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maybe 600k man from yesterday will have a top up and get some of the £700 he's lost in a day ... steer clear here for sure you will lose
Standard stop loss action: price drops, triggers the stop loss, that moves the price down, that then triggers the next stop loss and so on.
On the way back up now.
Currently 9th on the Share Fallers list here, up from 15th 10 mins ago
I dare you.
said:
"Depends how much value AB delivers on his deals. Hypothetically lets suppose:
1. Gets the Migori licenses back on less than onerous terms. He then executes a JV with cash up front and carried on costs for a while: lets say RRR goes down to 35%, gets $5mil up front and carried for $2mil. He has to make payments to Kansai, he must know the money is coming from somewhere and he has repeatedly referred to a JV.
2.DRC goes ahead with the right to 56% of something like $6bn/$7bn metal in place and he then farms down to say 40% with cash upfront of say $2mil and carried for $2mil.
3. Steelmin confirms commercial production in June and sales contracts
4. Following his last dollar in/last dollar out philosophy as per Steelmin, he executes one or more similar deals in mining finance in Africa.
5. Steelmin was a classic finance deal that has worked out well for RRR and should by the end of June look very good. AB can get more of these types of deals.
6. AB has said he will look to distribute funds: that is down to what the figures look like for this year and what value he can write back into the books"
...............................
Wow Helpful your accuracy of predicting the future is amazing: :)))))))) :PPPPPPP
Talk of getting rid of the BoD is pointless. The only reason the company(ies) exist is as a gravy train. The shareholdings are structured to make sure they stay. Lifestyle, nothing more, nothing less. I am of the opinion that they would have a Musk style issue were they in the US.
If Bell + Kaintz had been sacked four years ago Red Rock Resources would still have got the Jupiter dividend and buyback payments; likewise if they were sacked today Red Rock Resources would still get any future Jupiter dividend payments: in other words they are both totally irrelevant and of zero importance to these Jupiter payments.
These days Bell does interviews and the price dips, even positive RNSes (like Jupiter payment) and the price dips. So i agree what is the point of keeping someone like him in charge when it's obvious he's totally ineffective and of no use to RRR shareholders? My theory is, he's been here 13 years, over the years an huge number of PIs have lost tons of money and he simply doesn't have many investors who will invest in his companies these days. So in my opinion zero point in keeping him.
Didn't a very well informed poster explain that the silence from our Chief Exec was because he was sorting out a deal in the DRC? That was never going to happen.
A very poor set of affairs imo and one has to expect the SP to drop on the bad news.
Steelmin is currently unable to operate at a profit and thus is shutdown. I feel sorry for all those mugpunters who fell for the relentless over-hyping of that project by the usual squad of rampers and company apologists. We all learn the hard way I guess.
The RNS contains an El Limon update but wholly neglects to mention the most important factor which is the royalty revenue for the past quarter ending June. I must conclude therefore that the numbers are dismal. The revenue figure for quarter ending March was previously given and showed that it would take approx. 37 years to recoup the $2m from that 3% royalty, let alone the additional $1m at 0.5%! Given the company seems reluctant to provide regular updates I personally assume that the situation must be far worse than that. How can this BOD engender shareholder trust if it won't provide basic royalty information on a regular basis?
I also note the use of the classic "3rd party speak" for which AB has become renowned. The RNS states:
"Underground mining at El Limon is stated to have recommenced with daily production at 45 tpd"
"Is stated to" . . . ?? Doesn't AB or anyone at RRR actually categorically know if mining has recommenced? These 3rd party statements are a huge red light for me personally. These statements absolve all accountability. For me they equate to "we've been told something by someone but we're not prepared to make the statement ourselves as we don't actually know"
I am mindful of the previous 3rd party statement regarding Greenland where AB said:
"the lawyers, they tell us, have been paid their completion bonuses"
We all know how that ended !
