again and again to present a case for the value of assets here. Lost count of how many times he's been trying to pull this sleight of hand chestnut. He knows full well that the FACE value of any asset or holding here is nothing like the ACTUAL value which is far less. The difference between face value and actual value is caused by the BODs preposterous expenditures on Admin and other expenses which suck away all value here.
This is not therefore a share that one can simply do a "sum of the parts" valuation with imo because the vital part that is missed in all such valuations is the extraordinarily shocking wastage on Admin and Expenses.
Here are the figures from Annual Reports. The facts:
2012 - Loss of £1,962,882 --- Cash raised £4,441,844 - Admin £2,275,786
2013 - Loss of £22,105,562 -- Cash raised £4,103,795 - Admin £4,751,948
2014 - Loss of £4,113,460 --- Cash raised £2,723,861 - Admin £1,563,808
2015 - Loss of £8,411,541 --- Cash raised £2,327,377 - Admin £1,334,404
2016 - Loss of £283,280 ----- Cash raised £1,155,323 - Admin £758,351
2017 - Loss of £1,114,213 --- Cash raised £300,000 --- Admin £644,688
2018 - Profit £78,120 ------- Cash raised £421,668 --- Admin £849,518
2019 - Loss of £1,723,881 --- Cash raised £853,089 --- Admin £591,777
Total Losses above - £39,792,939
Total Cash Raised - £16,326,957
Total Admin - £12,770,280
Over £16m cash raised through brutal dilution of shareholders year on year and over £12m of that (some 75%) just went to Admin and other expenses. Just unbelievable.
That's why the value of say the Jupiter holding here is not its value on the TSX imo. I personally factor in the fact that if those shares were liquidised/sold today, Bell & Co would imo spend most of the proceeds on Admin. It's a business model of constant dilutive confetti issues and/or CLNs and utterly preposterous expenditures on director salaries and Admin which negate any and all value in any project or holding.
Your increased fervour in pumping this POS convinces me that another placing is on its way and that you are likely participating. Just my opinion. Others can believe what they will.
Either way I won't be touching this with a barge pole.
DYOR
Yawn...
As with all these things, the question is what are the assets valued at now? I think it is quite obvious that Migori and Victoria are valued at nil or near nil in the share price). Any uplift in share price can be deconstructed into its various elements. So there are some other gold companies out there that have decent assets, decent management and are fairly valued: any uplift in value there is relates solely to the change in the gold price. That is not the case here.
Not that you would know this because you already know everything and therefore have no need to check anything but AB has said publicly multiple times over the last year that he has a JV agreed for Migori.
POW and RRR have also said publicly that they intend to seek a separate listing for the RRAL assets: what? So they intend to seek a listing for a bunch of assets that will have no value? To list on the TSX, they need to procure a NC 43-101 (the TSX version of a JORC report). If the NC 43-101 is going to show that the assets are worth nothing, how can they possibly list?
I have plenty of oilers, including oilfields in the US that I hold directly. This is not about which companies one should invest in or which one is better, this is solely about what RRR's assets are and are they valued correctly?
DYOR
Think you need gold circa $25,000/ounce to balance the enormous lead weight of owning an Andrew Bell related company.
He must have raised $40,000,000 so far to build RRR,possibly more.
Talk about barge pole.
Plenty of gold stocks out there,, but for the short term investor you should be riding the oilers up to $60/$65 barrel over the next few weeks.
Very much going in RRR's direction at the moment....
https://www.forbes.com/sites/naeemaslam/2020/06/25/gold-prices-trump-and-covid-19/
If nothing else, the royalties from El Limon will be going up.
The value on Migori has been steadily rising: a geologist contact reckons that the value of Migori should be circa $25 per oz in the ground. What does that make the licenses in Victoria worth once they have produced a JORC or NC 43 101?https://en.wikipedia.org/wiki/National_Instrument_43-101
Blue Ribbon looks very, very good I am told.
DYOR
https://www.zerohedge.com/commodities/why-gold-will-hit-record-high-second-half-2020
Very good Mr.M. "Just one more wafer thin placing".
Helpful - "If they can't pay us back then we take the company."
lol comedy hour again
Weren't you going to take this private? Your cash is locked in here, you can't get it out. The CLNs have been rolled over for a third consecutive year which is laughable.
Total Current Liabilities of £2.36m as at 31st Dec.
Cash in the bank was just £139k
Burning through £69k a month (£828k a year) just in Admin. What a total joke
Why didn't you "take the company" after the first year?
Why didn't you "take the company" after the second year?
Same reason you won't take the company at the end of this 3rd year when undoubtedly they will just be rolled over for a 4th year.
You remind me of Michael Palin in the Life Of Brian when they are listening to the sermon on the mount and Eric Idle keeps calling him "Big Nose" and Palin just repeatedly says "one more time and I'll have you" . . . but never actually does.
https://www.youtube.com/watch?v=JAVvEQvnDm0
All your lame posturing here has become embarrassing in all honesty. It's all just hot empty air.
