Member Info for briarbank

For full year June 2018 - 2019 results were posted 30 Sept.
Preliminary Results for the year to 30 June 2019

To pay RRR 's running costs, i.e directors salary's, wages, overheads, rent, travelling expenses etc. over the last year has been met by selling JMS shares...
Not enough left to pay Kensai mining , let alone further exploration in DRC, Victoria, Slovakia and outstanding loan notes..........

The "latest"number of JMS shares held by RRR was ca. 17.1m . So AB has sold another 1.3m without telling investors or the market. With JMS average ca A$29c works out about £212k.

RRR 'S D/D to acquire 50% is up in 6 days (next Monday) then 250k euros payable in shares , 5 day average (this wek)

Longterm. If you purchased 33m at 0.2p last March that is £66000. You took a big risk. You have done well. I have put in much more than that and lost > 95%.
But if you had done your homework on RRR past errors over the last 10 years, NOBODY IN THEIR RIGHT MIND WOULD HAVE INVESTED 66P LET ALONE £66k. But in your case you have been very very lucky. But knowng RRR you must keep a close eye. The SP can and ofen has droped rapidly.
The MM have been kind to RRR , because it has not made any substancal placings. Avoided such by selling a few million of JMS. But this can't go on for ever. All exploration miners need cash, and only "earn" cash by selling proven assets.
Licence applications cost. I shudder to think how much RRR has spent hiring a legal team in Nairobi to get the Kenyan Ministry of Mines to change its mind. But what RRR really needs now is a Mining licence. To build a mine from scratch costs. RRR Track record developing a gold mine i.e. El Limon is appaling..........Spent millions to buy 50.1% and millions more to open new tunnels etc.......Sold out at a great loss. Only $2m cash. And $3m in royalties, Very poor to date.
eg. $2.5m has to be paid to previous JV partner when Migori exploration licences renewed after 5 years.

Well something has awakened interest in Goldplat. 19 trades so far today...................RNS waiting in the wings? We could do with some updates.

Magic is almost certainly right, in that RRR has been selling more JMS shares to keep going and to pay travel expenses.

Again hiding bad news?

Helpful...............It is noted, that you also don't know why RRR didn't inform the market wrt to Steemin wrt my post 19.21. Q1 &2.
Ans Just wanted to bury bad news

Magic...................I have been wondering for a while now how RRR has been paying it's operational costs. I SHOULD HAVE GUESSED. Selling more JMS shares without informing market/investors.
But this the "family silver", and RRR have relied on its. divis.

Another Question to Andrew. Have you been selling more JMS shares?

Helpful: More questions for ANDREW.
I know this is old ground, but clear answers would help us all to move on.
STEELMIN
1. Why didn't RRR with its 22% ownership , inform the market, when Steelmin was put into Administration?
2. Why wasn't the £1.1m loan RRR gave to Steelmin, announced to the market. And further the Market was not informed when Steelmin was put into administration and RRR's loan lost.
3. Why wasn't a feasabilty study carried out by RRR, before loaning Steelmin cash, to gain initially a 16% stake, with the most important factor being the certain rise in the cost of electricity, vital for arc furnaces.
WHICH DID , AND RENDERED THE PLANT UNVIABLE .

There's more.................but just for starters.
El Limon
3. Why doesn't RRR announce the royalty's , earned on a monthly or even quarterly basis?
(this could be a repeat of years ago when RRR had a majority stake in El Limon, when the Au prod. was announced going from monthly, quartelry and finally annually. )
.
via RNS)as a result of it's collapse into Administration.

For H1 330m ZAR = £14.685m But JMS OWN 49.9%
Assuming AB has not sold anymore, 0.8% then RRR GETS
£58,000.
thats enough to cover 1 months admin, and a little left over to pay for ca. 2 flights to Kenya

Porridge OATS. I second your suggestion. But more by luck than anything the SP is not subect to gravity.
And new ish supporters , dont care either with AB's past as RRR's CEO as long as SP keeps heading north.

to Helpfull ref. to your 8.07am post.

