Member Info for Banburyboy

Morning Oslega

“Major holders think he will pull it off”

I was also fascinated by Dicko being able to sell 70m shares, at a controlled price. That’s a first for RRR !!

Note 11 of the interims shows the convertible loans increasing from £2.877m on 1st July 24 to £3.534m on 31st Dec 24.

Don’t you think that is strange as at the 30th of June 24 in the accounts CLNs were the £562,840 - What we call the Lundy CLNs outlined in the 29th of January 2025 RNS were the only CLNs ?

- Why are the lenders changing the terms on their loans to convertible ?

- Why minimalist disclosure from RRR on this ? Surely, it’s a good thing might they sing it from the rooftops ? But that depends on the terms ?

- If the terms are not great might RRR choose a minimalist approach to disclosure ?

- Why no AGM for 2024 its five months late ?

- If no DRC cash to repay the loan, what do you think will be on the agenda at the AGM ?

- How might the new holder of Dicko 70m share be minded to vote on that agenda item ?

Very interesting times. Its only my lunch money at risk for me but see any warning signs ?

All in my opinion only but the dots seem to be joining on the debtor / major PI strategy should Bell not pull cash out of the DRC soon.

Loyal trader.

1 - the exploration assets of £13.7m . These principally comprise [85%] Kenya. The Auditors are at pains to point out in the accounts the valuation method is not net realisable value but "area of interest" . If the Board determine its an area of interest its carried at historic cost. These assets have been for sale arguably at any price for three years [ all in the accounts]. Not a single evidenced example of serious interest. Mention of NDAs every so oftern but nothing carried through. The conclusion and evidence from Auditors is they are over valued.

2 Receivables are Soma royalties. Agreed these are the flagship asset and should IMO be forward sold [ they will take up to three years to crystalse] and better to take the money now to pay of those 0.5% a day interest on the more expensive loan.

- You've completely missed the point on CLNs. There are far more CLNs than you suggest. New ones have surupticusly appeared in Note 11 to the interims and we don't know the terms ? More on that later as its key to the investing risk here.

I agree the £15m will pay our £10-12m debt. Sorry an oversight on my part.

Welcome to the Board loyal Trader.

Kemche on the other site has suggested you will provide your "on the scale and the right figures."

Indulge me perhaps 50 figures from the accounts in my post . Choose one you don't like and we can start from there. The floor is yours.

Or are you just mischief making :)

Loyaltrader as they are from the accounts they are RRR figures not mine.

Indeed Dukey.

I look forward to Helpful picking on a single number in my analysis and concuding all I do is make things up and lie. It needs scrutiny but balanced and objective scrutiny- 90% is factual 10% is debatable. Unfortunately Lundy has an agenda and it's neither balanced or objective.

Finally take a look at Note 11 to the interims !!

Notice at 30th June 24 CLNs were restated to £2.877m from the audited number. At 31st December 24 CLNs were £3.534m.

In the style of Lundy

- why is that ?

- what are they now ?

- what are the terms ?

- if they were good say 0.1p would it have been touted a success by the company ?

- if they were bad say nominal value 0.01p conversion terms would it be advertised.

Anybody investing needs to consider the rapidly changing position and increasing leverage of the lenders.

- whys the AGM so late ?

All IMO and DYOR.

"Looks like the ante room in the presidential palace to me.

In scouring the world looking for a partner with a proven track record of delivering projects on time and under budget the DRC were left with only one choice of name to entrust the nation's house building task. The evidence of the rapid establishment of the 100 man camps in both Burkina Fiasco and Zimbabwe was enough to persuade the DRC government to make diplomatic overtures, via the office of the UK Prime Minister, to persuade Ettie to take on this task. After much cajoling over numerous sumptuous meals, and the promise of wider seats in super economy class on Air Congo, Ettie finally acquiesced. The shareholders of RRR owe a debt of gratitude to the combined efforts of the governments of the DRC and UK for the unbridled riches coming their way. In generations to come it is in the minds of grandchildren of such shareholders that the name Mbuji Mayi shall forever be etched”.

Great question LT and thank you for focusing in on it.

The £10-12m includes trade creditors. The reason I include these are there is no underpinning or linked asset (a receivable or stock). They need paying and are very high in relation to RRR’s turnover, and its business activities.

So, December 24 accounts :

Trade payables £2.800m

Non-current borrowing - £1.061m

Short term borrowing - £3.695m

Baseline face of the account’s debt on 31st Dec 24 - £7.556m.

Running costs are currently 300k a month (most is finance charges – Note 11 of the accounts is illuminating). So, add £1.5m to 31st May 25.

Less share issues for debt conversion so 2nd May 25 175k of debt converted and 29th Jan 200k = 375K.

