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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.
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 !
Nearly 2.5 years since DRC was imminent.
Five months ago that it was so nearly over the line Mr Bell wrote two versions of the Chairmans statement. !!!
Interesting to see what the next twist and turns are ? DRC /200 tonnes are shelved all our eggs are in the geo political hothouse of FASO with a gentlemans agreement with our supportive partner [ there will be news on this eventually and it's that Net to RRR that is all important]
$3.5m a month to RRR from June 24 - do the maths he said :)
Theeduke, you are referring to the RRR annual report of 19th 0ctober 2012 covering the year's enterprise ending 30th June 2012. This on page 33 of the RNSs on company website assuming ALL is not pressed.
There is no mention of any gold theft either in writing or in the figures.
There was mention of profits for that gold production, it was a good report and was another good day in the history of RRR. I appreciate there have been ups and downs.
Thank you Theeduke for helping me to draw attention to a decent annual report on what was one of the good days...
No worries Nike !
Gold definitely went missing from El Limon - Zumore might remember and can probably find where when it was mentioned !
Well... it didn't stop someone buying the gold asset in Columbia - no theft is ideal but I await seeing how significant it was with appropriate detail.
The year in question remains a decent year with some successful production and profit re. Final results 29th 0ctober 2012 - year of enterprise ending 30th June 2012 after citing operational RNS on 11th October 2011 relating to gold production.
19th October 2012 - not 29th, regarding final year results / annual report including gold production - proftit for that and some general profit.
Dukey, that period is way before i had ever heard of Red Rock Resources.
...
NikeAir you are hilarious!
Andrew Bell is a useless Chairman who should have been sacked years ago. Trying to give Bell credit when if you take into account the 25-1 share consolidation in 2015 the Red Rock share price is really many hundreds of times smaller since those 2011/2012 days.
I was concentrating on previous production and profit, the other variable is market cap - currently very small and currently without any production and profit.
Partly joking but how much does an acorn cost?
Nike, unfortunately El Limon was another massive failure for RRR, hence got the nickname the lemon. The price they actually sold it for was far less than what they spent, and also the final terms of the deal were far less than original terms. Helpful spins the royalty off as if it’s a game changer, when in reality it will be a few K a month ! Have a look at previous royalty payments !
Nike - you have a lovely tempremant, and genuinely seem a nice person.
No hyperbole in your posts, merely trying to allways see the best in people ( on both sides of the divide here) and the best in the company.
You've posted for a while but in the last few months far more frequently.
Could I ask are you a shareholder and are you down on your investment ?
You will have to excuse Dukey, he can't help himself. He sold out of RRR and made decent money and then bought back in and lost money (all according to him). Subsequently, he has a vendetta against AB and anyone who says anything that is not negative.
He said RRR would not get the licences in Kenya reissued and he was wrong. He said that Musonoi was worthless and no one would buy it, he was wrong.
El Limon is not known as the Lemon because it is a nickname: El Limon means the lemon in Spanish, duh!
El Limon was a success for RRR, it sold out of a complicated asset that RRR did not have the skill set to develop. Para Resources/now Soma Gold still owes RRR $3mil.
As usual with his track record of being right, he maintains his methodology; he checks nothing, switches his brain off and his mouth on.
This is nothing to do with what I say, this is what Soma Gold is saying. Soma Gold is now saying restart of El Limon mill in Q3 2024. Soma Gold is saying 8k oz in 2024, 12k oz in 2025 and 16k oz in 2026. If you want to check, read the recent AR and their latest presentation.
The gold price is now materially higher than it was when the last royalties were being paid. The NSR is not based on AISC but the marginal cost and so the cost will be high $800s/low $900s per ounce. At a gold price of $2,300 and a cost of $900 the margin is $1,400 per oz. Multiply out 8,000 oz x $1,400 x 3% and you get $336,000. Nowhere did I state or imply that Soma is a game-changer but it takes a bite out of corporate overhead. 2025 is $504,000 and 2026 is $672,000.
In 2023 Soma produced just under 33,000 oz of gold, so they know what they are doing. They have stated that they have taken steps to reduce costs and it could be the NSR margin is greater than above.
