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Very good. $900mil profit before finance costs, overheads and royalties etc.

Note that the JMS GM voted everything through. So now it is all systems go for the Juno IPO, it should be next week or early the week after.

Having the shares will be nice but the big upside is the haematite in the Mt Ida tenements. If Juno puts in an application to mine that haematite along with the the haematite on the Mt Mason tenements, it will accelerate the payment of the $8mil due from Anglo Pacific and start to generate royalties for RRR.

We should know very soon. The IPO seems to indicate that they will look to mine the haematite on the Mt Ida tenements.

DYOR

And the trolls were the rampers from ten years ago.

Investing ten years ago, you were investing at the end of a metals super cycle. It looks like we are at the start of another super cycle.

DYOR

https://twitter.com/pauljohnson9691/status/1363758080056578049?s=19

CGull, I note you have no substantive response and so change the subject to the management.

Bottom line is that things are currently going well for RRR. However, it is undervalued. I think that undervaluation will gradually disappear.

DYOR

I will pretend you are genuine:

When was it better value?

Value is here:
Iron Ore spin and very likely acceleration of royalty payments
Award of first three Victoria licenses
Reissuing of Migori licenses
Proximity of the Migori JORC
Confirmation that Luanshimba is highly prospective
Issues with VUP largely resolved
Likely award of new license in DRC
Possibility of an outcome on Adidi Kanga
POW share price
JMS share price
Copper price: last year circa $4k now $8/9k and heading higher
POW lining up to make distributions
RRAL listing TSX

So when?

DYOR

Zumore, I don't normally see your posts but for some reason your latest showed up.

1. They tried to spring it on AB at AGM by turning up to vote him off in person with no warning.
2. They tried to vote on two new directors.
3. Those potential directors had not given their agreement to join board at the time of the AGM
4. The NOMAD has to do DD on any potential Board Members and it had never been put to the NOMAD that these new Directors would join the board.
5. So the AGM was suspended whilst the mess was sorted out.
6. When it came down to it the two potential directors declined to join the board and the shareholders were stuck.
7. They had voted AB off but had no one lined up to replace him.
8. AB declined to get involved with sorting out the mess on the basis he had been voted off and therefore his services were no longer required (understandable).
9. The coal deal was poor from day one and it completed on a different basis from the one proposed. It was under-capitalised from day one.
10. I was approached to fund it and it turned it down before Brian Kinnane funded it.

Bottom line; be careful what you wish for because you might get it. What we need here is steady progress and evolution not a messed up Palace Coup. It is very likely that RRR will look materially different in six months time. There are a number of valuation inflection points lined up waiting to happen.

If you read the Juno IM you will realise that the Juno IPO might be the biggest value inflection point. Again, if someone hasn't read the Juno IM they can't possibly value RRR correctly.

If things work out and they should because they are pretty much baked in, RRR will be much bigger at the end of the year.

DYOR

A proximate example would be Angus. I trade in and out on a regular basis:

Yesterday, I bought some at 1.00p. Today it is up 12.82% on no news. Which is right? The price yesterday or the price today? They can't both be right.

I bought because it is getting closer to announcing its funding package on Saltfleetby, I took the view it had dropped too much and that Friday it would be up because of FOMO. But nothing has changed from yesterday in terms of Efficient Market Theory.

DYOR

You are misinformed.

So what happens on a regular basis where a bid comes in for a quoted company at a 50%/70% premium to the share price? Which price is right? The market says x and the bidder says 1.5x: which is right? According to you the bidder is wrong.

How are gold assets valued? Well one way is the replacement cost of gold in the ground. Typically it costs $30 an ounce to find gold. On that basis Migori should be value at say $21mil to $40mil. Apply a discount because although a license has been issued it is not a mining license yet: apply 50% discount so $11.5mil to $20mil but the deal that RRR did with Kansai to buy their 25% out would value it higher. Regardless, the market values Migori at zero. Which one is right?

Further complicated by the fact that when the Kansai deal was agreed gold was much lower and less popular. So if we do a read across from the Kansai deal and apply an uplift for the increase in gold price, what would we get? Again, a lot more than zero.

Look at the Chentun deal on Kalongwe: which price was right, the market valuation of Nzurri Copper before the deal or the price that Chengtun paid? According to you Chengtun got it wrong.

Then we have comparative analysis and what is called a read across. What does the Kalongwe deal mean for Musonoi (copper was around$4k per tonne when that deal was done and is now over $8k). What do the other deals in Victoria mean for RRAL?