31st May 25 reported baseline is £8.681m

The tricky bit is the items we know are not included above but have uncertainty on amounts these are

- $1m promissory note payable to Kansai mining (at the end of the audited accounts)

- $x ? despite wrapping up operations in Greenland nearly 15 years ago the company is expensing costs every year. £0.135m in 2024 and £0.159m in 2023. The inference is some sort of decommissioning liability, but the company are far from clear.

- Further payments to PoW are contingent and the auditors were explicit they excluded them based on the contingent element.

- New Ballarat Gold Corporation -otherwise known as RRAL. The accounts are massively overdue last set 30th September 2022 and the full RRR share has yet to be included due to uncertainty . Annual costs from historic accounts were 392k. So, I suspect these will need considering.

So, I am placing a value of £1.3m to £3.3m on all the potential liabilities above to arrive at £10-12m.

Thanks for the question. I think a serious debate on the finance and debt is well overdue.

He has Speculative.

But the RNS said Litigation and Arbitration.

It's all a bit baffling.

Hopefully he's not chasing shadows or his tail which he seems to have done for years.

Completion in the coming months :) Hmhh

You argued until you were blue in the face we would get 20k of the Royalty in the quarter to 30th June. Payable July / August.

Looking a bit doubtful

Are you ever right on anything ?

6.41 this morning Helpful.

"Do you think we will sign the PPP JV this visit ?"

PS remember the DRC law on presidential PPPs".

Your the insider and expert.

I'm repeating what you said new pivot.

Has Bell reported back to you on his meetings yet ? I heard it on the grapevine ( Mermaids at Filey] it's good news.

Https://www.whitecase.com/insight-alert/promulgation-republic-congo-law-public-private-partnership-contracts

Helpful dropping heavy hints this is the next RRR pivot.

Astonishing stuff.

Looks like Arbitration and Litigation are on the back-burner.

Twists and turns everywhere as is normal for RRR.

Indeed Spec our old etonian leader is deluded in thinking his RNSs are accurate and precise.

They are the exact opposite !!

The corporate governance and communication here is truly shocking.

My guess is he doesn't even know he promised an April update in the Interims.

Anyway we have moved on and April update is in the rear mirror with NDAs, Faso transaction [ or as Helpful says transactions - must be big], termite samples and FASO / COTE production in 2024.

It's all about a PPP housing and community project now. The new pivot.

Arbitration and Litigation are yesterday's news.

Fill your boots.

You are right Dukey.

£10-12m debt and £1.6m annualised finance charges hang over RRR like the sword of damucleas.

Not once Not a single time never has our resident inside investment advisor mentioned it.

Ask your self why ?

He's one of a long list of debtors wanting his money back.

It's a shambles Bell needs $10m of cash now he will know doubt like Neville Chamberlain emerge with a useless peice of paper on the new pivot a PPP housing project that he has neither the expertise or funding to deliver.

Final attempt to keep the charade going ?

Very grumpy Helpful and pre occupied on this board for a man that's made 10% of £50m this morning.

Maybe you are Walter Mitty not me :)

Helpful I allways hedge my bets out of respect to other posters but the evidence is overwhelming.

You have tipped this down from 1p to where it is by relentless ramping so its lose lose for you.

I also thought you hedged your bets this morning by shouting that you had 10% of a £50m deal.

Either you are a Walter mitty type or you are laying the ground for " I may have lost on RRR but I have won on the £50m deal".

So I think you are hedging your bets. You are oblivious anyway to the fact you are 97% down on this share. [ not you of course but the mug punters taking your advice].

As Winnifrith says lifestyle company and your job is to ramp for share issues.

We will soon know ?

Four years of laughing at every RRR RNS and outcome. Will the dog finally have a day ?

Youve asked that question every time he visits Stephen.

Hopefully to do something productive as he's been dozens of times.

I really hope he's not cornered by the walls closing in and dpesnt do another Greenland. Cash received then lost.

I also really hope whatever riches he unveils more than pay off £10-12m debt.

It's interesting major PIs will buy but in a controlled manner. Ever thought why ?

AGM delay - what might the vote be on ?

Debt for Equity swap ?Pure conjecture on my part but it's a lot of debt and eye watering interest charges.

Still high risk high reward. You've got to be in it to win it.

GLA.

Https://investingstrategy.co.uk/financial-news/is-the-aim-market-an-unregulated-mess/

Here's the article not me Helpful but it was two photoshoots.

Bad example to bash the bears with. What were you thinking.

Charles Archer [ i can post the article ] said it was and even Bell came up with a story that Dirk [ the driver and photographer] got car sick so the driver was the one who inadvertently did it. It was a case of it was a photoshoot but not RRRs fault.

You should really stop making things up to suit your narrative Stephen. It's not a good look.

To be fair Helpful the Lithium was photo shopped and then 200 tonnes went missing so Bell has form.

Charles Archer top financial journalist called him out for it.

Just like Tom Winnifrith is calling him out yesterday for a lifestyle company and ridiculous share issues.

Balance is important and it lacks when you post.