What do you think of this research Helpful🤡?30 Oct 2025 12:40
Helpful🤡 classic research from 2021. Price 0.8p
Don't ask hard questions.
There are two different things: SP and NAV. The latter is easier. Do what Briarbank did all those years ago and do an SOTP calc.
RRAL 2.5p a share
POW 0.2p a share
Elephant 0.75p a share
Migori no idea but it should be at least $30 an oz and call it 1mil oz gives you 2.5p a share
Luanshimba no idea but a decent amount. The asset extends into the block to the SW and so is pretty large. Down to the drilling.
Musonoi no idea depends if a deal is finally done with Glencore, using the Kalongwe analog you are talking 3.5p a share
Mt Ida depends on what Juno does
El Limon probably pays $200k
RRAL II no idea
JMS maybe 0.25p/0.3p
Cote d'Ivoire no idea but I expect things to pick up there, they have a new mining code and it is starting to get jiggy.
Adidi Kanga is the biggie: potentially 23 mil oz of gold, 3.7 mil in a 2012JORC. No idea how that will turn out but that fact that GRL hasn't been able to take the asset back is good for us.
And the biggest of the lot is Mt Ida. Depends what Juno does. If Juno says that everything is boxed off on Mt Mason and it will be in production early Q1 22 and is therefore committing to bringing Mt Ida into production in 2024, hold on to your hat. On the business plan from 2013/14 and then pricing the royalty was worth $10mil pa to RRR: given current pricing you are talking $15mil pa.
No idea what that translates to but the SP should be higher than where it is now.
DYOR