If gold goes higher than the royalty will be higher, if it goes lower then the royalty will be lower. All of the above is down to Soma, nothing to do with RRR.
But as usual the trolls check nothing and prattle on because they have an agenda.
DYOR
Just for balance helpful
1 - Soma loyalty is capped not continuous.
2 - RRR had a horribly acrimonious dispute over the core consideration in 2017 ( let alone the royalty) this took a lot of effort and a few years to resolve. I'm not convinced Soma will easily pay. Bell has rotten luck ( remember the barrel of nipples) so history repeats itself with no.proper contract.
God knows what happens to the FASO gentlemans agreement !!
Https://finance.yahoo.com/news/soma-gold-reports-end-financial-090000520.html
"Total cash costs per ounce of gold sold(1) for 2023 was US$983, slightly lower than the US$1,002 reported in the previous year."
"Finalize plans to restart the el Limon Mill to process both excess ore from Cordero and ore from formalized small miners"
"This additional feed material justifies the restart of the el Limon Mill, which has been on care and maintenance as production scaled up. We also anticipate lower mining costs due to the transition from mechanized mining to the conventional raise stope method."
DYOR
Net Smelter Return Royalty.
https://en.wikipedia.org/wiki/Net_smelter_return#:~:text=Net%20Smelter%20Return%20(NSR)%20is,owner%20of%20the%20royalty%20agreement.
DYOR
As you once said Banbury, this is a "fun board" it's certainly an interesting one with some occasional good humour on both sides of the debate as well as some serious perspective.
The last three and a half weeks I have been allowing full recovery from an injury after slipping down some rainy steps after a sudden outpouring of the vapours. Nothing too serious and though still active wasn't going to the gym so had more time to be involved in the chat. Have been a reader of this forum for some time so even though I will soon resume lifting I might be unable to resist commenting or maybe I will save myself slight niggles from typing and try and maintain a decent posture a bit like an averagely decent tree.
In relation to your question, I'm no acorn - just an ordinary voter with slightly less beer money and a couple of pints in different pubs.
Nike - best of luck with the recovery.
You really do seem a nice person and poster
To be honest you have made me reflect on my posts.
I genuinely hope RRR does well and SHs do well.
I'm only really here because of Helpful and might have saved a few on the drop from 1 pence 2 years or so ago. Perhaps no one else needs saving and we ( not you) are just arguing with no point.
Cap is $3m on royalty.
Date of agreement 14th April 2015.
Royalty 3% for first $2m
0.5% on final $1m .
Let's hope the 2 year legal dispute on the $2M up front payment ( sale value $5m in total) is not repeated.
Logically Mr Bell should be selling this to Soma for say $1.5m up front today. It might mean there is a company left or just 4 billion shares not 10.
Would be a great move and send the SP through the roof.
I am told that some people can't read or they can read but don't comprehend or can read and comprehend but like to pretend they can't so they can make important statements when really they have nothing to say...
From my post below...
"El Limon was a success for RRR, it sold out of a complicated asset that RRR did not have the skill set to develop. Para Resources/now Soma Gold still owes RRR $3mil"
So RRR is owed $3m, not $100m or some infinite number. Nowhere did I state RRR was owed more than $3m. For clarity $3m is less than infinity, just to be clear and all that good stuff..
DYOR
We are agreed $3m cap on Smelter Royalty which you never mentioned . Why no just unblock me and answer direct ?
Why does RRR not forward sell smelter royalty for $1.5m to avoid dilution / giving away most of Greenstones ( our FASO subsiduary) to Sam or dilution ?
Answer I suspect after a 2 year dispute with Soma on the upfront payment in 2015 the smelter royalty will be hard to extract from Soma.
I can read and might know as much or even mord about RRR than you and have a more objective and balanced view !!
Do this board a favour and take me off filter so you address my concerns directly.
Thanks Banbury, I read that through again, thought about it and realised I wouldn't be contradicting myself or disloyal to press the thumbs up.
