Member Info for Banburyboy

89m of warrents kick in at 7.5p . Minimal dilution for £6.5m. Well number 2 funded !! All in 3rd Dec RNS. Sounds interesting. GLA

Completely agree guys - just bringing it in for completeness.

Like the fact any income is split 50 :50 from day I rather than early income skewed towards lender. All good

Delighted and a good outcome but 50% is worse than the 10th October RNS which said we would retain " the majority of the economic benefits"

Still small price to pay and if this well works we could be in a very good place ! [ are you reading SPL !]

Helpful you sound Grumpy.

Not surprised with those accounts.

So not only have you been wrong forever on RRR looks like you were wrong on ZPHR to :)

Your decision making on shares is out of kilter with your over inflated ego and self importance.

Remember you were the one who because you could not defend RRR repeatedly brought up and belittled me on ZPHR.

RRR in a good place really :) Where's that kilo of gold from FASO !!

In terms of the 0.5% a day with the arrangement fee of 25 and 30% it's an APR of 300% even using a simple non compounded rate.

If you compounded a simple daily rate of 0.5% it would be compounded 365 times in a year and be over 1000% APR.

I very much doubt it Dukey but 300% on a simple rate calculation is a true shocker.

Completely agree Spec

I have never seen any company run like RRR.

Hard to see a way out. Even in the unlikely event of DRC debt levels are so high the cash will be swallowed.

I do wonder if Bell has strung us along on DRC and FASO / RRAL were his final roll of the wheel at the Casino.

The timing of RRAL take over in hindsight is ridiculous.

Meanwhile SHs wait and 0.5% a day interest racks up !!

Spec the stable door is probably shut now so i sgree. Had he done it

- debt would be lower.

- he could have probably got more shares away on the spike.

Yes the latter would not be well received but if he clearly explained the alternatives [ loans at 300% APR ) shareholders would get it.

It's not unheard of for Directors to dig deep, he's said in the accounts he would, so is now not the time ? Or was it just more lies.

It may well make no difference Spec but perceptions really matter. Two examples.

Helpful will argue and wriggle that he is not an Insider. Technically he may not be, but reality is he is privy to information we are not so virtually everybody on here seems or perceives him as an Insider. He is an Insider in the eyes of many here. That fact does this company no good. Unfortunately Helpfuls is a horrible person and his ego and sense of inflated self importance means he continues posting.

Many on here have the perception Bell runs a lifestyle company. They have that perception as his objectives and those of SHs are not aligned. He has no shares. A loan, taking up a placement at above SP and salary cut would change that perception. Many on here would be impressed.

Ultimately it may make no difference but it could , but there is a right thing to do and neither Helpful or Bell shows any comprehension of what that is.

Spec - Andrew could provide a loan to the company at say 20% APR. Would show he was confident of a DRC settlement, save us money and help the SP.

For three years now he has signed up to a statement in the annual accounts of reviewing Directors salaries as a last resort. Why say it if you don't mean it ?

Fine words and I would have expected him to sign up to the 50k loan to fund that rather than saddle us the shareholders with a 30% arrangement fee and 0.5% a day. 300% APR.

No one is asking him to not take a salary rather a reduced one.

This salary issue is a hobby horse of yours and a 25% cut in salery and a loan of 50k would be the right thing and well received.

Robins I was stunned at a 30% arrangement fee and 0.5% interest per day.

Had it not been for the accounts this would have ever come to light.

Never ever seen a listed company pay those type of interest rates its an absolute shocker.

Can't beleive I'm saying this JFK but a placing at 0.02p is preferable to the 90% APR loans we have take out

I'm being kind on 90% as two of the loans 30% arrangement and 0.5% PER DAY is 300% APR.

RRR is not in a good place !!

Hugely quick reccomendation on your hero's post Nike.

It's got zero relevance to a company borrowing at 90% APR.

Keep the finger in that Dyke Nike :)

It was interesting he said 8000 ounces of Soma Gold at $2500 and 3%, is 600k as cash in 2024

I find it hard to work out whats true and what's not and a Chairmans statement is not Audited so its a platform for Bell hyperbole.

