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No

To the North of our Ballarat licences..

https://twitter.com/ecrminerals/status/1631672625234624518?s=20

Spec, you have totally got the wrong end of the stick here. The Gold bit refers to the asset that was being reversed into a cash shell (the RTO): it is a gold asset. Absolutely nothing to do with RRR except that they placing a post money valuation of £6m on something that is nowhere near as good as Migori or Victoria. It demonstrates how undervalued Migori and Victoria are.

DYOR

If they are pretty sure about success and they can get payback in about a month then they should be doing them as fast as they can. Maybe the ranking process has been slower than intended because of issues elsewhere?

Pawn, you have to take into account timing and cost. The smaller rig is sat there and is available. They should be able to do the well deepenings pretty quickly. The cost is negligible: at 45 bopd and $80 oil, they get payback in about 1 month. There is a huge cost for the horizontals, a lot of risk and take forever.

DYOR

Pawn,
Yep but there is an issue about going for the big win in that long horizontal drills are by their nature riskier to complete successfully.

In my view they should be prioritising the well deepenings they told us about. $100k a well for 45 bopd is much better, lower capex is being risked per well and decent results.

https://www.londonstockexchange.com/news-article/BLOE/well-test-programme-results/15766891

"An opportunity set of 15 existing vertical wells is being ranked to define the optimal deepening candidates."

The above was from 21st December so they hopefully have completed their review.

DYOR

PS it is a gold asset.

RTO stands for Reverse Take Over.

It is where you have a shell or cash shell listed on AIM or another market where the shell enters into a takeover of another company or business. If the existing shareholders end up with less than 50% of the merged companies or it is a material change in the shell's business it is referred to as an RTO.

They have to issue a new listing document which takes about 3/4 months to put together and costs £200k/£350k to put together; so an expensive process.

This deal was £2mil pre-money for the shell, £2mil in shares for the asset and £2mil new money. So post raise, £6mil capitalisation.

DYOR

Just been sent a gold RTO; £6mil post money capitalisation. If they manage to get that away then Migori has got to be £30mil plus and NBGC £10mil plus.

DYOR

https://twitter.com/LithiumIonBull/status/1628775276229591040?t=CYzB0NAEkVYCUWgwzd6dFA&s=19

PG11A is being paid for out of the monies owed to AST by our partner.

It is on V O X M A R K E T S hence why it is censored.

https://www.**********.co.uk/articles/andrew-bell-of-red-rock-discusses-the-acquisition-of-its-first-lithium-assets-in-zimbabwe-01ffb94/

https://www.miningweekly.com/article/red-rock-expects-eia-for-zim-lithium-project-to-be-finalised-by-february-2022-12-20

Well we are waiting on the EIA for ALR; we should have it any day. Once we have the EIA we should be in production pretty quickly, maybe 10/14 days (down to what happens on the ground).

My point on African Minerals is that it is possible to operate a lithium operation in Zimbabwe and how much it was costing AM. But AM is looking to do 55k tonnes pa Vs ALR doing 5k tonnes pa at Tin Hill. Likely we will do the same at Beatrice.

The other thing is that AM is stock piling by products for later processing including Tantalum. I am 99% certain we have Tantalum at Tin Hill and 60/40 we have it at Beatrice. ALR hasn't done the necessary testing to confirm Tantalum.

DYOR

Cote d'ivoire: interesting...

https://www.listcorp.com/asx/a1g/african-gold-limited/news/pegmatite-discovery-on-agboville-project-cote-divoire-2827441.html

A much bigger operation that what ALR/RRR is planning...

https://www.lse.co.uk/rns/PREM/zulu-lithium-project-pilot-plant-elml4lp4oz5nut6.html

Someone else doing lithium in Zimbabwe

https://www.share-talk.co.uk/announcements/rns/premier-african-min/zulu-pilot-plant-update/202302211300016005Q

https://www.premierafricanminerals.com/projects/zimbabwe

DYOR

The problem with DRC is that AB is dealing with wriggly people and has been all the way through, not just VUP but others too. People have been trying to insert themselves into the process all the way along, trying to carve out something for themselves at RRR's expense.

It looks like RRR is close but then it has looked that way for months; until the deal is actually signed nothing counts. Until everyone trying to carve out a piece finally accepts that the deal is the deal and it is not getting changed, this will drag on. With luck we are at the point where it gets signed but WTFK?

Meanwhile, lots of other news incoming. I thought the news on RRAL was great, it confirms the model which is the important bit. We should have the first assay results this week.

ALR we should have news shortly.

BF and Cote d'ivoire are due updates.

Kenya should be getting interesting shortly.

DYOR

https://twitter.com/RRR_RedRock/status/1626226215249154054?t=z1rzXWUolqm2kQubJ4TxRQ&s=19