I note also that there is still no update on the Shoats Creek project. The company has remained silent since partner Mayan Energy bailed out of the field relinquishing it's 50% working interest. In their own RNS Mayan stated:
"The relinquishment will also protect Mayan from potentially significant Plug & Abandonment ('P&A') liabilities associated with abandoned well bores at Shoats Creek."
It behoves this BOD to provide an update to shareholders on that project imo. Where has RRR been left and what financial commitments now remain if any? Mayan Energy fled at the start of May, we are now virtually in October. why has there been no update?
All in all it looks very dismal. Steelmin is currently a bust, Shoats Creek appears to have been swept into the oubliette, El Limon royalties are not being reported each quarter and Kenya drags on and on. As ever Jupiter remains about the only tangible good thing here but even then where does the cash go from buy-backs and dividends? Shareholders haven't seen a penny of it. Meanwhile according to the Half Year report this BOD manages to expend over £600K per annum on Admin and other expenses !! Go figure !
they should of got rid of Bell end years ago , it really is DEAD ROCK RESOURCES .... God know what the guy that bought 600 k yesterday was thinking , a bit of research would of told you this is a dog of epic proportions
but a familiar Bell rns that i've seen over the years where he puts in a bit of latin with a lot of s*** updates surrounding it.
To me Steelmin looks hopeless. The company Steelmin took out an huge loan to repay RRR back their loan, so if Steelmin can't repay back their latest big loan (which seems likely) then those lenders will take Steelmin's Bosnian Ferrosilicon plant, which would mean Steelmin would be without assets, which would leave Red Rock owning 22% in a company without any assets.
Though if the lenders did take ownership of the ferrosilicon plant then you would think it would be near impossible for them to sell it when it seems impossible for it to be to make a profit. So you would think only an absolute incompetent mug would step in to buy it. So because of that you wouldn't rule out Bell stepping in to buy it. But why did you buy it? "because it is big". But it impossible for it to make a profit. "but it is big". Many years have now passed by and this worthless Ferrosilicon plant is gathering incredible rust. "yes but is big"
We're gonna need a bigger Oubliette
Pretty dismal on all fronts. Time for a new Chief Exec?
Nice update - not. Timber!
www.globaldashboard.org
It helps when you have a really healthy relationship with those who provide death spiral funding
not looked in here for ages seeing as need a billion bagger to break even , I see Bell end is still running dead rock , how does this guy get away with it
He has been in DRC sorting the deals there.
Releasing an RNS would require our Chairman to show up at the office and take time from his social and political dealings.
Indeed. Shoats Creek another example. Company hasn't released any update on that project even though partner Mayan Energy pulled out of the field back in May. In their own RNS Mayan said:
"Mayan has relinquished its 50% working interest in Shoats Creek. The decision follows an evaluation by Mayan based on both external and internal developments impacting Shoats Creek as well as an assessment of the potential to realize a positive outcome for shareholders through continued investment in this asset."
They went on to say:
"The relinquishment will also protect Mayan from potentially significant Plug & Abandonment ('P&A') liabilities associated with abandoned well bores at Shoats Creek."
Surely an update is warranted here?!
Where has RRR been left after this turn of events? What are those "significant Plug & Abandonment liabilities" and do they affect RRR?
Magic we all know he hides any bad news. How many projects have gone quiet or simply disappeared over the years. I honestly believe he only thinks about himself.
Why hasn't RRR released an RNS regarding the Steelmin situation (Jajce Online quoting Steelmin as saying they can not operate at a profit with current electricity prices)?
If achieving commercial production was RNSable then not being able to operate at a profit is also presumably RNSable?
lol at the 0.85p Ask price shown above with 13% spread. Wonder if they are looking for mugpunters to pay a premium in order to get the 0.84p warrants away ???
96m warrants exercisable at 0.84p are sitting in the wings. They expire 13th Nov so I personally figure there will be attempts to get mugpunters to pay that kind of price.
There is also the matter of the £1m of convertible loan notes which are convertible at 0.8p. What's the status of those?
Always same old same old from AB. He has kidded a lot of people over the years.