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Fair point Spec.
For the purposes of that Andrew has many hands. In fact each finger is a hand.
The Captain is going down with the Titanic it seems.
Lundy can't answer basic questions on the accounts and is posting rubbish on commodity prices and neighbours. Bell must go. GM on POW deal is the next opportunity for big PIs and other Board members to do the right thing
It's note 5. 84k this six month period 80k last. You could ask our insider friend Helpful why we are spending 160k a year on Greenland ? My guess is decommissioning costs. Really should have been a provision in the accounts. I should drop Littlejohns a note.
Robins - We supposedly did. Others have commented on this a number of times but it's there really clear in the accounts.
Looks like not only did Andrew not sell it he left us with 170k per annum of on going liabilities. That's been going on ten years. Take a big gulp but wonder if we get no cash just on-going liabilities from DRC. Bell must and should go now.
Thanks JFK.
Richy - Stephen Paul Lundy fits that bill.
Can't beleive he's still here. RRR is in a good place. One for his headstone :)
JFK he has me on filter.
Would you or somone copy my resume of the half year accounts and ask Helpful for comments. He really should be aware of this before providing advice. Love to here the case for the defense !!
Limited information as unaudited but things to note.
- Only 82k cash on 31st December 23 despite raising 500k on 14th December 23
- Of the 500k share issue only 472k received (cash flow statement ) Over 5% in charges / commission !
- Cash outflow from Operations 1.273m (previous six month period 863k).
- Huge hike in finance charges this six months 293k compared to 173k in comparative six months.
- 268k spend in 12-month period on ALR. Hold that thought - enough to buy 200 tonnes from a third party Lithium 😊 I’m not convinced by this. ALR accounts due mid April.
- Unbelievably still spending 84 k in the six months to 31st Dec on Greenland. There is a story there.
- Payables up from 513k to 884k as things get desperate.
- 65k exchange loss as too small too hedge. But un helpful (excuse the pun) to a business whose main activity is abroad
- No revenue in period
- Total debt (including CLN’s) increased from £3.088m at published accounts 30th June to £3.440m on 31st Dec 23. Despite share issue they are racking up debt and not paying payables.
- No shares issue in Q1 2024 so likely given cash outflow of 200k a month (conservative ) debt now £4m +
- Any charge on debt puts Shareholders at severe risk. No charges declared but history says they are less than forthcoming in this respect.
You don’t need to be an accountant to see numerous red flags.
All the best with your investment
Banbury
Has been fool hardy and reckless in all his statements re the timing and probability of DRC receipts for the last two year.
In my view this clearly fails any fitness for office test and other Board members and major PIs should remove him.
Let someone else have a go.
Helpful says its all about FASO now.
Never mind the sreaming red balance sheet and cash position.
We had shed loads of illegal minors at Tin Hill.- RRR never got out the ground what they did.
It would be foolish to proceed unless he has a sale lined up. The $1.5m consideration will finish RRR.
Hopefully the rest of the board will see sense.
Didn't notice any penalty for pulling out. Anyone else notice it ?
To cheer us all up how about some gold price updates or posts about neighbours !!
RRR is of course in a good place.
PD101 - the accounts showed last half year they acquired 450k of new debt. They had 84k cash at December31st [ despite raising 500k in mid Dec]
Quarter one expenditure will have been funded by new debt which will be now £3m plus.
There will almost certainly be a charge over the companies assets for this debt. RRR went to great lengths to conceal the last charge to Prime Resouces - Gibraltar registered and no RNS.
All the company metrics are screaming RED.
Where yiu see no risk I am afraid only fools venture.
Your comment earlier in the week about well north of 0.2p on receipt of cash are fanciful. These accounts are awful and that's why the SP crashed.
The world's worst Investment Advisor. Helpful ( Lundy) strikes again. RRR is in a good place !!!
Where is he need links to gold price.
Looks like they took out and spent a new 450k loan in the period. Spend in 2024 will be adding to that.
Rather odd no disclosures either by RNS or charges in companies house. It's material to shareholders and any benefit from DRC is in danger of being wiped out.
Governance is poor and the confirmation statement from RRR Coal at CH is shown as being overdue. Not a big deal but the Company Secretary should be all over it.
Havnt gone through in detail but 82k cash at 31st Dec 23 despite raising 500k on 14th Dec is really telling.
As I have said from day 1. They have an undisclosed loan which they must be burning through at a rate of knots from 1st Jan 24. Still probably better than issuing shares. He needs DRC quick.
Not surprised the NOMAD double and treble check everything the company says after the debacle of Lithium fake photos and the alledged export of 200 tonnes.
The 200 tonnes should feature as an item for resale in tommorrows accounts but I doubt it will.
This is ridiculous. Helpful said the Nomads were shadow directors at 14.41 post. Of course they are not.
News you are neither use nor ornament. You get the context all wrong as the blinkers are on far too tightly
Dukey - add in
- Kenya worth $60m
- ALR put it through the first equity model $100m.
- Elephant next to Renaissance in Namibia worth millions.
- FASO he said anc I quote 19 tonnes a minute processed. The fact sheet said otherwise. Mobilisation in 16 days.. 900m from coast. Its rubbish
- Cote de Ivory. Money maker. Canadian conference. Nothing happened
Helpful Lundy is full of s*it and more and more are calling him out for and no other word is appropriate. Lying.
Nomad are shadow directors.
Its priceless everybodys fault but RRR as we are in such a good place.
So there we have it.
The world's worst Investment Advisor blames the Nomad for all RRRs failures.
Helpful if ever a company needs a shadow director it's RRR as the current lot and CEO are s*it.
Well done NOMAD for bringing a sense of decency and honesty to this chimps tea party.