Member Info for Banburyboy

Talkinto great to see you back.

I find the whole Lithium episode fascinating. Anyone with a better memory than me know why we ended up buying from a third party or if that's what they said and when and where ?

If they are sat on 200 tonnes of third party Lithium it must be causing a pretty big loss ?

If they are not then that's a completely different story to join dots on.

Yes on stockbox softballing but we make up for it on here with some lively holding feet to the fire.

The issue of the security over assets seems to exercise the CEO. It's still not being shown as satisfied on CH website. My main interest is if its now got new ownership. Helpful wanted to buy it Topham has had it before. Rather Machavellian but given a dystopian no DRC world that security is very valuable.

Great post Zumore no wonder he's keen on Ivory Coast he's invested in the licences . Independence and impartiality par excellence.

We await DRC news before AGM ?

I think Helpful every single investor but you would want to pause until DRC is complete.

Had RRR done that and conserved cash share over the last six months count would be 1.5bn lower and SP three times higher. The cash needed for CoI plus BF will mean more dilution and a lower SP. Its unfortunately a death spiral. Wrong strategy over reach Unless DRC is dead and it the final roll.

Fear not everyone.

"RRR is in a good place" - Helpful about a week ago.

It ain't done till its done - fills us all with excitement and expectation.

Talk into I think with DRC SP will double. I am on record as saying it won't hold 0.2p though . Too much dilution.

Problem is if Bell gets his 1.5m shares it might not double from 0.075p.

Not sure Elephant has any marketable value full stop given the repeated failed placing.

But I could be wrong.

What do you think about the loss from holding Lithium in situ from Nov. If it was RRR Lithium it would be a paper loss only . But they say we brought it from others ? So a cash loss unless RRR hedged.

Just a shame we brought 200 tonnes.

Thanks Zumore

I think the point is RRR coal is a subsidiary we use for loans. That's evidenced as a fact in your research.

RRR coal accounts take advantage of the rules on small company non disclosure allowed by the reporting body so say the absolute minimum.

All legal and accurate but not entirely transparent.

I used the word "hidden" to describe this which Spec [ who do fair is having a dig at Helpful as well as me] got really excited about. Nothing inaccurate or illegal. But it did bring out Mr Bell to say the security had been satisfied. Not related but good to know and hopefully CH records will be updated soon.

NKOTB - look in occasionally imagine if it was just SQZ for sale [ rather than the baggage of TWND ] . Old co would be £4 a share cash even with EPL.

Hope you get a good Operational update.

Spec - accurate [yes] . Except the subsidiary note was not updated from 2022 to 2023 by Littlejohns. I had written to them. We will never know on 47%.

They have a rather opaque ( but legal as I know what a stickler you are) structure which "hides" from obvious view some liabilities in Subsidiaries.

The main one is RRR coal - Zumores post of 11.26 explains some of the arrangements done through RRR Coal. As I have repeatedly said even before Mr Bell arrived to post all legal.

Hopefully the use of opaque and hides suits you rather exacting criteria of what's fair game to ask ?

Hope it's not to cold in Canada ?

Lithium price down 30% since we got 200 tonnes. Do you think we have hedged or are we sat on a huge capital loss. Is that a fair observation ? What's your views ?

Mr Topham had a charge on all the assets dated 21st Feb 2019 it was fully satisfied on the 22nd June 2019

The Prime Resources limited one was created on 27th May 2022. Mr Bell is saying its been satisfied just paperwork over sight.

I wonder if a new one is being raised ? Perhaps Helpful brought it ? Or one of the new investors.

Nothing libelous all a matter of public record and good clean fun. DYOR and IMO

No talkinto I got a veiled threat of legal action. He also said a security / charge over RRR assets had been discharged but companies house records had not been updated. Incredibly strange thing to admit. Shareholders can only assume records are up to date. The issue of the securities is curiouser and curiouser.

Thanks Dukey and Zumore for digging out the Helpful post. Really appreciate your support as it not nice.

" woe to him if he is someone who has allready undertaken to cease and desist "

I beleive thats a small subset of one Gary Carp.

I'm not him.

Let's hope they don't branch out into private dectective work.

Andrew if you are reading I will back down when Helpful does. Hundreds of people like Helpful posting ramping rubbish on these boards but NONE of them are holders of CLNs and

10% of subsidiaries of companies they ramp. Its wrong at every level and why this board is so vehement.

Speculative . At 16.09 BEFORE Mr Bell arrived to correct your over literal interpretation of my post I said.

"Speculative on boards we are not lawyers. Hidden away in dormant subsidiaries. NoTHING ILLEGAL but £2m debt all the same"

I could not have been more clear NOTHING ILLEGAL. I then asked Mr Bell about RRR Coal which has previously been used to facilitate loans from Riversfort - please check ( and for the avoidance of doubt not illegal).

