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delayed buy
delayed buy
Either way Stephen it doesn't alter the POS history and dire track record that this company and BOD have.
It's trail of SP devastation and project failures, one after the other. Countless £millions raised in cash via dilutive placings and yet where is all that money now? Company languishes with a MCAP of just £3m with Current Liabilities stated in the recent Annual Report of £2.6m and with a BOD who nevertheless have expended over £849,000 on Admin Expenses alone. It's a joke.
Maybe. The price hasn't moved and the MMs haven't moved their positions so either it is isn't someone dumping or they have demand for the shares that will show up in due course.
LMAO FitLike, well called.
One learns here NEVER to rely on the LSE trade listings as trades are frequently reported late. Equally never buy shares just because it "looks like" a lot of other people are buying, that's a sure way to lose money fast imo.
So it does look like the MMs have no stock of their own but they do have a seller willing to supply stock at 0.65p. So looks we will stay where we are for a little while.
DYOR
Over on ADVFN board serial ramper Noirua said:
"It is unfortunate what has happened at RGM. Red Rock hold 1.69 million shares in the company"
and he got this reply:
"Also unfortunate that the JMS shares have lost over £1.5m in value
Also unfortunate that Greenland, prev on sale for $10m, has now been sold for £1
Also unfortunate that Shoats Creek is being written off
Also unfortunate that Steelmin is unable to operate at a profit
Also unfortunate that El Limon royalties will take 37 years to recoup the first $2m
Also unfortunate that Kenya is stuck in legal wranglings
Also unfortunate that Jupiter's Mt Ida project has been mothballed indefinitely
Also unfortunate that Ivory Coast project went nowhere
Also unfortunate that Cloud Computing went nowhere
Also unfortunate that the company had to lower the nominal share price from 0.1p to 0.01p so they could keep doing the placings
Also unfortunate that they also had to do a 25 to 1 share consolidation
Also unfortunate that the BOD spunks away £849,000 on ADMIN EXPENSES a year"
But let's not worry because that is surely all just history and despite the fact that it's the same BOD running the show here the next great project will surely be different won't it? !! DYOR
RGM absolutely tanking. Attempts to take over the company have clearly failed and normal "service" has been resumed. The gravy train rumbles on for the BOD there and of course here too. Barge pole.
Who knows? It looks like it might move up again.
0.66p to sell 0.68p to buy. About £5,k available at 0.68p after that price moves up. The MMs have very little stock on their books.
Looking pretty good. Fingers crossed the good news continues to come in.
Will they be using the Rosa highwaller on site?
Same old pumpers shouting "jam tomorrow"
Nobody falls for it any more Helpful. Most rampsters long since left with their tails between their legs. Still most aren't sitting here having purchased CLNs that can only be converted at 0.8p like yourself so understandable the amount of effort you are putting in here to try and save your position and that of any clients you also convinced to invest in this shambles.
The track record of ventures here is there for all to see:
Greenland, previously on sale for $10m, now sold off for just £1
Shoats Creek oil, now being written off
Steelmin Bosnia, now unable to operate at a profit
El Limon royalties, so tiny it will take 37 years to recoup the first $2m !!!
Jupiter share holding here, lost over £1.5m of its value since Jupiter relisted
BOD still creaming in the salaries and managed to burn through a sickening £849,000 in ADMIN expenses alone last year plus another £306k on Other Project Costs.
All this for a failed AIM tiddler with a £3m MCAP !!
Authority now granted for this BOD to issue up to a further 400m shares this year.
It's a gravy train for the BOD, nothing more imo.
Normally it would take months to do this work and cost a small fortune. They have found a way of doing work cheaply and quickly.
read the RNS
AB and RRR know exactly what they have but they can't put their calculations in the public domain till they have the JORC report
"3-D models were then created, and the old high grade upper orebody and lower orebody modelled, mineralisation calculated, and depletion from historic mining calculated.
Models and tables for in situ mineralisation, both at the original Gécamines 2.5% copper cut-off grade and at a 1% cut-off grade, were then derived."
