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Here's a thought for the day, around 10 years ago RRR held almost 30% of Jupiter mines vice the
current around 2%
How much would RRR be worth now if Andrew had sat on his hands, did zero rainbow chasing
and still held all the Jupiter shares
How many zero's would be removed from share total in issue taking into account not just the
dilution but the share consolidations on the way
back then we and sister company RGM roared to 14p and 12p factor in the dilutions and the
consolidations that would now be several quid a share
The only man who has been able to keep up with this quality of performance on the AIM
market is George Roach at Prem many more assets and an sp 0.08
Not in interested in Ancient History: I am interested in the assets as they are now, what they worth and what income they are producing.
And Dukey, how come you don't want to discuss how much this is worth to Red Rock Resources?
As I said a few weeks back: things are going in Red Rock's favour: it may or may not continue but at the moment things are looking very good.
DYOR
Shame the Russian millions for the Greenland asset also vanished into the ether after the
Cyprus banking crisis never to be heard of again shocking us all once more with another
prudent death spiral placing
what where we then was it 1.2p or 1.3p lol
King of the convenient dog ate my homework excuses is Andrew
The buyers funds are unfortunately locked in a Cyprus bank at this time
what a classic
I meant Christmas 2014.
Pity no edit function on lse.
And Dukey, I know you don't read but...
https://www.rrrplc.com/wp-content/uploads/2020/07/2020.07_RRR_Investor_Presentation.pdf
Page 5 of the presentation that came out this week....
And from Soma Gold (formerly Para Resources) this is their update
https://www.somagoldcorp.com/projects
In the first quarter of 2019 plant through-put averaged 43 tpd, averaging 3.6 g/t. In 3Q19 plant through-put averaged 36.82 tpd and the gold grade was averaging 3.6 grams per ton.
"The company’s expectation is to increase both feed quantity and grade through development at the El Limon Mine and 3rd party miners reaching 112 tpd average of 6 g/t by the first semester of 2021."
Note that RRR is not on a profit share: it is on a royalty. All that matters to RRR is production and the gold price. But you are so right, this reading up on stuff before shouting one's mouth off is over-rated.
PS in case you are not inclined to do calculations at current prices that translates into about $40k pm.
DYOR
Hey Dukey,
again do some reading.
RRR didn't have Migori for years before doing anything. RRR farmed into Mid Migori Mining Ltd from Kansai. RRR improved its percentage by doing work quickly. Kansai had it for years and did nothing but the price of gold was much lower.
https://www.investegate.co.uk/red-rock-resources--rrr-/rns/acquisition-of-further-migori/200912030700065065D/
RRR very quickly proved up the JORC on the tailings, 60k ounces, and then the 1.2mil ounces in the hard rock. Migori was in the books at £5mil + when RRR had only 75%: it now has 100%.
At the time that RRR rang into legals it was starting work intended to bring the JORC up to 2mil ounces. So when you say, "did nothing" you might want to revise it.
Anyway, we will see in due course, won't we? If you care to look at the three month chart you will see that RRR has moved up a fair bit: in my view, well below fair value but going in the right direction.
DYOR
When the El Limon sale dates were continually missed I can remember former thread regular rrrRRRrrr losing patience with Andrew Bell on twitter. rrrRRRrrr then offered Bell a £1000 bet that the El Limon sale wouldn't be completed by Christmas 2015. Bell accepted the bet.
Bell lost the bet. rrrRRRrrr said that Bell did quickly send him the £1000.
From part of the payment from the promissory note RRR invested $500,000 (Canadian dollars) in PARA and received 2,5 million PARA shares:
https://www.investegate.co.uk/red-rock-resources--rrr-/rns/colombia-update/201806071422436885Q/
Did RRR sell those shares? If so how much money did they get when selling?
I will guess they were sold on the quiet but no RNS?
The sale to these particular buyers was announced in May 2014:. https://www.investegate.co.uk/red-rock-resources--rrr-/rns/proposed-sale-of-colombian-interests/201405130700239099G/
On the surface it initially didn't look too bad: (1) $2.5 million on completion of sale. (2). Year later $1.5 million prom note. (3) Then $1 million through royalties.
I recall the RRR price being around 0.27p when first announced.
Then throughout the next year the sale completion dates were missed..the deal got weaker and weaker until Bell agreed to receiving $3 million through royalties..there was also no longer any big first payment on completion of sale. Bell had agreed an utterly rubbish sale. In fact so rubbish that when the sale transaction was completed (I believe in May 2015) the RRR share price was down to 0.07p. So around 0.27p when sale first announced and 0.07p when sale completed. Pathetic!
Then quickly afterwards the incompetent Bell invested in Elephant oil and before you knew it the RRR price was down to 0.02p.
I always laugh when people call Bell a dealmaker. Yes a s*** dealmaker.
