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Hard questions again.

Normally companies say that they have no plans and then do a placing with some excuse. In this case, the board has no authority to do a placing: it would need to hold a GM to action a placing and waive pre-emptive rights. That should remain the case till next January/February when they have another AGM.

The actual cost of the drilling itself isn't that great: I suspect $50/60k in both DRC and Kenya. It could be both drill programmes get extended, in which case add another 50% on. There have been some warrant exercises in recent weeks that more than cover that cost.

In the meantime, RRR can sell JMS shares, POW shares and Juno shares if it wants to.

If the RRAL news comes out as I expect in the next week to ten days then the SP will be higher and some of the 0.9p warrants will get exercised.

DYOR

As I said anonymity is no protection. It costs about £3,500 to get the requisite court order to breach the anonymity.

ML actually did take action a few years back. It turned out to be one person with 11 different online identities.

I know a couple of other people who have obtained the requisite court orders.

Maybe once Tunisia is boxed off it will be time for ML to revisit the matter?

DYOR

0.84p and above is a buy.

RNS: the CEO, Priyank, has just bought another circa 5mil shares.

Well let's hope.

Don't ask hard questions.

There are two different things: SP and NAV. The latter is easier. Do what Briarbank did all those years ago and do an SOTP calc.

RRAL 2.5p a share
POW 0.2p a share
Elephant 0.75p a share
Migori no idea but it should be at least $30 an oz and call it 1mil oz gives you 2.5p a share
Luanshimba no idea but a decent amount. The asset extends into the block to the SW and so is pretty large. Down to the drilling.
Musonoi no idea depends if a deal is finally done with Glencore, using the Kalongwe analog you are talking 3.5p a share
Mt Ida depends on what Juno does
El Limon probably pays $200k
RRAL II no idea
JMS maybe 0.25p/0.3p
Cote d'Ivoire no idea but I expect things to pick up there, they have a new mining code and it is starting to get jiggy.
Adidi Kanga is the biggie: potentially 23 mil oz of gold, 3.7 mil in a 2012JORC. No idea how that will turn out but that fact that GRL hasn't been able to take the asset back is good for us.

And the biggest of the lot is Mt Ida. Depends what Juno does. If Juno says that everything is boxed off on Mt Mason and it will be in production early Q1 22 and is therefore committing to bringing Mt Ida into production in 2024, hold on to your hat. On the business plan from 2013/14 and then pricing the royalty was worth $10mil pa to RRR: given current pricing you are talking $15mil pa.

No idea what that translates to but the SP should be higher than where it is now.

DYOR

Well you need to step back and take the emotion out of it and just be cold and calculating.

I have said multiple times that AB did two stupid things and I have told him to his face it was stupid: making the second loan to Steelmin and the diamond deal. Otherwise in my investing time here we have done okay. Everyone said he wouldn't get Kenya back and everyone said DRC was a waste of money but Luanshimba will prove them wrong. Similar about Victoria, Juno and Elephant. RRR is much further on than two years ago. The ball is bouncing around in the penalty area, the ball just needs putting in the back of the net now. Luckily, there is more than one ball to put in the back of the net.

But the main thing is the commodity cycle. In 2010/11 when people thought AB was Superman, it was the end of a commodity cycle. Here we are at the early stages of a new cycle, with a weak dollar and rising inflation.

RRR is in a decent position. The two drill programmes on their own will make a difference. There is up to 8mil oz of gold at Migori and Luanshimba is on the face of it a real goer but until they get some drill core analysis we don't know 100%.

DYOR

POW looking better.

Defamation repeated is still defamation and the defamation I referred to is the current defamation against the NOMAD.

I am sorry but the crux of it is that most PIs have no idea what they are doing and then they bleat when they lose money.

On another BB I had CLNs, I set the deal up and funded it. I did all the negotiations and knew the terms inside and backwards. I had a so called expert who was not a holder, had never seen the documentation and who knew nothing about the negotiations lecturing me why what I said was wrong and he was right. Needless to say he was the one that was wrong.

In the fullness of time we converted at 0.6p and banked the interest. We still hold the shares and we are currently 50% up. Plus we have a load of warrants that are about at break even.

If you don't know what you are doing, stay clear because likely you will lose.

DYOR

WTI $75.33. More Kerching!

It looks to me that ML borrowed money to fund the exercise of in the money warrants. YA took security. To protect its security YA took out a short. So what? This sort of arrangement is done all the time. If you have evidence of dealings outside the regulatory envelope take it to AIM or the FCA or the NOMAD.

It is now a requirement for the NOMAD to ensure that the directors of an AIM listed company are fit and proper. What you are alleging is that NTOG's NOMAD is failing to meet its obligations to AIM. That is defamatory.

DYOR

Indeedy but you might be premature about AB. He has great connections and some of the stuff we have needs his continued input. For instance, I don't think that anyone else could have sorted out Kenya and in due course it will be clear that Migori is a goer and I am very hopeful that something comes out of Adidi Kanga.

But coming up with have:

RRAL IPO: AB has said he thinks RRR's share of RRAL is worth £24mil. That should list September/October see the PJ interview from this morning and the update from yesterday. I suspect that we will get the substantive update on RRAL in the next two weeks.
Elephant Oil: should list October on NASDAQ/NYSE not as big as RRAL but the day one valuation for RRR should be a couple of million.
Juno: looks like someone bigger is building a position. An update due any time now. We have a big interest in the royalties. It could well be that the first of the $4mil payments is triggered early next year.
JMS: undervalued, likely to be on the receiving end of a bid sooner or later.
RRAL II: from the POW update and the PJ interview it seems that the WA licenses will be spun out into a separate vehicle and listed.
POW: We have 20 mil shares and 25 mil warrants. If anything that POW is working on, including RRAL, comes in then holding will be worth a decent amount. The trick will be getting out with ruining the price.

And then we have the Migori and Luanshimba drilling.

DYOR

PJ interview

https://youtu.be/FiPJWqXJwcc

WTI $74.09 Kerching!

https://twitter.com/pauljohnson9691/status/1410485373088714756?s=19

Worth a read. Especially the bit about Australia.

It seems the Western Australia assets will be put in a separate vehicle and listed separately from RRAL. Yesterday AB gave an interview where he mentioned multiple spin outs.

https://www.investegate.co.uk/power-metal--pow-/rns/business-operational-update/202106301439407003D/?utm_content=bufferd3828&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

DYOR

https://twitter.com/*************/status/1410215425623957504?s=20

Glad to see you, my favourite troll.

You can troll me as much as you like on here, if it means the next day that RRR comes out with news and is 10% up.

Anyway, feel free to make a fool of yourself.

In the meantime, I am making money.

https://acronyms.thefreedictionary.com/FOOP

xx

DYOR

https://www.mining.com/charts-chinas-overseas-copper-mining-scramble/