The idea that the market sets the right price is a theory called Efficient Markets: https://www.investopedia.com/terms/e/efficientmarkethypothesis.asp#:~:text=The%20efficient%20market%20hypothesis%20(EMH)%20or%20theory%20states%20that%20share,low%2Dcost%2C%20passive%20portfolio.

It assumes that all knowledge is known, that all market participants have equal access to the knowledge and that all information is efficiently and immediately processed. It doesn't apply to small cap companies and in particular to small cap companies in the mining space. For it to apply, you would need to know as much as me about the Nzurri Copper deal and what it means for Musonoi. You would need to know all about the various transactions that happened in the Victoria gold space over the last 18 months or so. You would have had to have read all of the Oretek reports a few times... and so on. Efficient Market Theory simply doesn't apply.

RRR is mis-priced.

DYOR

LT read the RNSs.

We had a deal with Kansai we had to give them cash and warrants.

RRAL is not happening for free: it is a JV and RRR has to pick up 51% of the costs. Migori has been having money spent on it, as has Luanshimba and Musonoi.

I do take your point and my view is that you are wrong on this matter. Look at what happened to RGM when they tried to kick him out without any proper preparation. I know the person who tried to organise that and he is down circa £700k as a result.

RRR has a lot of pregnant value that is not recognised by the market. Getting rid of AB will not correct that: putting a strong board in place will. There are a number of things in place that need to be brought to fruition all of which would be jeopardised by AB's removal.

1. The JV negotiations in Migori need to be brought to fruition plus we need a mining license for the tailings and for the hard rock. AB is key plus the licenses will need to renewed in due course. Getting rid of AB now would probably mean that those mining licenses do not get issued and the overall licenses don't get renewed.
2. DRC is French speaking and there is no doubt it is easier to operate in DRC with AB speaking French. We have a new license about to be awarded in DRC which dwarfs the others, which given Musonoi is supposed to have 240,000 tonnes of copper in place is something. We are also at a delicate stage with Adidi Kanga. I also suspect that the local partners in the VUP partnership would find a way to get us out of it without AB.

The issue is the board, which has been just gone along with whatever AB has wanted to do without any proper oversight. That has now changed AB does not control the board any longer. He has said that new directors will be appointed, hopefully they will be acceptable to all parties.

We want someone who is strong, seen to be independent and who the market will support.

My view is that as of today, fair value is 4/5p but with a little bit of a push it would be materially higher. RRR is a sitting duck for a bid. We would support a bid at the right price, which would be higher than where it is now.

DYOR

https://twitter.com/baroninvestment/status/1362656692031418371?s=19

As to the price of copper: I think you are wrong on that point.

Check out the deal that was done between Chengtun and Nzurri re Kalongwe. The assets we have a serious value, even at this stage. The price of copper is material to that value in respect of Musonoi and Luanshimba. I expect that we will be drilling at Luanshimba in the next two months.

DYOR

It was done with ETX. I expected it but didn't know about it. It was always likely it would happen once the company knew post 1pm on the Wednesday that the 3 resolutions had been voted down.
I have been told that ETX were still ringing people at 9pm on the Thursday evening to fill the book.
They did the raise because the were worried about being prevented from doing a fund raise going forward.

Well, they have the money now and they have three active drill programmes coming up v soon. Apparently, AB has done a long interview with Tom Winnifroth: I haven't seen it.

DYOR

https://twitter.com/PowerMetRes/status/1362374354571579395?s=20

25 mil shares and 20 mil warrants.

DYOR

https://oilprice.com/Energy/Energy-General/Goldman-Sachs-Turns-Bullish-On-Energy-Stocks.amp.html?__twitter_impression=true

https://oilprice.com/Energy/Energy-General/Goldman-Sachs-Turns-Bullish-On-Energy-Stocks.amp.html?__twitter_impression=true

Singer, I know of no placing means exactly what I said, I know of no placing.

The company did a placing a couple of weeks ago, why would it need another one now?

If you took the trouble to listen to the recent interview, you would know that ML discussed future deals and funding options in some detail. And to save you the trouble... https://twitter.com/TMSreach/status/1359763530497601538?s=19

Have a good day.

PS WTI $60.33

Sorry Billy you misunderstand:

1. I don't do contrite
2. The Trolls have been on and they don't like you using fancy words
3. I know of no placing.
4. The company has only just completed a placing.
5. If the company comes across a good deal, what do you want it to do? Walk away or fund raise?
6. Everyone's question should be; does it enhance shareholder value? If it does then no one should have an issue.
7. Water off a duck's back.

Have a good day.

Why not read the RNSs or listen to the interviews? You may be better informed as a consequence.

https://twitter.com/chrisjparrish/status/1361891530873700356?s=19