Morning Trolls,
I won't mention the gold price..
https://seekingalpha.com/article/4359392-jupiter-mines-realize-significant-value-from-iron-ore-assets
https://www.mining.com/copper-price-surges-to-two-year-high/
https://twitter.com/andrew_neal7/status/1285585493455970304?s=19
Helpful - "We are owed the best part of the $3mil as a royalty on El Limon. If you check out the latest corporate presentation it tells you what the current position."
Still trying to flog this dead horse Stephen? It really is getting embarrassing TBH.
A quick look at the July presentation you mentioned gave me the usual chuckle. Firstly I see that they STILL can not get the terms of that royalty correct in the presentation. It was incorrect in previous presentations too imo.
The presentations say :
3% net smelter royalty over $1m
0.5% net smelter royalty over $2m
I believe this to be the wrong way around as I have pointed out before but perhaps it's a wording style I don't understand.
The official RNS that was published in Apr 2015 stated:
"Additional payments of up to USD2,000,000 will be paid in the form of a 3% net smelter return royalty"
"A final royalty stream of up to USD1,000,000 will be paid following the payment in full of the First NSR in the form of a 0.5% net smelter return royalty"
(https://www.lse.co.uk/rns/RRR/columbian-gold-assets-sale-agreement-83uakhyjv8go7nu.html)
Seems clear to me. The 3% NSR is for the first $2m and the 0.5% royalty is for the final $1m.
I suggest you go have a word with the clowns back at the office and get them to correct the presentations.
I also could not help but chuckle at the fact the presentation gives ESTIMATES of the royalty. Why? Have Para not actually been paying those royalties ? Why is the royalty revenue for 2018 estimated at $45,000? Surely they should know EXACTLY what the payments were. Same for 2019. Why is it they are so reluctant to give ACTUAL figures and are instead only giving out estimates. It's ridiculous.
As always the I find the "expected", "anticipated", "could be", "may be" would love it to be" estimates for the future a pile of fantasy nonsense. They've been making similar claims for hopes and dreams every year since the mine was sold.
The presentation says the estimated quarterly royalty amount is circa $10,000 which is pitiful and that's an ESTIMATE!!
The royalty estimate for 2018 was $45,000 for the year, the estimate for 2019 was $40,000 for the year.
Let's take the 2018 number. $45,000
The company has to recoup $2m from the first 3% NSR. At $45,000 a year that is going to take 44 YEARS !!!!!!
If that $45,000 represents the 3% royalty then the equivalent per year for a 0.5% royalty would be $7,500
At $7,500 a year to recoup that final $1m would take 133 years !!
So that's 177 years to recoup the full $3m using RRR's estimate for 2018.
Even if you take the (imo) fantasy estimate of $200,000 a year it will take 10 years to recoup that first $2m of the royalty and then a further 30 years to recoup the final $1m. So 40 years to recoup the full $3m royalty.
Any way you slice and dice this it's a total red herring pile of nonsense.
DYOR
Hey Dukey,
stop embarrassing yourself and do some reading.
We are owed the best part of the $3mil as a royalty on El Limon. If you check out the latest corporate presentation it tells you what the current position.
Migori: we have done everything required to have the licenses reissued. See the various RNSs and interviews. 1.2mil ounces hard rock and 60k ounces in tailings both JORC standard. The MRB has recommended that the licences are reissued to RRR: don't believe me, check out the Kenyan mining cadastre.
Victoria: 11 license applications with Blue Ribbon the priority.
Victoria is very hot and Paul Johnson has already said that RRAL has been approached about deals on the licenses.
I posted on here an interview with Eric Sprott a week ago that said CAD$70 per ounce in the ground was too low a valuation in the current price environment. What does that make Migori worth?
DYOR
https://twitter.com/business/status/1285388799120420870?s=19
Indeed, Migori has been "on-going" for over 26 years I believe !!!
Laughable stuff. Still no license either. That's been "imminent" for how many years now?
Nothing will ever change here. Not until the BOD are removed and replaced.
DYOR
https://twitter.com/RRR_RedRock/status/1285114778302783488?s=20
Worth a read. Confirms the Migori JV, that DRC is ongoing etc.
And what might the terms of a Migori JV be?
DYOR
https://twitter.com/SpotlightMining/status/1283401432788541443?s=19
Pity some of the POW and Paul Johnson magic stardust hadn't fallen on us especially as we have a majority holding in RRR(australasia) but there you are maybe not such a big deal for us.
No RGM, but still RRR. And yes , although not sold since 2010, massive paper £ losses. I have been close to 3% during Greenland's exploration. And remember when RRR had 4% Jupiter , which was valued on the ASX at over A$ 40m and RRR 's market value was itself > £50m in 2010,
Wow Briarbank. You are persistent.
Don't tell me you still hold RGM shares?