George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
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Richy - Stephen Paul Lundy fits that bill.
Can't beleive he's still here. RRR is in a good place. One for his headstone :)
JFK he has me on filter.
Would you or somone copy my resume of the half year accounts and ask Helpful for comments. He really should be aware of this before providing advice. Love to here the case for the defense !!
Insider definition - a person within a group or organization, especially someone privy to information unavailable to others.
Same
Change the record
Limited information as unaudited but things to note.
- Only 82k cash on 31st December 23 despite raising 500k on 14th December 23
- Of the 500k share issue only 472k received (cash flow statement ) Over 5% in charges / commission !
- Cash outflow from Operations 1.273m (previous six month period 863k).
- Huge hike in finance charges this six months 293k compared to 173k in comparative six months.
- 268k spend in 12-month period on ALR. Hold that thought - enough to buy 200 tonnes from a third party Lithium 😊 I’m not convinced by this. ALR accounts due mid April.
- Unbelievably still spending 84 k in the six months to 31st Dec on Greenland. There is a story there.
- Payables up from 513k to 884k as things get desperate.
- 65k exchange loss as too small too hedge. But un helpful (excuse the pun) to a business whose main activity is abroad
- No revenue in period
- Total debt (including CLN’s) increased from £3.088m at published accounts 30th June to £3.440m on 31st Dec 23. Despite share issue they are racking up debt and not paying payables.
- No shares issue in Q1 2024 so likely given cash outflow of 200k a month (conservative ) debt now £4m +
- Any charge on debt puts Shareholders at severe risk. No charges declared but history says they are less than forthcoming in this respect.
You don’t need to be an accountant to see numerous red flags.
All the best with your investment
Banbury
Has been fool hardy and reckless in all his statements re the timing and probability of DRC receipts for the last two year.
In my view this clearly fails any fitness for office test and other Board members and major PIs should remove him.
Let someone else have a go.
Looks like AB is back in the UK but no RNS on DRC cash so perhaps it is being held up by the NOMAD
Helpful,
Thank you so very much. I tend not to infer from earlier interview/s. So, insightful. THE GREATEST CRITIC which Zumore once quoted is today [post all the questions from shareholders etc on Twitter under Bell's thread], oh, surprisingly, NOT ONE BAD WORD TO SAY from the "Bear" and in fact good wishes. Well, wonders will never cease. Checked the blog as well: NOTHING ON RRR -critique etc [British under-statement.] Wishing you , Helpful and shareholders a Blessed Fri and Mon , 29 & 1 Apr 2024.
News, the advice from the UK Counsel was as to, did we have a claim for tortious interference and, if so, in which jurisdiction?
Hence, Article 4 Treaty of Rome in either Switzerland or London.
I expect we will be on with it in pretty short order.
DYOR
Sorry , pressed post by mistake:
"out 50.1% JV assets in the DRC were SIGNED AWAY behind our backs for $20m to an initial buyer =======AND THEN IMMEDIATELY S O L D ON =======FOR SEVERAL H U N D R E D M I L L I O N S to a further party, altho these transactions were carefully hidden from us at the time. "
".....WE F I R S T TOOK ADVICE FROM UK COUNSEL ---as to COURSE OF ACTION...litigated for $20m. We obtained a final & executory judgment..." [1st para under the header: DRC LEGAL ACTION, RRR RNS , 28.3.24 , 1/2 yr report].
"GIVEN WE HAVE ESTABLISHED OUR RIGHTS OF 50.1% of the JV PROPERTY ==UNDER CONGOLESE L A W , we ====ARE==TURNING OUR ATTENTION to those REMEDIES available to us in OTHER JURISDICTIONS ===OR FROM O T H E R PARTIES,**********AND IN CONNECTION WITH THIS , ====WILL==BE SEEKING FURTHER A D V I C E FROM COUNSEL." [[LAST PARA OF DRC LEGAL ACTION].
Comment: So, 1st bit of advice from UK counsel was good as judgment obtained in DRC. Last para, ONE AWAITS FURTHER RNS AS TO WHAT COUNSEL HAS STATED UPON CONSULTATION. NOTE: Imperative word: "FURTHER" advice.
DYOR. NIA. Wed, 28.3.24.