I did notice in this year's Chairmans statement we have reached an understanding with the local partner on arbitration. With the don't miss stockbox it was all on the Presidents desk.

Still plenty of 90% APR loans available to fill the void.

Good luck all Holders.

I'm still waiting for the termite cheque to clear

Robins - Nike does remind me of the boy with his finger in the dyke. It's a rather hopeless cause.

...In Kenya, any scaled up activity awaits gold license renewal, after which we are likely to seek partners to accelerate the project’s development. A similar approach may be adopted for at least one of our gold licences in Ivory Coast. Exploration at our 50.1% subsidiary, Red Rock Australasia Pty Ltd is focussed on getting to the Indicated Resource stage at Berringa, after which we can be on a 12-18 month environmental and licensing pathway to mining. Now that we have opened an old adit at Berringa, and taken samples which will go off for testing, we will investigate the safety of accessing level 2 of the old mine via the adit. A positive answer would probably result in an Indicated Resource being obtainable at very low cost; otherwise some drilling from surface will be required. Ajax, our other key project/old mine, is now permitted but a decision on drill plans will be made later in the year, depending on availability of internal or external finance and other priorities. In Australia as in Africa, our focus is now on the fastest pathway to positive cash flow for each project. With a gold Indicated Resource in Australia we could process a mining application and an environmental study in parallel, with a plan to process material through a nearby facility eliminating much of the construction phase. We continue to expect an early and positive resolution in the DRC, where our arbitration claim is for $7.5m, and we have a court judgment against our former partner for $2.5m. The former of these we could expect to be paid soon after award. If Elephant Oil can achieve a Q1 listing, this could progressively release funds to us over the course of the year although we expect the bulk of the holding to be subject to a six month hold period after listing. Red Rock Resources Plc 5 Annual Report and Accounts 2023 We expect on renewal of Kenya licenses to be able to negotiate agreements for joint venture, farm in, sale or development as seems most appropriate for each exploration area. The aim will be to bring forward as far as possible the date on which we obtain value, first, for our receivables, and second, put ourselves in a position to gain from future production, whether by royalty or by shareholding. The Company’s policy is to retain royalties on all assets passing through its hands. Royalties are held on iron ore in Australia, gold in Colombia, multiple gold and metal licences in Australia, lithium licences in Zimbabwe, gold licences in Kenya, and gold licences in Burkina Faso and Ivory Coast. During 2024, we expect a resumption of royalty payments from the Colombia gold royalty, as Soma Gold, the operator of our historic El Limon plant and mine, has completed the upgrade of the plant to 275 tons per day, and is projecting production through this facility of 8,000 oz of gold over the course of the year

We expect to generate cash from sales of assets and from court and arbitration awards over the next few months. However, we are now in a position to start selling product, initially from Zimbabwe lithium, and a key task is to ensure that this item increases during the current year of account to the point where our sales and profits expectations provide tangible support for our value. If proceeds are not received from the DRC arbitration early in the New Year then the Company will implement some combination of cost reduction, joint venture or farm ins, asset disposals, and financing, in order to focus on those activities that can lead to early cash flow.

Current and Future Developments We have secured a lithium mining license and have a stockpile of material in Zimbabwe, and made our first exports during Q4 2023. Sales of initial exports will occur upon arrival in the destination port, and further announcements will be made as these occur. Additional license areas have also been granted. The lithium price has declined substantially in the last year and exports from Zimbabwe have become strictly controlled and difficult for most producers and this provides a good environment for us to tidy up some other licenses and conclude the grant or transfer processes in those cases and look at other ways to optimise our long-term position. Until the rainy season ends in the Spring in Zimbabwe, our plan is to continue to export from stockpile and avoid extensive civil works in muddy and rainy conditions. We are currently funding our product pipeline from mine to bonded warehouse in the destination port. The working capital requirement of funding a 2-3 month pipeline before getting paid for product means that we are starting on a modest scale, with 200 tonnes of ore. Once we have established that the pipeline is working efficiently, and that customers trust our product, we shall aim to sell product before arrival at port and so shorten our payment cycle and reduce our working capital requirements. Potentially significant volumes can be exported and sold by us, but by the second quarter we will have a better idea of how this business is likely to develop, with continuing developments in Government thinking likely to require a flexible and creative approach, but also possibly offering new opportunities for the nimble. After careful analysis, we will not be putting up a flotation plant at this time. In Burkina Faso we are starting to map and sample key areas on a grid, and on a larger grid which will cover the whole license. We will later auger drill the alluvial/colluvial areas, at the same time as continuing hard rock exploration. We intend to start trial mining of gold soon, and then to accelerate work to get semi-mechanised alluvial mining permitted. We, therefore, have a clear strategy for sales of lithium and gold from these two countries through 2024 .TBC

