The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
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28m buys to 1.9m sells but yesterday they drop SP 8% on 8m sells ? I think they just make up the rules as they go along LOL!!
Robbing CNTS
What I would like to see from AB starting from early June is to support his SP like his best friend GEORGE who he admires and get rid of trolls that is fast becoming a ball ang chain around RRR ankles, we have assets to die for in this gold and Lithium rush, and if the NOMAD keep it in our pocket and don't shout about it'' it won't grow to that reasonable valuation where it should be like everyone else with first GOLD in sight
Maidit for the avoidance of doubt the NOMAD is doing the right thing and verifying the company's releases having been badly stung.
Long may it continue - we agree Reach RNSs are not much use.
Maidit - "we have assets to die for !!"
Bell has had the for sale notice over all our assets for years. No takers tells you everything.
There have been a couple... of sold assets the over years and one was taken.
... over the years.
Memory test Nike
The Limon I think in 2017 and then a long contractual debate on terms. Not aware of anything since. Enlighten me ?
Jupiter were shares so don't count and have recently gone through the roof. Last sale 2019 still a success on the website now !!
Greenland 2010. In everybody's top five of RRR capers. Sold for $20m cash received and then lost in the Cypriot banking system not to re-appear.
We are still paying 180k a year in remediation costs on Greenland in the last accounts to 31st Dec 23. That was a disaster.
What's missing on the list of asset sales ? Feels like a complete set to me.
Some stuff definitely needs to be verified before it can go to RNS.
There was a wider point that has been alluded to in this general discussion about how can a company discuss its general aims, its current progress outside of what the RNS messages are currently for. It stemmed from points to potentially improve Aim that were written by a freelance financial writer who specialises in financial law. (A reply to that on twitter was mentioned by one of the posters here but the points were by the financial writer).
One thing Helpful was indisputably correct on was that his and the writer's point (independent of each other) regarding restrictions on what can be communicated and how can a company talk about its general efforts was in the same context. It is a point not specific to this company. There were a couple of points in the article that might even have united this stock's bulls and bears followers.
The article was Charle's Archer's "15 points to improve Aim" and was meant to get some people thinking, not a claim to the answers but a good read...
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.
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.
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.
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 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.
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
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
Gold picking up steam again after a lacklustre start and now trading in the blue, hopefully it will soon rub off on us..
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.
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.
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...
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....
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
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.
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.
Well done Bluey. The reason I am mostly right, is that I check stuff before prattling on. Memory fails us at times.
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."