Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Reversion to the Mean, baby...
https://twitter.com/TaviCosta/status/1787206639067476248?t=4pH2Lh1X528-SVaaPtnzyA&s=19
DYOR
News I thought your 14.38 posting was a thoughtful response. I may well have thought like that years ago. In fact I did believe in RRR then but for my support I have been well shafted. I have no way of getting those losses back but I am not bothered either. All that matters at my age (71) is health but I now know that there are lots of charlatans about and some of them run small cap companies so we must be alert to their games. Cheers.
Https://twitter.com/garysavage1/status/1787126748683080181?t=0eVsSqCEgvSiWW6ZuLYlgw&s=19
DYOR
Banburyboy
I dont want to bother going into the Companies House data re: RRR ALR.
You mention , could have. NONE OF US CAME TO THIS POINT of could have given I was never here on this forum to witness anything. However, I took into consideration ONLY ROBIN. And my reply is only for Robin as he was the one to telephone A.B, Chairman of RRR and he has NOT moved on from that till now. We both have objectively looked at the situation and IF Robin does NOT feel that RRR is going with his own objective etc, then Robin must stare reality and take whatever decision that he feels is appropriate. In the future, it is positive that Robin will search every nook and corner for info ie data and come to a conclusion quickly so that any situation is NOT left to allowing a situation not to be in command and control of one's own portfolio. That is maturity and moving forward. IF there is LOSS, one must then strategically work out how to recover that loss be it to save up the money going forward etc. That is part of life's processes. As for your assessment, it is something that I cannot agree to. Why? My thinking processes are akin to high achievers and cannot is NOT something I entertain. Maidit308 having been thru this AIM cas for a long time would have honed this to a fine tee and it is called a learning curve. That is why I may POST ON THIS FORUM but I am here to learn everyday and keep abreast of trends etc. I have just listened to the President of Congo speak French to a French interviewer and I try to gauge our RRR DRC situation. Interesting. So, Robin, I wish you the best and we all have been there before. Today, is Sun and I pray that you will be blessed. News, 5.5.24.
News two corrections
2 - Not sure what you looked at in CH filing. ALR last accounts were 31st July 23. £71,909 net liabilities.
4 - RRR Australia we await progress on the aquisition on new ballarat and the supposed IPO. Due diligence according to the proper RNS was due to be completed on 19th April. This was to confirm RRRs funding position inter alia. I'm not sure RRR has sufficient access to near term capital to proceed with this. Hence no news
But never mind bags full of money will appear in June 24 when we sell all that FASO gold that Helpful talks about. Just like he said with Lithium that went well !!!
To late but a proper strategy as Talkinto and Spec have said numerous times would be to hunker down conserve cash and await DRC.
We did not do that.
Ask yourself why. Answer because DRC is by no means certain so we chase a rainbow on FASO.
All IMO but let's see.
Https://twitter.com/mineralsmindset/status/1786936715132953015?t=smt39j-GvSJrnXbWYSJNAA&s=19
DYOR
Robin
That is a very good handle of RRR in general & in particular from an accounting vantage point. I agree with you on the money front but as for A.B seeing it ahead of the curve, I think the jury is out on that. Remember that A.B was a portfolio manager working in a fund. So, that is how RRR is run akin to a fund with lots of project portfolio. Leaving that aside, yes, this co, in theory needs FINANCIAL RE-STRUCTURING ie a accounting clean up. There are 2 ways going forward and Helpful has been upfront in saying project A needs $, project B needs $ etc.
STRATEGIC REVIEW:
The only asset with a resource statement [which needs updating =$$] is Kenya. The licence renewal is awaited. None of us know whether it can be sold or JV'ed at the momo. Two issues here ie jurisdiction and does A.B have connections to the Chinese to see if they can take it on.
[2] Zimbabwe: I have checked Companies House on this and the capital in the kitty is $100,000 so per First Equity, this is the largest asset after Kenya. Michael Fotio, Father of Lithium has told Stockhead.com that prices will pick up for lithium carbonate because lepidote is not as successful in China.
[3] One cannot get rid of everything all at 1 go because the co can be de-listed due to the rules. So, what is the MAIN emphasis that everyone wants at RRR? Helpful thinks that Bilbale is the way forward and this is of course where Kavango is also heading for ie CASH GENERATION.
[4] RRR AUSTRALIA IPO: I have discussed this to a great length but one does not know if the market is willing to put up drilling for Pre-IPO per Helpful. Market may not be keen on the Ballarat area so as said, trenching should be done at the border of Sunday Creek to see if mineralisation and grades extend to RRR's Kilmore.