I DO NOT TELL Lies. I can make errors .
But wrt to RRR getting it's Migori licenses returned after 5 years of court hearings etc.
But note they are ONLY for exploration, NOT for mining.
RRR have spent 5 years drilling hundreds of exploration holes for samples to be analysed to JORC. RRR have also done feasability studies on Au mining in several areas.
But until they get a MINING licence RRR can not construct a mine to extract Au and sell it to make cash.

Years yet before that happens ................RRR's big problem has always been NO CASH FLOW generated by itself.
Hence regular issuing of more and more equity. Which has led to share consolidation of 25 old shares to 1 new oone

..........look at past RNS's to show that I am not telling porkies.

Thanks for your personal analysis, which you postulate that POW's Paul Johnson is a factor.
I note that POW SP has been doing quite well too, over the last few months. I know nothing else about POW. If they are primarily a gold explorer then, they have no tangible assets. Relying soley on investors buying shares.
Which brings me round to HELPFUL's comments that I know nothing about the markets. To a large extent He is right. But he chastised me for indicating that gold in the ground is "worthless". Which of course is not correct. But I was refering ONLY to RRR, because even after spending £10m over 5 years and reaching JORC in Macalder tailings and 5 other areas with Nyanza having upto 30gpt gold, which could be an open cast mine, IT DID NOT REFLECT MUCH IN RRR's SP, WHICH WAS LOW AND DROPPING. I distinctly remember RRR 's SP dropped ca 17% when the Ministry of Mining recinded RRR's Migori licences.
That said, RRR /POW have not got any licenses yet. But when/if they do watch the begging bowls come out. With such large areas it could take 10 yrs or more. Then feasability studies to see if mining is worthwhile.

Yes, I made a mistake. But long term PI 's in RRR, know how disastrous it was . Nothing has changed management wise. So still RRR being a money pit, never making a profit, except 1 year when "just". So OK gold h as gone up, but it is effectively worthless in the ground, you need to spend to retrieve it.
So why o why has SP increased x 5 in 6 months and doubled in 3 weeks? Nothing to justify the increase.
Kenya license only exploration. not mining. And in Migori, even licenced gold miners, are all locked down, on care and maintainance. eg. GOLDPLAT (GDP)

Pi jumping on the band wagon. I am sure many dont know or care of RRR 's track record.

Mission statement for RRR
1. We are primarily a gold explorer
We are a money pit. (never selling anything over the last 10years, except 0.75% Royalty JMS 8yrs ago .
JMS royalty $6m wasted on exploration for Fe ore in NW Greenland. Sold for $1.00.
2. We also bought a controlling interest in a producing gold mine . Sold it at a loss.2014
3. Income from a Mn miner JMS, and a few $k's royalty Combined, Not sufficient to pay RRR admin. costs.
4. Outstanding CLN's rolled over for over 2yrs. and 20% MC warrants to buy at 0.6p.
5. 5 years of legal costs in Kenya to regain exploration licences. Spent £10m until 2015.
6. Cost of licence applications in Kenya , Migori and in Australia Victoria.
7. Profits from investments eg. POW. but conflict of interest as AB on board of POW.
8. The above boils down to one directive We need your money to explore by drilling and hoping to get a JV to reduce costs.

Helpful.............He always fly's Business class and stays in Nairobi's best hotel's.
He can't do otherwise he has to portray himself as a succesful business man.
He has cost RRR a small fortune over the years.
ps And now to Australia.

ps He has been travelling to Australia for years , but as a director of JMS , they pick up the tab.

AB is commiting RRR to extensive costs.
KENYA
Renewed Exploration licence costs. Mining ministry Fees. Pay to Kensai $50k (should be already paid) and $2.5m before Nov.2. And more expense, core drilling and analysis.
A mining license is what is needed, to open a mine in Nianza.

Australia
Licence fees. And again surveys to decide where to drill and analysis.

Correction. Removal of licences date RNS 7 May 215

Now that the Migori exploration licences have been returned to RRR, this triggers cash paymeents to previous partner MMM of £2.5m and more . I cant find the RNS' s, can you? The licences were recinded on 5 MAY 2015.