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Nike, worth checking the announced figures to what was in the end of year accounts! I think you will find that some of/most of the gold was pinched !
So Blue was right and Helpful whose head can't get through a kitchen door was wrong.
Unfortunately Nike none of thos matters we are 0.045p for a reason.
Lack of trust in anything the company does, a desperate balance sheet, years of over promising and under delivering and FASO being a desperately difficult place to do business and an unclear and murky relationship with our partner Riverstone.
Onwards to June when Helpful will be wrong again.
Oops!
https://somagoldcorp.com/investors/#:~:text=(%E2%80%9CSoma%E2%80%9D)%2C%20listed,operations%20in%20Q3%20of%202024.
Cover page now saying Q3 start.
"Soma”), listed on the TSXV and OTCQB, owns 100% of the El Bagre mine located on a 41,000 Ha property in Antioquia, Colombia. Soma owns two Merrill Crowe mills on the property, a 450 TPD operating mill and a 275 TPD mill set to restart operations in Q3 of 2024. The two mills can be expanded to 1,400 TPD with all permits currently in place."
DYOR
Nike,
https://www.proactiveinvestors.co.uk/companies/news/67999/red-rock-resources-finalises-sales-terms-for-el-limn-79245.html
Soma Gold published it's latest AR a few days ago; in it, Soma acknowledged the outstanding royalty and that it was finalising steps to bring the El Limon mill back into production in Q2 2024.
The royalty is on production from the mill or the mine. The amount outstanding is just under $3m. The published targets are: 2024 8,000 Oz 2025 12,000 Oz 2026 16,000 Oz. Before the bedwetters get all excited, not my figures. See Soma's latest presentation.
DYOR
12.2g/t was Silver grade out of 396 ounce product for September's production in 2011.
16.4g/t was out of 527 ounces of GOLD produced for September 2011.
As reported in RRR's RNS 11th October 2011 on page 38 of the RNS records on company website, don't press ALL as that might change page number, go to 53 if interested and arrow left.
To be fair, it might have been an explorer producer who bought RRR's Columbia gold interests but probably more experienced in production compared to RRR.
Does show RRR have had some good days.
On 11th October 2011 Red Rock Resource put out a fairly decent RNS regarding gold production from its interests in Columbia.
I should have taken notes before typing but it's late so will be quick, it was a fair bit over 500 ounces for the month and it was at about 12.2g/t gold - pretty good, probably not huge production but it was quite high grade and would have been some cash flow. I regard that as reasonably successful and hopefully there will be an active royalty in future from what I assume is a specialist producer who bought the asset.
Crucially, the company has produced gold before so that shows where there is a will, there is sometimes a way.
A repost of my 17 April post.
Before that. You must be insane. You are always wrong! I can certainly see why a few years back some thought you might be Bell.
..........
17 April post:
"In the Red Rock 2022 Final results RNS covering the year 1st July 2021 - 30 June 2022.
From RNS:
"During the year, the Group disposed of its entire holding in Jupiter Mines Ltd, raising proceeds of £1.9m after transaction fees. Proceeds from these disposals were used in full settlement of loans payable to Riverfort/YA drawn down in the prior year, totalling £962,758 as at 30 June 2021."
Well done Bluey. The reason I am mostly right, is that I check stuff before prattling on. Memory fails us at times.
Blue he started with 83m shares and started blowing them in 2012. Not that it really matters.
Helpful would be well advised to act with the humility you have.
He is almost allways wrong yet has not one element of contrition or self reflection.
To be fair, I’ll quite happily hold my hands up if I’m wrong. I’m not infallible and I’ve been here that long that I will make mistakes over the time frames (that’s not a retraction of the balls ups that have happened by Bell). So yes Hapless, I got it wrong on where Bell blew the Jupiter money, I’ll take that on the chin.
As usual Blueboy is 100% wrong.
RRR was still a Jupiter investor in 2021. https://www.proactiveinvestors.co.uk/companies/news/948103/red-rock-resources-updates-on-jupiter-mines-spin-off-plans-australian-joint-venture-with-power-metal-resources-948103.html
Steelmin was 2018 https://www.share-talk.com/red-rock-resources-aimrrr-commercial-ferrosilicon-production-at-steelmin/
It would appear that time travel is a RRR skill set.
Well Bluey, were you wrong or were you right? What do you think boys and girls?
DYOR
And there you have it, a vintage Hapless spin on how this company got rid of (and at a pittance I may add) the only source of income it has ever managed to attain in 20 years. Just for Bell to blow it like a drunk in the casino on Steelmin. And if that wasn’t a suspect way of money “disappearing” cough cough, I don’t know what is.
But DYOR....
Thanks Helpful, I'm glad RRR protected its' Juno royalty and I think Bell's perspective was valid. I have always liked this company for its' gold projects and the potential for royalties - all else aside, that will always have some of my attention, hopefully the summer will be more obviously positive. Battery out...