[5] DRC litigation: The $10m would be helpful to steady RRR's ship going forward. With the money, then litigation can move forward if legal Counsel wants a down payment to open the file. Funding would be required. A.B is using the determined softly approach and one cannot fault this but the Head of State is well aware that should the award be signed off, litigation opens up for US$430m [51% RRR]. So, a dilemma here
[6] Market conditions have improved but going forward, the money situation is the case in point.
[7] The strategy is to HIVE them all off ie SOLD, JV'ed , IPO'ed so that only the best asset moves forward be it Australia RRR or turn RRR into a litigation co like Churchill Mining [A.B was a director of Churchill Mining] and wages are minimum then.
[8] DRC - Perhaps, a 2nd legal counsel opinion is warranted now ie more dynamic in approach. Why? AVZ's French legal team are now closing in after an interim win at the Washington D.C Int Arbitration Court.
[9] RRR - they need money ,a clean up of their finances and then to see what is the strategy of the co going forward ie which project is best in a jurisdiction that is Tier 1. However, it is a constant struggle now F
News I certainly am not an expert on strategy but it does seem that we have lots of projects on the go that need money to progress them but we cannot raise enough money to go round. These projects may all in the future turn out to be money spinners but we only have limited resources. The problem also is that long term shareholders have been heavily diluted so they will think twice about further investments here together with lack of trust in what the Company says. Now the person to blame for where we are today rests with AB. He has seen all this coming but has not had a strategy to conserve cash but has simply ploughed on regardless. I personally thought he gambled too much on getting the Congo cash and he has boxed himself into a corner. We are in a weak position now and people usually take advantage of you at such times. We shall see.
---------------CRITICS OF RRR-----------
Banburyboy: It is of no use to say its being ridiculous. Why? In the real world, there are professional STRATEGISTS, be it in the public service or corporations. They are called Strategic Consultants with MBA etc. Useful to be a Chartered Accountant or a Management Accountant as one needs figures. So, it is EASY to criticise and this has gone on for a long time. Now, it is about HELPFUL!!! LoL, the man does not RUN RRR as CEO , NED etc so it is just a distraction.
So, today, is Sunday, and many of our parents etc always say: YOU THINK YOU CAN DO BETTER, THEN SHOW US HOW.
So, a voice given to EVERYONE today to speak up. I can, if you like post to RRR that we have had a forum discussion as to how to take RRR forward. FAIR?
In short, SPEAK UP or put up. I have a strategic plan with a strategic review. So, let's hear from you, Sir as Dukey said you are their leader sort or thing since you say you are a Chartered Accountant, worked 20 yrs as NED in a public co and worked for KPMG. Therefore, ALL CHARTERED ACCOUNTANTS can do M & A, valuations etc. So, your fans are waiting.
News, if you think about it, it is a good arbitrage trade.
The Chinese Central Bank has been buying tons of gold (literally). Buy gold assets in USD, which they think is going to devalue or maybe crash. In effect they are paying wholesale instead of retail. Produce gold at $1,000 an ounce instead of buying at $2,300 and you have dumped your dollars.
If that is what they are thinking then the price of gold assets is about to rise. A small % change from the Chinese will make a huge difference to gold asset prices.
DYOR
News
Because of Helpful Stepen Paul Lundy it is nothing more or less. The same can be said of others who posts
You know what we have against him.
As long as he posts I'm afraid the Board will be like this
News your posts are boarding on the ridiculous.
None of us have any solutions moving forward. I have said for five years this is a rag bag steptoes yard collection of assets. Our CEO has an impressive track record of failure as evidenced by the SP. He spins far too many plates and lurches from one disaster to another.
Could I do any better - No. I would not want to.
To be clear i'm not offering solutions just warnings so no more unsuspecting investers fall the nonsense that Helpful posts and the rather misguided confidence of Andrew.
The failure list is endless. I note you are quiet on Lithium 200 tones which was just IMO made up and tells you everything.
FASO has got huge geo political risks, a relationship with Sam we don't understand ( Bell said he just gives us money !!!)
They are unlikely to be producing by June. If they announce anything by June it will be shrouded in nuance not signed off by Nomad confusion on net and gross and massively unclear.
This is RRR and how they are. Sorry if you don't like it but it's the way it is.
-------------SILENCE FROM THE FORUM'S PLAY CEO GAME @SOLUTIONS---------
No one posting re: above whilst OPEN to discussion: "HOW DO WE TURN RRR AROUND?"- Thesis open to all inc the resident.