DYOR
Dukey, I don't need to get the CLNs away. The company owes us the money: we either covert, rollover or they pay us back. If they can't pay us back then we take the company.
DYOR
Little Dukey, do you not read anything?
There has been a Covid Pandemic; most countries in Africa have shut down just like the UK, Europe and the US. https://www.gov.uk/foreign-travel-advice/democratic-republic-of-the-congo/entry-requirements
And you shouldn't do yourself down, there is nothing merely cynical about you.
DRC will be fine but not much can be done until the country is fully open. As I have said in the past, in order of priority it was Migori and DRC. It is now Migori with Victoria and DRC level pegging. If Victoria gets spun out then RRR will concentrate on Migori and DRC. If you read today's RNSs and the comments made on Twitter you would know this.
https://twitter.com/RRR_RedRock/status/1275735433519955968?s=20
https://twitter.com/ABell2019/status/1275729147617259523?s=20
"And if you were a rational being with Australian assets of merit in a JV you would be considering merits of a separate listing with specialist management and the kind of capital access that could accelerate growth. You'd have to. To minimise new capital issuance at RRR."
So RRR is looking to spin out RRAL with a separate listing and its own specialist management and its own capital raising based on Fosterville South. If you can connect the dots: its own (ie not RRR) specialist (people experienced in developing Australian gold assets) With its own capital raising (ie., not RRR).
So if it is being spun out of RRR what will RRR be spending its time on? Finishing off the license issuance at Migori, finishing off the JV at Migori and the DRC. Suddenly, RRR has the Migori JV on its balance sheet with a capital value of maybe $20mil, the diluted 50% in RRAL/Fosterville South III at maybe $15mil, the DRC assets, the JMS holding, the El Limon position, the POW holding, the outstanding royalty payments re Mt Ida and the Mt Ida royalty payments worth about $9mil pa based on current prices and the previous business plan. There is a lot happening in the Yilgarn.
This changes the game plan. RRR has a transformed balance sheet, it has cash from the Migori JV, the RRAL spin out, the JMS dividends, the El Limon Royalties and the Mt Ida royalties. RRR would be in a position to go hell for leather in DRC.
RRAL I suggest that the deal looks something like this: RRR/POW keep a royalty, they get some cash on the spin out and they keep their diluted equity position.
If you ever did any research or reading then you would already know this. The JV is going to update progress on RRAL as it goes along. I suspect that advisers for the separate listing will be appointed over the Summer to go for the listing in October. Well before then we should access to information that will give a valuation read across on RRAL.
We are very close and the timing could not be better: the prices for gold, manganese, copper and cobalt are all looking good.
DYOR
Oh Duke, the Congo is so "yesterday" don't you know?! The history isn't relevant here surely you know that !!!
All that matters is the last 5 mins and the next batch of confetti and lots of great Twitter links !
Doesn't matter that the company has lost approx. £40m since 2012
Doesn't matter that the company has raised over £16m via dilution since 2012
Doesn't matter that the company has frittered away over £12m just on Admin and other expenses since 2012
Doesn't matter that Greenland went nowhere and was sold off for just £1
Doesn't matter that El Limon was practically given away and the royalty will take countless years to recoup
Doesn't matter that Shoats Creek oil was a total laughable disaster
Doesn't matter that Steelmin was a laughable disaster ending in Administration leaving RRR £1.1m out of pocket
Doesn't matter that Ivory Coast project went nowhere
Doesn't matter that Kenya license was revoked and they're still waiting for another
Doesn't matter that the company didn't RNS loans and transactions with Amulet Diamonds
Doesn't matter that the company didn't RNS a £1.1m loan to the failing Steelmin venture
Doesn't matter that the company didn't RNS Steelmin going into Administration
Doesn't matter that the company didn't directly RNS the selling of 1.5m "crown jewels" Jupiter shares
Doesn't matter that old Bell & Co have continued pulling lucrative salaries throughout that catalogue of failure and dilution
No it's all ancient history. Not relevant. This time it will be different
There will be lots of jam and really wild things
Surely . . . maybe . . . . . possibly . . . . .
or perhaps just more dilution?
DYOR
Duke - "Another absolutely pointless RNS !!!!!!!!!!!"
Yup. 2 x update RNS's . . . . .
Plus large round trades appearing plus Helpful shifting up a gear in posting silly Twitter links
What does that usually precede?!! I think we all know.
Barge pole for me
DYOR
https://twitter.com/PowerMetRes/status/1275715319697457155?s=19
Doesn't an entity applying for an exploration licence have to show it has the necessary resources to carry out the exploration?
https://twitter.com/Fosterville_FSX/status/1275469076052103168?s=19
You mean this sort of pointless? https://www.juniorminingnetwork.com/market-data/stock-quote/fosterville-south-exploration.html
The RNS was needed because of the interview given by Andrew Bell just over a week ago in which he stated that RRR would seek to list it's subsidiary. POW has taken a publicly different position: the only way to resolve the difference is a proper review.
https://uk.mobile.reuters.com/article/amp/idUKL4N2E03AZ?__twitter_impression=true