Member Info for Banburyboy

Difficult to get a feel for what gold price means to RRR as we don't know how much of Greenstones ( the FASO subsiduary) is in RRR hands. So what's RRR net take ? The split is three way FASO government [10 or 15%] RRR and Riverstone [ our partner Sam's company].

Based on our balance sheet ( no cash) and what happened on ALR (Lithium] reduced very quickly from 75% to 47% - I suspect its lower than many might think.

An absolutely key peice of information for SHs that should be released immediately along with plans for 200 tonnes

As you say Robins Helpful should take me off filter to address these company specific critical questions instead of posting mindless commodity links.

Thanks Nike - off to enjoy weather cycling's my bag and two weeks in Estonia in June ( so I will miss first gold in Faso) there was a time when I could do nothing for three months and do 70 mile a day for a fortnight but at my age need to do a few practice runs !!

It's strange Nike but the guy that should be presenting the case for the defence Helpful is missing in action.

He has me on filter. He belittles everyone but I'm on filter as I run rings round him when it comes to RRR and legitimate concerns / questions / suggestions.

One solution for RRRs cash isdue is to forward sell the Soma gold royalty it would avoid destruction by dilution and is the most portable /saleable straight forward asset we have [ the same could be said of Lithium but I honestly don't believe the 200 tonnes exists anymore] .

Thanks Nike

Simply wall sheet just work on proforma assets at face value.

I think there is a reasonable expectation by them that the assets are assessed for impairment during the year. Its for the likes of me and you to research if they are.

As there is no active market and impossible to value the agreed area of interests approach [ the auditors cover themselves well] allows assets to recorded at Cost NOT valuation. [ That is key]

This will lead IMO simply wall street to over value total equity and all the resultant metrics look better than they really are.

Enterprise value - market cap plus short term debt I think is the most appropriate for RRR so £2m plus £4m = £6m. That's where Mr Market is now.

Hi Nike

Note 1.4.8 of the accounting policy explains the rather unusual policy of valuing the £13m of exploration assets. Its termed "area of interests approach".

In short as long as the Board are still pursuing an interest in them they are valued at unamortised cost. So even Greenland is there :)

The auditors Littlejohns are very clear in their key assumptions and conclusions on this. They have accepted RRR is a going concern at sign off in Dec 23. To get that sign off Bell promised for 2024 DRC [ for the third year !] and this year £1.5m of asset sales.

The auditors are really clear if it's not a going concern then assets will need to be reduced to net realisable value. I guess pointing to over valuation.

All there in black and white from the experts. The balance sheet is not reflective of the value of RRR assets. They have deliberately chosen an accouting policy that avoids having to hold them at current value.

Were they worth more than the carrying value Bell and insider Lundy would be scrambling to revalue them.

Hope this clarifies. £1.5m of asset sales means accepting offers for anything. Unfortunately no takers.

$20m in asset if not more.

Unfortunately not.

The lot have been for sale at any price with no takers for three years.

Instead shareholders have been obliterated from 800m shares to 4.1bn !!

Headroom to issue another 700m which is likely to happen in a few weeks. Because no one is interested in these world class assets. Its a steptoes yard collection of allsorts but we can sell nothing.

Sorry to disapoint maidit but most know this.

Maidit - it's not a conspiracy but reality. The SP reflects

- RRRs long history of not delivering

- A fear of more dilution

- awful charts

- less than transparent governance - Reach

- A poor short term balance sheet £4m of debt and spiralling finance charges.

- ownership and geo political concerns on our latest hyperbole. FASO horrible to do business how much of Greenstones do we now own. How does the arrangement with Sam [ Riverstones] work

You have been bigging up this company since the spike to 0.25p on Lithium licences a year back. You can see no negatives and its now all the market makers fault.

Take the blinkers off for once and think clearly. It's not difficult.

Noted - expand on how that helps RRR ? No one here knows.

Your adoring public await and hang on your every word.

On the other board the the two main posters (Noira and Kemeche) have lots of fun at SPLs expense. They call his conclusions "Nearology" the science of if you are close to someone else's drill within 1,000 miles the luck will rub of on you !!