So, my thesis appears to be now right ie dampers who are not here to see that RRR gets turned around if that is the complaint. So, another 3 years of the same as yesterday. LoL.?
Unfortunately the SP is now below the last placing price which doesn't bode well for the next placing. Will have a stab @ 0.03p? No update on where the washplant is? No contract just a handshake. Maybe the washplant is with the 200 t of Lithium. Cowboy company with cowboy buisness practices. 🤠
Helpful is right about gold mines being sold and the Chinese are buying. Ref: "Pan American Silver has sold 100% interest in La Arena which OWNS La Arena GOLD MINE and the Arena II Project to a subsidiary of a Chinese multinational Zinjin for US$295m." 2 May 2024 https://twitter.com/miningcomau/status/1786159839665930732
So, yes, this is the latest trend. Where the Western majors are not buying these smaller mines, the Chinese ARE buying smaller gold mines. Not seen any copper mines sold yet ie of the smaller ones, so watching.
We need SOLUTIONS and no good 3 years or 5 years of 18 years of watching RRR. Agree or disagree, all? Sun, 5.5.24.
Yes, Helpful, I AGREE with tailings. Why? The sorters are very state of art these days and it is CASH FLOW in a much easier way. Yes, a more medium co can work depending on whether it is a SMALL OPERATION eg Colin Bird's MANICA, which was a JV with the Chinese. Colin Bird expounded the reasons for the sale of which he got US$15m in stages in Momz. This is fantastic considering. At this momo, Kav is also going this route of small operation. But artisanal is also akin to some extent to tailings which is or can be CASH GENERATIVE.
TIER 1 or close to TIER 1 ie 2: I play the DISCOVERY GAME ie Lassonde Curve and I go for elephants. Hence, why I came to RRR due to Musoni.
So, folks , we have heard from HELPFUL and that is his view of RRR playing as Chairman. Let's hear from others like Dukey, AIM Dogs, Banburyboy, BlueBoy et all. Now, is the time for everyone to hear THE STRATEGIC PLAN [PLAY OUT].
Let's hear from Banburyboy since he said he was a NED, Chartered A/c and from KPMG in the past. That is real life qualification for a turnaround specialist.
News, there are exceptions. The thing about ten years and hundreds of millions is hard rock at depth; ie underground rather than open pit or tailings. It is also about the jurisdiction: Victoria is harder to operate in than Burkina Faso from a regulatory point of view.
RRR doesn't need a Tier One deal to make good money. Some companies will turn their noses up at very good deals because they are in the wrong jurisdiction.
I am in a number of shells; one has a copper tailings deal (about $1bn of metal) that is about to close. It will take about 12 months to start production, it should list on AIM October/November. Another has decent gold/copper that will be open pit: should list AIM October/November and take two years to bring into production. Another is O&G in Texas that reversing into an OTC company and will then move up to NYSE. None are Tier One but all will make decent money, which is good enough.
As I have said multiple times, the model of spending some money and flipping the asset to a bigger company has been largely broken. That might be about to change for gold and copper assets. Bottom line, we should only be after assets that can be brought into production fairly quickly.
Once Bilbale is producing we need to do the same on our other alluvial assets. Once we know it works and that we can operate alluvial assets successfully, we should pick up other similar assets and repeat the trick
DYOR
Banburyboy
Be it 90% which is approximate, your figure of 99.5% is to be TESTED vs DATA set.
So, let's leave it at that for now. But I am sure A.Bell , Chairman will have all the data set vs the mkt.
Wish ...knew. WELL, LONDON SOUTH EAST PUT OUT A FREE INTERVIEW BY A MINING ANALYST OF RENOWN and it was on EVERY PAGE--that's how I knew. London South East must have PAID for that interview as it was NOT about any co but the mkt in general ie they can lost 90% or more. Helpful stated the known theory of "REVERSION TO MEAN."
In particular, the stats must also TAKE IN RRR' S LOST MUSONI, now subject to $10m award and potentially $430m [51%]. Without STATING THIS potential asset, it SKEWS STATS for RRR.
Lastly, we wait to hear Banburyboy how you will NAVIGATE THIS CO since you told us all here, that you are a CHARTERED ACCCOUNTANT from KPMG, the big 4, worked 20 years as a Non Executive Director of a Public co. So, all of us want to hear and we put you now on the CEO/CHAIRMAN OF RRR's seat.