Incoming commodity price links and Neighbours posts from the Board Jester to look forward to.

Other Board tearing the accounts to peices. Starve your SHs with zero or misleading information what do they expect !!!

The account were out early than normal and the requirement to report on post balance sheet events has expired.

Word on the street is RRR have a £1m loan lined up with a 45% arrangement fee and the now going rate of 0.5% per day.

All in time for Xmas and of course to be paid back from the soon to received DRC proceeds.

We the SHs won't know the terms of that loan until Dec 25 if RRR is still here.

So Andrew will be the boy in the sweet shop

This post is tounge in cheek but underlying it is a serious point.

If DRC does not arrive quick this company has a short shelf life.

Even with DRC the finances are still poor and dilution will be imminent.

The accounts reveal for the first time £1.35m of usurious loans all acquired since the 31st December 23 half year report. Details of individual arrangements at the bottom of this post.

Six month cost of this borrowing = 282.5k (arrangement fees composite 21%) + interest of 297K (182k on just 200K of the loan ). Total = 579.5K (composite APR = 85.8%)

This has caused the Trade and Other Creditors plus long and short term loans less cash of £4.00m on 30th June 23 and £4.393m on 31st December 23 (half year report) to spiral in the first six months to 30th June 24 to £6.593m. (£2.2m growth in first six months of 2024 )

That dead end poster known as H5O said we were exaggerating the debt for 31st December 24 when we said £7.4m !! How little he knows.

Just like the chancellor that Helpful thinks I am, This Rachel can today predict RRR group closing debt at 31st December 2024 is not £7.4m but £9.6m.

And with APR equivalent of 85.8% it does not take a genius to deduce we need DRC quick, and are not in a good place. Even if RRR get DRC the legacy has been squandered, and further fund raises will be needed

Accounts extracts

“· Over the course of the year £1,050,000 was drawn on an existing loan facility with a high-net-worth investor. The facility attracts interest at 20% per annum and carries a 20% redemption fee and has been recognised in current borrowings.

· During the year a loan from a high net worth investor of £50,000 remained drawn, carrying interest of 0.5% per day and a repayment bonus of 30% and has been recognised in current borrowings.

· During the year a loan from a high-net-worth investor of £150,000 remained drawn, carrying interest of 0.5% per day and a repayment bonus of 25% and has been recognised in current borrowings.

· During the year a loan from a high-net worth investor of £100,000 remained drawn, carrying interest at 20% per annum if unpaid at redemption date and carries a 20% redemption fee and has been recognised in current borrowings.”

Helpful it's very seldom long suffering RRR shareholders are able to see company information. The company hardly ever affords us that privilege. So I would not call reviewing the annual accounts wasting a life.

In your expert opinion what do you make of

- ALR impaired down to Nil ? Presumably with the 200 tonnes most of us doubted existed. ? Very sneaky.

- £3m owed on obligations to Kenya to make it sellable ?

- More spent on Greenland than our prime FASO asset in these accounts.

- Loans from HNW individuals at 30% arrangement fee and 0.5% interest per day !! One of your loans or your clients ?

- My previous estimate of 31st Dec 24 debt of £7.4m has been materially revised upwards to £9.6m. Which means even DRC only keeps the lights on before confetti replaces it.

Sorry to dissapoint Helpful it's a refreshing change to have something to review. It's not wasting a life it's protecting my Shareholding.

In my professional opinion RRR is not in a good place and any professional who suggests otherwise is intentionally misleading or needs to hang up his boots.

Which will it be Stephen ?