Mr Bell then posted that the security which we have seen on this board numerous times at companies House for a £1m to Prime Resources Gibraltar ( Not the UK Prime Resouces with the unfortunate named Director) had now been satisfied and due to an oversight had not been removed from companies house.

It's still there as outstanding this evening.

I just find the security really interesting :

- the completely unfortunate co- incidence of the two Prime Resources and surnames.

- the absolute fury about the issue when I raised it. I was threatened with legal action then. Its twice now and the " security " is the common factor in both.

- Helpful bragging about trying to buy it. Massively unusual.

- It's now closed but the paperwork is late and the chair sees fit to come on the board to tell us. Really unusual.

- An oversight in the paperwork again governance so lax.

What caused it to go from something helpful wanted to buy to being closed ? If I was a major holder not party to the benefits of the charge / security i would want it closing before providing funds [ 500k placing guys ] Conjecture on my part but human nature.

Or it could be DRC is just round the corner ? I hope so.

Anyway thankfully it is being satisfied and I look forward to reporting back on the filing.

I think the reference is to Gary Carp. I'm not him or related to him or instructed advised by him. As i have said before having read the details of the case the company was completely right to throw the book at Gary.

As stated many times my main purpose for posting is to act as a counterweight to Helpful Lundy " RRR is in a good place" . I think his posts are misleading and harmful. DYOR and IMO only.

Thanks Andrew.

I'm only going on what's in the public domain re charges. As you say if its been satisfied you can update the records and clear this up.

You.will know Helpful he suggested he and a mate tried to buy the charge so seems to concur with the CHouse view it was live and unsatisfied until recently. I thought that was really unusual [ Helpful trying to buy a charge ] But if it's satisfied great and the records will be updated.

I am aware a security is not debt but wonder what the purpose of RRR coal is. In previous accounts it disclosed as holding a loan from Riversfort Global Opportunities. The accounts of RRR Coal have minimal disclosure which is fine but I do wonder what the current liability balance in RRR Coal is ? I'm assuming it's a loan as it was previously. Any light you can shed greatly appreciated.

Speculative on boards we are not lawyers hidden away in dormant subsidiaries. Nothing illegal but £2m debt all the same.

Speculative we are going over old ground.

The £2m loan is in the accouts and is to RRR coal. You even looked at their account six months ago and got the wrong end of the stick. The ultimate beneficiary is prime resources limited a company spookily with an identically named UK director called Ross Edward Bell. Surely you can't forget that ? They also owe Kansai £1m and CLN holders £1.5m. That's why finance charges are so high.

The RRR coal loan is very sneaky but the ownership changed a few years ago.

So from the accounts to 30th June 23 cash flow statement..

Real cash outflow on operations £1.5m. Finance charges 0.6m. So burn £180k a month.

More fingers in more pies and more debt and finance charges now so I would say 250k a month.

Share issues and borrowing in the reported year to 30th June 23 were £1.7m with the rest supported by increased payables.

So in the new year he has raised £210k repayable loan 19th Oct 110k 11th Dec and 500k 14th Dec [820k].

My guess is tank dry by end of Feb and raise needed. We have a hidden £2m loan through RRR coal with a charge on assets which might be increasing who knows ? Helpfull confessed to trying to buy the charge. I wonder why :)

Not sure I buy any of the capital tied up in Lithium they don't have the cash. I think it's back to the fake pictures and it will dissapear from sight. I may be wrong.

Talkinto - he did a 25 to 1 consolidation a few years back. There will be multiple small shareholders with balance on there ISAs and SiIPPs valued at £10 or less and not worth selling.

The way AB is going we may have some more.

DRC news will be leaked so watch out for a huge amount of buys sells on no news. Allways the RRR giveaway. Nothing yet makes me think days is optimistic

Interesting question Talkinto.

The legal floor is a nominal value of 0.01p. He can't raise lower.

So 1.5bn shares at 0.05p will raise 750k

Next raise say 0.3p say 3bn shares raising 900k.

Final role 5bn share at 0.01p = 500k.

So worst case scenario for me is 12bn shares in issue a price of say 0.02 ( same cap as now) with £2.1m raised.

That will keep RRR going a year tops. So he definitely needs some "income" producing event. Finance charges are getting huge and I'm not sure that will last a year.

RRR is in a good place - Helpful last week :)

Well Helpful the bashers have never been wrong yet. You have been wrong for five years.

Use the SP as evidence to your woeful advice.

Dukey

The bit I love is they redrafted the annual accounts at the last moment to reflect DRC NOT being received.

Looks like they led the auditors up the garden path for no reason other than saving face.

It's a trait deny failure don't mention Greenland it never happened.

Lithium exports complete face saving tosh as they over hyped tin Hill face saving.

DRC it was so certain we drafted the annual accounts as if it had been received.

Last three accouts have all had funding concerns and mentioned asset sales Elephant Licences and the kitchen sink in terms of joint ventures . Nothing has ever been sold not even close.

Then we have the resident investment advisor Lundy posting. RRR is in a good position and nonsense links.