Let's show Helpful, a Finance grad your skills as a turnround specialist. All Chartered Accountants are capable so let's hear from you specially since Dukey thinks you are the leader of the group since you say you are a Chartered Accountant.
Sun, 5.5.24. BANBURYBOY CAN DO BETTER THAN A.BELL, CHAIRMAN, RRR so let him be Chairman on this forum as a play out and let's hear from you, Sir.
News RRR has lost 99.5% of it value since instigation.
The median is a ten fold reduction. We have lost 200 fold. So twenty times worst than the median.
The stats don't lie and you overlook a 25 to 1 share consolidation in 2015.
Zumore myself have demonstrated that many times. Robins wishes he was only down 90% and so do many others.
You won't accept any of this so be it.
I will continue to post.and let's see
- $350 -$500 costs per ounce
- 1,100 tonnes per hour throughput
- 5,000 ounces net to RRR soon
- $3.5m net to RRR per month from June. My estimate based on RRRs figures $0.5m a month and that would be brilliant.
The sad reality with RRR is
- delays will hit FASO. June is ridiculous
- no action elsewhere.
- POW will fall through ( no bad thing) as we fail April 19th due diligence.
- further fund raises.
- CLNs due to repaid in July 24 a tipping point.
- we find out how much of FASO greenstones we have given to Sam and it won't be nice.
- no news on the ridiculous 200 tonnes of Lithium
We won't agree and we can come back to is right and wrong at the end of June.
Enjoy the sun Banbury.
-
Contd
RRR is NO WORSE nor better than the MEDIAN STATISTICS now well known IE JUNIOR EXPLORERS LOST 90% average. RRR falls into this category.
DILEMMA: Now RRR has to come to some strategy to continue and it is also predicated on MONEY. So, are the REST of the junior AIM explorers affected. CEO of Cadence TOLD a shareholder who contacted him: DURING THE DOWN TURN, THERE ARE ------------NO EXCEPTIONS-----SO FACT NOW. So, if there is CLASS ACTION , that is the statistic that will decide the case.?
CAVEAT: Dont say I didnt say because no matter WHICH AIM JUNIOR EXPLORER, that is now the SITUATION. Even if a junior explorer finds the money, the commodity price can also affect a co. Eg Z... a rich millionaire in London threw fab parties. He decided that since he was an iron ore specialist , he would BUY a major's iron ore project in Brazil that had a technical issue ie port collapsed. So, he went in and paid millions. IRON ORE PRICES FELL at one time of the cycle - he went BUST ie the project. One AIM co has picked up this project and has a minority stake and the project will require US$320m to re-open the mine etc. That is the sort of figure for a medium sized operation. So, they are busy trying to get partners. So, FRESH challenge and common to all junior AIM co's.
RRR has the DRC award of $10m and potentially the international arbitration of US$430m [51%] - so this is the wild card and RRR did have that TIER 1 CHANCE @Musoni. So, RRR cant produce the Tier 1 just as the stats does not show any AIM co winning the lottery MANY TIMES. RRR also did well during the Jupiter Mines time. It is also FACT that mines esp Tier 1 take 16-20 years to get started and this is now commonly known.
So, that is the state of the junior explorer market from my observation and IF, there is no agreement, then free to enlighten with examples of EXCEPTIONS. News, Sun, 5 May 2024. DYOR. NIA.
-----------A I M ------& JUNIOR EXPLORERS.
Let me enlighten if folks are NOT aware. It has now come to the attention of the TIMES OF LONDON that AIM is not in a state of ...[fill in the blanks]. These are the observations:
[1] There is NOT much volume on many AIM stocks except the few. One can see the DAILY VOL movers and some are down or up. RRR is also affected by lack of volume.
[2] So, who are the volume movers? One can see that also from the DATA every day. In the UK AIM market, the vol movers do NOT capture the attention of pi's for long ie weeks, months. Stale bulls then sell per theory. So, unless there are NEW bulls, the stock drifts.
[3] JUNIOR EXPLORERS on AIM. Lets PLAY RUNNING a Junior Explorer: [a] PAUL JOHNSON said it takes £400-800,000 to start an AIM co and some £300k-£400k a year to run an AIM co as the fees are quite high. Hence, Paul said Aquis is cheaper to run. FACT: For this reason, many co's have LEFT AIM - Charles has done an article on the no leaving. Paul has also tweeted how he thinks this problem can be resolved. If I read correctly from the Times, then CHEAP MONEY is also a point to be taken in and rates are high.
