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He needed the readies to deal with Victoria. I have never commented on the agreement. They had to drill otherwise Berringa would not get renewed.

It looks like they have come up trumps in Victoria. Prior to seeing the 3D model, I was pretty negative on RRAL (I still think he should have sold it some time ago) but the model changes everything. Now that it looks like the drilling has confirmed the model, the potential is a multiple of what the resource was previously. If they have an accurate model then it means that drilling can be more effective and they need less drilling to get a reasonable estimate of how much gold s in place.

The vendors reckoned 540oz gold was in place: with the 3D modelling and the drill results it should be a multiple of that and at decent grades. Grade matters because it increases the recovery of gold and it reduces the marginal cost of recovery. Hopefully, they can now get on with the IPO.

In DRC we have been dealing with multiple wriggly people who have each been trying to carve out something for themselves at our expense. As with all these things, eventually they run out of road and things time out.

RRR just has to keep saying, No we want our 50.1% and no we are not going to compromise.

DYOR

https://twitter.com/nbgoldcorp/status/1626194133361561600?s=20

Two very important bits:

1. license is renewed.
2. This proves up the 3D model that NBGC posted. The visible gold means high grade and it wasn't nuggety. Disseminated high grade gold is a big deal.

Assays should start coming in soon

DYOR

https://twitter.com/TereaAfrica007/status/1625812698880479232?t=_ejAJ8BwwMTNfNNENCIcWQ&s=19

Robins, I don't know what it is but you seem able to get the wrong end of the stick on absolutely everything.

I didn't say we would get $420mil, anywhere. $420mil is the figure in the public domain as the amount paid by Glencore to Gecamines for Musonoi and the two other licences.

We have proved in law in DRC at multiple stages that the JV was owner of those licences not VUP. VUP's case was that they sold the licences back to Gecamines in exchange for $20mil; that $5mil had been paid by Gecamines to VUP and $15mil was still to be paid; VUP sued Glencore and Gecamines jointly in the DRC court system for the $15mil; we intervened in the case and proved that the JV owned the licences and that 50.1% of the $20mil was due to RRR. That is what all this palaver has been about.

After we have the 50.1% in our back pocket we need to decide what to do about Glencore. If Glencore tortiously interfered in our contracts with VUP and Gecamines (ie., the basis of the VUP case in the DRC courts against Gecamines and Glencore) then if we can prove that, our minimum position should be $420mil-$20mil)x50.1%. Our maximum position is 50.1% of all future cashflows plus costs and other losses. Most likely the claim will be split into two parts; the 50.1% of the $400mil and then the consequential losses.

A bit to be done yet. It could either go all the way to a hearing or Glencore could look to settle fairly quickly.

DYOR

Yep Tragic was one of those that said DRC was worth nothing and it was just a scam. Well that scam turned out to be worth $420mil to Glencore.

We are where we are because someone tried to rob us in Kenya and someone did rob us in DRC.

DYOR

*but NOT several thousand dollars a tonne more...

Everything comes to he who waits. We are doing very well even though it might seem otherwise. Sometimes things don't happen on time and it turns out that it is a good thing and not a bad thing.

I didn't put any numbers in the public domain, I commented on numbers that AB put in the public domain.

He said that the local price for 2% lithium ore was $300/$350 a tonne and in the export market in South Africa that the price for 4.5% ore was $7k a tonne. I don't know what the current prices are.

We have two licences; Tin Hill and Beatrice with a number of licence applications in process. ALR was modelling 5k tonnes per month at 2% lithium. The cost per tonne won't be much; $30/$50 region.

To beneficiate to 4.5% grade we need to put in floatation tanks. So the costs will be a bit more but several dollars per tonne more. So we need to get to producing 4.5% grade asap. Then we need a drill programme on each asset.

My preference is to just dig it out and sell it. Any price we would get offered to sell ALR would be at a massive discount to DCF.

Beatrice is likely to be similar to Tin Hill.

We are very likely to have tantalum at both in addition to lithium but I don't know that we do.

Fingers crossed.

DYOR

https://twitter.com/TereaAfrica007/status/1625484320994480129?s=20&t=l6fmxSseQMClJEU5ht35jQ

https://twitter.com/PeterDClack/status/1625271731366793216?t=eUjRk_dcgsgcL4u5Ok5yrA&s=19

https://twitter.com/Ole_S_Hansen/status/1623969068335218688?t=ymxsHas7yHi6muOHNR9qsw&s=19

Reconnaissance Energy Africa up over 100% in the last week. Current market cap is CAD460mil+.

A lot of excitement about Namibia right now.

https://www.upstreamonline.com/exploration/totalenergies-throws-half-of-this-years-exploration-budget-into-potential-new-golden-block/2-1-1400964

DYOR

https://twitter.com/KasongoKas/status/1623419151392833543?s=20&t=P8tSrb24kwbzWY14WyNPAA

I posted the Bloomberg article about the Indaba and DRC on here.

DRC wants to boost mining investment into DRC: if companies cannot rely on their property rights in DRC it ain't happening. I would suggest that DRC will fully cooperate with RRR pursuing it's rights against Glencore in due course.

It would also help if there was a flagship company DRC could point to as a real life case.
DYOR

I have no idea why he has ended up in Turkey. The usual route is Kinshasa, Addis Ababa and London. It seems a bit off route.

Hopefully we still get an RNS tomorrow

Wrong direction but you know that..

https://twitter.com/ABell2019/status/1623342087096655874?s=20&t=vGsiCMS_TA2Aede1WTVULA

Make of that what you will.

DYOR

Greek Hovel on ADVFN. I have been told several times that this is Winnifroth but I don't know that.

05/2/2023
18:19 With 1.3b shares in issue Red Rock would be valued at £13m @ 1p a share - not much.

Cash being pursued in the Congo amounts to $7.5m + $2.5m + an element of costs -> c$2m totalling $12m or approx £10m.

What appears to be forgotten is Andrew Bell suggested (more than once) that this cash would

(a) unlock a potentially significant value enhancing deal in country
(b) pursuing a mining major for compensation ranging from $50m-$100m (or even more)

The IPO of Elephant Oil on NASDAQ is expected this week - RRR equity stake worth $1.5m.

Maybe, finally, long suffering investors in Red Rock are about to be handsomely rewarded.

https://www.euronews.com/my-europe/2023/02/07/in-u-turn-brussels-recommends-eu-wide-exit-from-controversial-energy-charter-treaty

https://twitter.com/Raphfel/status/1623226293394317312?t=vwQbfBtE6rLSV4eCC6sRGg&s=19