Was reading the Juno spin from Helpful and half way through I was thinking maybe our royalty may be worth money soon. But oh no always delays with everything AB gets involved in. Never money in the bank today and with gold prices high you would think even AB would be able to sell some gold assets at this point in time.
The intellectual collusas that is Stephen Paul Lundy speaks with authority on other posters.
Hes been wrong on RRR for five solid years.
He lives in a fantasy world of commodity prices and scouring the net for neighbouring tenements.
He's got a ridiculously self inflated opinion of his own knowledge and abilities, is seldom right and does both holders of this share and the company no favours by posting.
We await his gold projections 1,100 tonnes throughput, $350 -500 per ounce costs. 5,000 ounces soon, $3.5m per month to RRR from June. The man is a fool.
Gold picking up steam again after a lacklustre start and now trading in the blue, hopefully it will soon rub off on us..
See page 6 of this presentation
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02800735-6A1205015
The price has picked up in recent weeks because of the outage elsewhere caused by storm damage.
DYOR
Nike,
unfortunately, these trolls live in a fantasy world and never check anything.
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02800735-6A1205015
Six year cyclical lows in the quarter ending December 2023. Manganese prices have risen since end of Q1 2024 because of storm damage elsewhere. March 2024 prices are low compared to historical averages.
The thing that AB did wrong was not sell a year earlier than he did, when I was urging him to sell. He stayed on the board and didn't sell out because he wanted the Juno spin out over the line. It took longer to spin Juno out because someone overlooked something in the original IPO documentation and it had to be redone.
The declared position from Jupiter was that it would not spend money on the Juno iron ore assets and that didn't suit RRR with its royalty. Jupiter just wanted to concentrate on maximising revenue/distributions and minimising costs. Some of the shareholders wanted to "grow" Jupiter; ie., acquire lower quality manganese assets. Gilbertson, AB and Priyank fell out with the others because they backed Priyank who wanted noting to do with acquiring lower quality assets.
Priyank got the push from Juno, where the shareholders were largely the same, as fall out and carry over from Jupiter. Some of the shareholders wanted the Juno assets to go to "friendly" owners.....
If Priyank had stayed on at Juno, IMHO, it would be a lot closer to bringing Mt Mason and Mt Ida into production. It had a window but has spent a lot of time and money prevaricating and changing its collective mind about the way forward. Each quarterly update brings another change.
My view is that it will get bought: the Australian FID rules present a problem but a deal will be done at some point. Regardless of who owns it, RRR's royalty remains in place.
DYOR
Nike are you old enough to remember Viv Nicholson who won the pools and had a book spend spend spend. I'm not but my Dad quoted it a lot.
At best Jupiter was a lucky windfall but Bell blew the lot on outfits like Candy Crush and Steelmin. There was nothing tangable to show.
Not sure a gain is a gain unless you have something to show for it not in my eyes anyway.
RRR at .05 and little cash is in a "good place'
I'm aware of Greenland. Regarding Jupiter, always nice to be wise after the event and yes it would be nice to still have it via exposure but each time in whatever way it was sold, it was a gain. Strategy and tactics can be debated but gains at time of sale are still gains. I think Juno Minerals came out of all that - I'm not being specifically precise but it was a legacy and could be intersting.
In any walk of life cashflow will always help with debt so I hope for more of the former and less of the latter -in terms of overall balance, moving forward.
Nike I go back to 2010 and Greenland.
Jupiter was a disaster. RRR had 83.7m shares in 2010 by virtue of a holding in Australia.
Bell frittered the lot between 2010 -2019. Despite the dividends being excellent and saying he would not.
The price on the ASX for a share last night is slightly over 30 Australia cents so 15p. Shares today would have a value of £8m plus.
Current market value of RRR is £2m probably £4-5m of debt so the market is placing a valuation of £7m on the assets.
A year ago those figures were £5m and £2m.
So Bell is destroying value by replacing equity in the EV with debt in the past year.
It's another angle on the death spiral.
Https://twitter.com/charliebilello/status/1788188072460398919?t=oBlARx6vVZL67XJ6Rjuizw&s=19
Is this the start of CB rate cuts? If it is, then it takes gold higher.
DYOR
Time frame I had in mind Banbury was over more... than five years, not just the time you have followe them, which is longer than I have and I think the interview I was drawing from was given in 2018.
I think originally... before the liquid assets was sold, I think originally the Jupitet asset was bought from Red Rock Resources, it might have been a non-public asset when Jupiter bought it but the way I read the Bell interview from 2018 (read recently) was that Jupiter bought it and thst probably explains the nice dividend RRR got from it and how that one asset, through the retained equity exposure up till late 2021 was often worth more than the market cap of RRR.
Regarding El Limon, I think that was successfully sold - at a time of lower gold price (made sense) royalty retained, let's see how that goes over the next year or two... if it starts or re-starts after not coming in for a while that does suggest some success even if there had been previous complications.