RRR 1/2 yr report RNS, 28.3.24 [Thur]:
"Chairman's Statement: The co has CONTINUED to await POSITIVE developments in the DRC" [Opening 1st para inc Elephant Oil IPO.]
"To repeat what we wrote last year, in Dec 2019 our 50.1%
Helpful says its all about FASO now.
Never mind the sreaming red balance sheet and cash position.
We had shed loads of illegal minors at Tin Hill.- RRR never got out the ground what they did.
Bluey,
"by the time we are in any sort of position to produce i can pretty much guarantee gold price will be sub $2000." Drivel, drivel...
We should be producing in Burkina Faso in a few weeks. It is a good sign that we had artisanal miners digging on our acreage; they are not known for wasting their time.
It doesn't matter if the gold price is below $2,000; all that is affected is the profitability. Initially, our production costs will likely be higher, in the region of $800/$900 an ounce. Once we are at volume and fully mechanised, it is likely to be $300/$500 an ounce (grade being the variable).
"In Burkina Faso, we are starting to implement a policy for alluvial gold production initially. Some illegal operators had come onto the site and started to excavate pits, and we have had them removed, but we should not lose time in establishing our own, legal, operations. Hard rock potential also exists: our drilling in Burkina Faso had strong intercepts including 20m at 3.19 g/t gold from 22m depth."
What the higher gold does do is create more demand for gold assets, JVs and M&A. As RRR has indicated it has had multiple approaches for its assets.
If you followed your own logic then you would appreciate that RRR has lots of gold assets and the higher gold price puts in a good place. We have alluvial at Bilbale and in CDI.
Current gold price is $2,211.50 having touched $2,213.
DYOR
Looking at "news" 11.19 post and his reposting of Bell tweets. Bell also tweeted: "I did not spend a week there for nothing"
So definately from that reponse you can see he's back home.
At least he's consistent: failure yet again.
And Lundy has you on ignore!
TDT
go-lie, we are not producing lithium at all. someone far more astute than bell realised the price of lithium was going tondrop and needed **** of 200t pdq. step forward our man in africa, no doubt thinking he'd done a great deal, reality is we are left holding the baby.
now i see hapless is still posting gold prices, that's great, but every junior miner will now be doing their damndest to get gold out of the ground. by the time we are in any sort of position to produce i can pretty much guarantee gold price will be sub $2000. no prizes for guessing where that will leave us.
this is what happens when you have a ceo who is permanently behind the curve.
Hawaii, from that tweet he looks like he's back in the UK.
"In DRC and Burkina my colleagues continue working"
Notice he said colleagues and not himself.
More tweets coming in from Andrew Bell, Chairman, RRR on above topic:
"A.Bell: DRC update is indeed due and has been promised. Obviously, I did not spend a week there for nothing. Did any other party get paid out? No. So given that they want money too you should suspend judgment and assume that a solution is coming as we said."
"A.Bell to another shareholder: "The issue is that one cannot make public statements about each meeting. There is no change in our guidance."
"A.Bell to shareholder: NBGC is about packaging the project to advance it."
"A.Bell to shareholder: There are always as many good people as corrupt. so quiet persistence can win out."
Please check. Link given earlier. Thur, 28.3.24.
Andrew Bell, Chairman of RRR: "Understand but in fact we see there is NOW A CONSENSUS on our rights and we are just ensuring we separate our issue from THOSE of other people, so MODALITIES." -11:01am, Thur, 28.3.24
[Post RRR RNS 1/2 yr a/cs out today at 7am]. Link: https://twitter.com/ABell2019/status/1773304287294067069
Latest from Bell on X, oh it's Easter.
https://x.com/ABell2019/status/1773303621335069034?s=20
Good grief, AB is full of it... so he bleats on about getting judgements and getting 2 mill in clsts ete, but not a penny recieved.. he really is a fantasist. he will never get a penny out of drc, they will just not pay no matter how many judgements he wins. thet 15 million wont be recieved this side of 2050.. and a fund raise is coming, he has signalled that. the idea that some sale of assets will occur before a fund raise is a fantasy. this guy has delivered zero in the last 20 years other than stories of riches to come. carpetbagger extraorindaire
H5O our leader did mention creating shareholder value about two years ago from memory. He said something like this is the year of the shareholder. You cannot believe a word he says.
Still got the lithium offtake up its sleeve for big funding alongside DRC bucks