I appreciate your supportive message and it was very generous of you to say you are reconsidering some of your posts within this multi-person debate.
I have read your comments, those of of the bears and the disillusioned as well as the bulls and I have used them to test my own wary optimism and my stance has not changed but it is good to test our beliefs with the opinions of others.
Like you, I wish shareholders, posters and of course the company, the best...
Nike, not that he needs me to say it but If people had taken more notice to Banburys post than helpfuls over the past couple years they would be substantially better off ! How helpful still continues to post his biased rubbish is beyond belief, anyone who ever invested in the back of his stupendous ramps is now at a loss - FACT ! Bet not many people who run investment companies can say that ! Anyways, as negative I am towards this share l, if DRC money came in, or they actually get a profitable god operation in FASO I would be landed for quite a few RRR investors - Not helpful tho, he’s absolute scum in my opinion - But hey ho ! I would even like to see Maidit get a profit cos there no harm in him he’s just off the charts …lol. Wish you well in your investment and you seem educated enough to make your own decisions - Good luck 🤞
"Absolute Scum". Let's go through it again.
Sold out of RRR at a profit. Thought he was missing out and so bought back in and lost out because of his greed but it is all Bell's fault.
Spent months insisting RRR would not get its Kenyan licences reissued, largely coming out with the sand drivel as now. So certain that he swore he would pay £1,000 to a charity of my choice. Never did, even though he is "a man of my word".
Spent months insisting Musonoi was worth nothing and no one would buy it, just as Glencore was paying $430m in a back door deal.
Spent weeks insisting I was dodgy because I took the last placing. When I confirmed I didn't, I am now "absolute scum" because of some other reason (yet to be determined).
When I confirm, repeatedly, Soma's own numbers, including the relevant links, I am trying to ramp the price to exit from a placing I didn't take.
Bottom line you don't like being exposed as exactly what you accuse other people of being.
DYOR
Helpful, you're probably understandably annoyed right now and I can't reply to an insult... Separately you might have Banburyboy on filter so I don't know if you missed my replies and it was around a scenario of 3.5 million dollars per month which is 2.8 million pound sterling. Scotgold Resourses RNS 11th July 2022 referring to second quarter of 2022 ounces production was worth 5 million pounds for the quarter and in today's prices would be 6.5... million pounds approximating close to 2.2 million pounds sterling per month. That was from one junior gold mine, Banbury reasonably pointed out splits of earnings in Burkina Faso but is also useful to bear in mind potentially simpler near surface production and cheaper operational costs.
Bearing in mind different structures and the time to build some experience and if required scale up, I don't think an optimistic figure is that wild. More precise figures from the Cononish mine that had some success in Scotland were in the exchange. 2023 was another matter also briefly detailed.
Cheers...
Nike not annoyed in the slightest, it is like dealing particularly obnoxious children.
As I said just now and several times before, all we can do is model and make guesses or best guesses.
We can make some broad points and incorporate them:
The alluvial is necessarily shallow by its nature.
The marginal cost should be lower as a consequence compared to hard rock at depth.
We are doing semi-mechanised (which has a regulatory meaning in West Africa) as opposed fully mechanised; which is less efficient and therefore more costly.
It seems we have "free" gold and saprolite. Saprolite is degraded rock which has lost its structural integrity but will have "fixed" gold in it. Grade affects marginal cost. I don't know because no one "knows" but it seems like the free gold is around 2 g/t and with the saprolite maybe 4 g/t once crushed and processed
Regardless there will be areas of higher grade and lower grade: just the way it is.
So finger in the air at volume, fully mechanised maybe $300/$500 an Oz. Now, getting going on a semi-mechanised basis maybe $700/$900 an Oz but rapidly dropping as we get good and identify where the high grade is.
I have a fully interactive model which accommodates tax, royalties etc and splits but again until we are doing it no one knows; it may be that in the first stages RRR's share is somewhere between $500k and $1mil pm. Free cash would be higher because spending on work is deductible and would therefore reduce the Corporation Tax and it would reduce the splits.
The real money is when we go fully mechanised. Fully mechanised should be serious volume.
DYOR