[b] OK, we have a SHELL ie a new AIM junior explorer. One starts looking for a project. A/c to the stats from S & P Global for the last 10-12 years, only about 10 co's made a decent copper discovery and some in the lower quartile of 2mt are NOT Tier 1 discoveries. [c] Even if a co finds a TIER 1 discovery, a major may NOT buy the project. Why? The Mining Industry commissioned a report and they were told to JV with juniors but not enter bidding wars etc. [d] So, if it is a Tier 1 or 2 discovery, then is the commodity in SUPPLY DEFICIT? Why? Unless it is in supply deficit, it is unlikely prices are high enough to obtain funding to build given it costs millions and Tier 1 builds are into the BILLION/S. [e] Mediocre discoveries - unless one can find the £50-£100m, then the project will be moth-balled until things turn up ie plentiful $$$ [f] All AIM junior explorers will be aware BY now and hence, the cheapest is running a small gold operation and better still, to pick up a project from artisanal miners knowing very well that grades have to be HIGHER than norm ie not 0.5% region if a bigger mine. [g] So, many legacy projects are sitting there in a co's portfolio but nothing can be done WITHOUT MONEY to develop etc.[h] It is FACT that all the easy high grade, surface deposit are now NO LONGER PLENTIFUL and the industry is aware deposits are MUCH deeper. To drill 1 deep hole per Kobold is $1m. 1 hole is not sufficient to prove a discovery either. [i] Yesterday was Buffet's AGM so some journo's and fund mgr quoted what Munger said ie ONE ONLY GETS 4-5 OPPORTUNITIES. Yes, that is true . Why? Few come round. [j] Are there exceptions? Yes, if it is a TIER 1 potential with good grades, surface, then MONEY is available from the market ie they ring the co to ask if the co wanted money. [k] RRR is n
As I said, low intellect.
This is like having an extra ex-wife. If I took the placing, I am a parasite trying to sucker people in and if I didn't, I am a loser trying to sucker people in.
Bottom line is, the trolls want to try and personalise everything because they have no response to what is happening on the ground.
🤞 Bilbale comes on line soon.
DYOR
Nike, in fairness a polite and decent post !
The big rise in 2010 was due to the best investment RRR ever had, Jupiter mines . Again, Andrew Bell totally messed it up - They were always classed as the Jewel in the crown . Jupiter were paying awesome dividends and was a good income, RRR’s only income ! Unfortunately Andrew Bell sold out quite soon after he was ousted from the Jupiter board, blew the cash and with it RRR’s only source of income.
RRR now back with no income, still massive costs to run the company and back to what RRR do best, placing and dilution. I do expect another placing before any material progress in BF, but I do expect another attempt to pump SP before we get a placing, as if they don’t I think they will stuggle to get the placing away, or all least not without a heavy discount ! All in my opinion and do your own research which it looks like you are doing 👍 GL
During that 15 year period: there was a very good share price upside in 2010. It is clear from a quick Internet scan that the company was decently profitable in 2018. I think the last year the company was profitable was 2021 - relating to tactical decisions it made with its' liquid assets.
We know some of the recent intrinsic difficulties the company had. On top of that there were continuing pandemic restrictions and the UK had three lockdowns, third one lasted a long time. Quantive easing then quantile tightening, acceleration of interest rate increases before current plateau - hasn't been an easy environment in recent times for some small cap companies and their investors.
Placings are par of the course for junior miners until perhaps they find cashflow or sell an asset. Even bigger market caps will place occasionally, I've read about one with a trust fund - from a position of medium strength and possibly a mid tier energy company though can't remember for certain but they did choose to raise money in some way.
It's good to know the past of the company, my examples of good years are probably not exhaustive and I respect some years have not been as good.
The past should never prevent people from the future, the nature of that future can't be guaranteed so we should each of us, choose our own paths as we see fit.
------------CLASS ACTION?--------
Dukey: Re: your post. Let us play class action. In Court, what the TIMES OF LONDON STATED today in their article about AIM and what Cadence 's CEO told a shareholder ie during this downturn in commodity stock, there have been "NO EXCEPTIONS" so be it RRR or any other junior explorer, they are DOWN 90%. FACT. So, in a Court of Law, all litigants will lose once this STATISTIC AND FACT comes out. London Stock Exchange etc all have this same data. AIM has share charts as well for the sector. If anyone is interested Burton who gave the Times of London link opened the article up so that one can read it for free. TIMES OF LONDON STATED THAT EVEN THE SMALL CAPS IN THE USA SUFFERED THE SAME FATE.
So, that is now FACT.