It's pretty desperate stuff.

See he's winding his neck in on some of his more outlandish FASO predictions but we will.keep them for future prosperity.

One fact is half of all RRR RNSs land on a Friday so let's see what 7am brings.

Good luck

Doing business in FASO is like walking backwards through treacle.

First base is getting the equipment in. It's really tough ( not a critisism just reality) .

Stage 1 and 2 getting people and equipment in - would not suprise me if delays are months rather than weeks.

So my skepticism is both timing [ June] and amount [ $3.5m].

In March he was telling us mid April for production.

If Helpful was a horse his form would be FFFFF/ RPu FFFF. "Very poor maiden plater unreliable and ungenuine sort"

Nike - Admire the optimism but Scotlands not Faso.

Also RRRs share is TBC - split RRR / Riverstone / FASO government.

Interesting few months.

Completely factual by you Helpful

But missed two key points $3m cap and the filter down after $2m from 3% to 0.5%.

Not serious on their own but your posts IMO are unbalanced and intended to mislead.

$3.5m a month on FASO to RRR you are ridiculous. There is zero chance but you state as if its fact.

We are agreed $3m cap on Smelter Royalty which you never mentioned . Why no just unblock me and answer direct ?

Why does RRR not forward sell smelter royalty for $1.5m to avoid dilution / giving away most of Greenstones ( our FASO subsiduary) to Sam or dilution ?

Answer I suspect after a 2 year dispute with Soma on the upfront payment in 2015 the smelter royalty will be hard to extract from Soma.

I can read and might know as much or even mord about RRR than you and have a more objective and balanced view !!

Do this board a favour and take me off filter so you address my concerns directly.

Cap is $3m on royalty.

Date of agreement 14th April 2015.

Royalty 3% for first $2m

0.5% on final $1m .

Let's hope the 2 year legal dispute on the $2M up front payment ( sale value $5m in total) is not repeated.

Logically Mr Bell should be selling this to Soma for say $1.5m up front today. It might mean there is a company left or just 4 billion shares not 10.

Would be a great move and send the SP through the roof.

Nike - best of luck with the recovery.

You really do seem a nice person and poster

To be honest you have made me reflect on my posts.

I genuinely hope RRR does well and SHs do well.

I'm only really here because of Helpful and might have saved a few on the drop from 1 pence 2 years or so ago. Perhaps no one else needs saving and we ( not you) are just arguing with no point.

Just for balance helpful

1 - Soma loyalty is capped not continuous.

2 - RRR had a horribly acrimonious dispute over the core consideration in 2017 ( let alone the royalty) this took a lot of effort and a few years to resolve. I'm not convinced Soma will easily pay. Bell has rotten luck ( remember the barrel of nipples) so history repeats itself with no.proper contract.

God knows what happens to the FASO gentlemans agreement !!

Really pleased with the update and the reaction today. Feels like onwards and upwards.

Linda as others have said have played a blinder. No debt and yes no cash flow in 2024 but that's merely the timing of tax payments.

Loads to look foward to and I'm hoping if merger goes forward without hick ups we will see £3.50 - £4.00 with a nice circa 26p annual dividend.

After that who knows ? Take out by a major as expanded company looks really attractive. Solid hold for me.

Joint record low on sell 0.045.

Buys at 0.048 is record low.

I remember the arch conspiracy theorist H5o saying six weeks ago he did not think you could lose when it was 0.06p.

H5O wrong again- no conspiracies no shorting no financial shenanigans ! This is RRR lurching from one rainbow DRC to another Lithium and to another FASO.

All the eggs in FASO and the SP reflects the risk difficulties and complexity of that.

Helpful can and does post nonsense each and every day $3.5m per month to RRR from June by way of illustration.

The market and this board no its nonsense.

Nike - you have a lovely tempremant, and genuinely seem a nice person.

No hyperbole in your posts, merely trying to allways see the best in people ( on both sides of the divide here) and the best in the company.

You've posted for a while but in the last few months far more frequently.

Could I ask are you a shareholder and are you down on your investment ?

If there was anything positive you and the insiders would ne buying in spades ahead of mere mortals.

Selling this morning indicates no news