RE: Bell doesn't agree with Helpfuls "absolute gift"12 Aug 2021 13:52
He does agree with my "absolute gift" comment. I have conversed with him this morning and yesterday. I bought another £6,500 yesterday and will be buying more shortly.
All the CLNs converted. The only debts that appear to be outstanding are a bit to the former driller in Greenland and the loan that was rolled over from from Riverfort. Anything else is just day to day.
It would be worth people going and looking at the deal that was done with Kansai and working out what the implied valuation is for the whole of Migori.
I have asked geologists who have been on the boards of other AIM mining companies what they thought Migori should be valued at. The response was at least $30 an ounce of gold in the ground. The reason for the the $30 is it typically costs that amount to find an ounce of gold. 723k oz in the last JORC gives you about $21,690,00. Adding back in about half of what was removed from the latest JORC adds about $7,155,000 of value. AB has said that RRR has to aim to add gold resource at a cost of about $10 an ounce. So anything less than a cost of $2.385,000 to add that resource back is good value. However, this is not exploration as such and RRR should be able to add most if not all of it back for about $100k.
If RRR does manage to add back resource and improve the grade then Migori will move from a marginally attractive project to seriously attractive one. If you do the calculations from the RNS issue 10/08 you will see that the JORC posits that extraction will cost $579 per oz of gold recovered before finance costs and overhead. That is better than North Mara.
And he is right about RRR doing work will attract attention.
DYOR
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