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News, they are just plonkers.
Dukey is on at least his third user name. The last one was deleted, at his request, by admin after making drunken threats to me and salacious/vulgar comments about his wife/girlfriend. He then squeaked that he just wanted certain posts deleted and not the whole account....
The drunken late night comments are a feature but have been less frequent lately.
Anyway, not seen the one about my size.
DYOR
news, they talk through their bottoms.
the reason that rrr got musonoi is down to andrew bell and no one else. https://www.proactiveinvestors.co.uk/companies/news/209771/red-rock-resources-proceeding-to-completion-for-cobalt-and-copper-assets-joint-venture-in-the-democratic-republic-of-congo-209771.html
originally, drc was a tailings deal. we were promised x grade and y volume in the tailings and when rrr then did auger drilling it came up short. we were offered different tailings but they then went elsewhere, contrary to our agreement. 1620 capital (now bring minerals) and vup were for giving up. ab secured musonoi and the other two licences as compensation. at the time there was a moratorium on new licence grants but because this was compensation the grant was considered outside the moratorium. except for ab's persistence and negotiating skills, rrr would never have secured the three licences that were subsequently sold to glencore for $430mil.
he has secured good licences in victoria, zimbabwe, cdi and in burkina faso.
operations is not his skill set. getting good deals and good licences is his skill set. he also good at working through the legal messes that crop up in these jurisdictions.
their assumption is that super star ceo will walk through the door and make the world a happy place. the reality is that all junior mining company ceos get ****ged off eventually. look at ggp both ab and his sidekick pj got ****ged off over that, as did borelli.
dyor
I just had a quick look at some of his drivelling. Thick doesn't do him justice.
1. Cost of production: this is driven by the grade and how fast the alluvial can be processed. It is also driven by mechanised v semi mechanised production. Hard rock, at depth is typically $900/$1,000 per Oz as in the case of Soma Gold.
2. Mechanised at volume production will likely be around $300/tonne. In the short term it will be higher.
3. Water: the company has said it will need to drill two boreholes for water. We have seen that illegals have already drilled a well: the pictures are on Twitter. The water is recycled once the ponds are filled. Some will be lost to evaporation.
4. Heat: yep the company has publicly said it is too hot to operate during mid day. They will be operating two five hour shifts outside of the daily heat.
5. CLN: stands for Convertible Loan Note. The genius accountant is excited that he has found out that loans rank ahead of equity in a wind up. Surely accountants knows this or maybe this sort of basic knowledge is not required at KPMG?
6. It looks like the grade will be 2/2.5 g/t and that some gold is still fixed and so will need to be crushed. That means that total gold is a lot higher that 2/2.5 g/t. NB no one "knows" what the grade will be until the operation is up and running: that includes AB, Willem and Sam. Not "knowing" does not mean it is zero.
7. The illegals were operating a wash plant operation: that confirms that the grade is not zero.
DYOR
DYOR
News are you talking about Boring Boy? He has issues, lots of them. He makes stuff up and then goes on about the same endlessly. I doubt that he is a partly qualified accountant; his knowledge of accounting seems de minimis. For instance he went on for months about an intra company loan being an undisclosed liability. He was corrected about it several times but returns it it repeatedly. Same with the former charge on RRR assets. He simply doesn't understand what he goes on about or if does then he deliberately lies about them. I am sure KPMG would like to hear about one of their accountants trying to manipulate a share market and bringing them into disrepute. Holding himself out as expert (ACA KPMG) removes any defence he would have against being accused of market manipulation. Yes M'Lud, it was an honest mistake, repeatedly over months despite being corrected and being an accountant with KPMG. Yes M'Lud several mistakes (plural), repeatedly over months.
No one knows if I took the placing or not, I haven't commented and if that drives the trolls crazier then all to the good. If I did take the placing, where is the TR1? In fact no TR1s from anyone. I don't know but given who the broker is I suspect Mr Black took some.
DYOR
dukey, stick to stuff you know about, horse****.
another expert who doesn't understand clns, i used to get the same nonsense from tragic. he used to go on about what the terms of the cln were and how they worked and how i was up the creek. the clns have a very nice coupon, thank you very much.
dyor
"Just back from a one day trip to Kenya and already planning for a longer trip to Burkina Faso. And I so love the English Spring and I keep missing it ..."
He has said he has to be there for the start of operations: he effectively has said that operations are about to start.
DYOR
Tactically, RRR should only approach Big G after all proceedings in DRC have finished.
Once they have been finished and all doubt or arguments about the assets being JV assets has been removed that is when RRR should start the process.
It will also take a little while and some cost to put everything together. It is step by step.
DYOR
News, you need to be crystal clear on your thought process. This all would have been examined as part of the court case RRR joined in with.
VUP was jointly suing Gecamines and Glencore for non-payment of the $15mil, having already already received $5mil. RRR joined in when the case became public. If there was any doubt about ownership, how and why did RRR manage to get a substantive judgement in its favour plus a judgement for costs and compensation. This was in the Lumbumbashi Commercial Court.
This all would also have been examined in the Arbitration Court and was by a senior judge. If there was any doubt about ownership it would have been revealed by now.
It is a non-issue, it is a dead parrot.
DYOR
News, it is how long is a piece of string. It will be down to the board or new board in due course. Likely over at Kilmore we have lithium and rare earths as well but who knows if they are commercial.
They have to balance having enough cash to list for max value with dilution caused by the pre-IPO round.
DYOR
News, they are called a Cadastre; Burkina Faso, CDI and DRC each have one. I have been all over the CDI one to check out who is operating near to us. Like at Lake Kossou we have Koulou Corp to the North and Kobo Resources to the South.
The Cadastres are online.
DYYOR
Thanks
Https://www.lse.co.uk/rns/FMET/acquisition-of-sylvanite-gold-tailings-project-yz5d03su24ulw2k.html
Note 67,051 oz of gold: no 43-101 or JORC. Fulcrum is paying at least $340k.
The Macalder Tailings has similar gold in a Measured JORC plus silver and copper. If I remember rightly, it is 1.24mil oz of silver and 0.3% copper.
DYOR
No one would have believed it would have taken this long to sort out VUP.
Regardless the loss of value caused by successive raises will form part of the claim against Glencore. If Glencore had played things with a straight bat, things would have worked out a lot differently. If Glencore had dealt with RRR directly, as they should have done, then there would have been no fund raises over the intervening period. The loss of shareholder value is down to Glencore's behaviour.
DYOR
Https://www.lse.co.uk/rns/RRR/licences-obtained-at-bilbale-and-boulon-9vil2bnurpmn1uw.html
DYOR
Talkie, Stockbox interview re Burkina Faso
https://www.youtube.com/live/ICZSwt-tIU4?si=GACtw4frD_KGpHTq
DYOR