DYOR
Well that's salary and expenses taken care of for the next few months.
So next stage is a JORC resource and maybe some test mining in the mean time. Probably 2/3 months to get the JORC report back.
Remember what AB said was in place at Musonoi? Somewhere around 200k/300k tonnes of copper and maybe 20/30k tonnes of cobalt. He now says he couldn't be more pleased with the work done to date: what do you reckon would make him so pleased? https://twitter.com/AndrewBRRR/status/1092780355487182849
So lets suppose that the JORC report comes back and confirms that $2bn/$3bn metal in place; what level is the share price and does RRR get someone like Sandfire knocking on the door? If Sandfire thinks it is worth having a nibble at $MOD, it should cast its net a little wider and have a look at RRR/Musonoi. I hold MOD via MTR and I reckon that what is at Musonoi is much better than what MTR/MOD has.
Musonoi makes the rest its licenses in DRC rather secondary, I expect RRR to look to do deals on its other licenses and max out on Musonoi,
I hope the ex-wives club and the trolls are still hanging around in a couple of months.
DYOR
All salient points:
lol scraping the barrel there Helpful, desperation must be setting in. Given you're stuck holding CLNs here that can only be converted at 0.8p that's understandable though of course you're still getting the lucrative interest from them.
Things simply aren't great here imo.
The Greenland project which a few years ago was being sold for $10m (!!!!) has now been sold off for just £1 Go figure ! Why aren't large investors here up in arms?
Shoats Creek project which the shameless ramping community here said would see oil gushing and be a game changer, has failed abysmally and is now being written off.
Steelmin project, another one greatly hyped by the stock pumping brigade has also failed, unable to operate at a profit due to high electricity prices. That was reported way back in Sept 2018 and we are now in Feb 2019. Why haven't they managed to agree a new energy contract??? Looks worrying. Another one for AB's oubliette perhaps?
The Jupiter relisting on ASX last year also massively pumped by the usual suspects. Way over hyped. It IPO'd at a price of AUD 0.40 and has tanked ever since, sits today around AUD 0.24. That means RRR's shares have lost over £1.5m of value (MCAP here is just £3m) and they remain afaik held in an escrow agreement, unable to be sold whilst all this value slips away. Sure the shares provide a useful dividend for the RRR COFFERS but what use is that to shareholders here when this BOD expend £800,000+ on Admin expenses a year ?!
Any way you cut it this has been a disaster and has been that way for years as this BOD keep manageing to plough through £millions of shareholder money without generating shareholder value. The ever dwindling SP suggests that markets just don't fall for the spiel any more.
AB has just been moved to a NED position at RGM and with Paul Johnson is now heading off to run ABM. He has immediately used RRR funds to "invest" in ABM, perhaps much like he previously used RGM funds to buy RRR shares and used RRR funds to buy RGM shares. Very much same old.
AB also made an investment in Amulet Diamonds last July and didn't to report it to the markets via RNS, not even as common courtesy to shareholders. They found out only this Nov in the Annual Report where the details were then made available. These kind of antics do not engender trust in a BOD that already has given itself a dire reputation through years of dilutive placings, CLNs and other share issues and who have presided over utter SP devastation.
Nothing will change here imo unless this BID are removed and replaced completely.
And as if by magic up we go. The MMs still don't look like they have stock.
Fingers crossed, this is the start of the upward movement.
DYOR
Looks like Peel are playing games. Quoting 0.6p some trades been going through at 0.6p but for any quote on IG it is 0.624p.
So a few buys at 0.595p. Peel doing the selling. They were selling Friday at 0.595p/0.6p. Still 4 v 1. Question is, how many does Peel have to sell? I can't believe that they held these on their own book.
DYOR
https://twitter.com/JrMiningNews/status/1091818433233252353?s=19
AB is a friend of TW. T has been quite open about that. Maybe that explains favourable coverage on Sha re proph ets/hot ro ckets.
Typo BID = BOD