RE: ALR interview30 Mar 2023 18:48
Robins, I understand he has done six of these interviews and will touch on each African asset in turn.
ALR should be in production before April month end (subject to the real world and stuff getting in the way).
Banbury, it is not a case of shiny new toy. ALR was funded outside RRR and the work has been proceeding, a bit slower than intended, but nonetheless proceeding. It is now time to flash this ace. Tin Hill should be in production end of April, Beatrice probably around June/July and we have other licence applications that we should hear on very shortly. We have an NDA signed re ALR with a very decent company. Ask yourself, why a very decent company would approach ALR/RRR and why would they want to sign an NDA? Hint, it isn't because they are bored to death and have nothing better to do.
On Elephant the process is that you submit your S1, the SEC reviews it, that takes about two weeks or so and comes back with comments. The company then has to respond and resubmit the S1. That is the process and that is what is happening now. Another revised S1 dealing with the SEC points will be submitted and then eventually, the company will get the nod just like last time. I expect the resubmitted S1 will be up on the SEC site tomorrow but who knows? I was hoping it would be there today. RRR has no input on Elephant, it is merely a shareholder.
RRR is cash hungry because the assets are being progressed. When an update is put out, it doesn't mean that asset is the new shiny toy: it means progress has been made and the market needs to be updated.
No asset has been dropped or has failed. Some move along more slowly than others. If more money was available more progress would be made and more quickly. I expect the pace will step up shortly.
I have said for a while that ALR will do well and it will. As things stand, ALR has the most upside in the portfolio. The biggest issue is stop AB selling it out too soon. It maybe that once more work is done, that Luanshimba or the Akon JV look better. If they did they would have to do well to be worth more than ALR. For instance, the Macalder tailings and Migori are worth nowhere near as much as ALR. To get Migori into production is a medium term job and expensive. Macalder is easier to bring into production but still probably needs $6mil/$9mil: much better to flip it if we can.
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