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Anyone heard from Steel Titan? I am missing his happy jovial pearls of positivity.

Fair value is higher.

On the Migori JORC replacement cost is $30 an ounce discovery costs. Do minimum valuation should be $27mil on Migori alone.

DYOR

https://twitter.com/CopperBullish/status/1359210683615768576?s=19

Why not listen to the recent interviews and read the RNSs?

As telegraphed. A very good result. Virgin territory with three potential targets. We should know more in a few weeks: maybe 5/6 weeks.

DYOR

Some of the Jupiter shares and some of the Power shares but not all.

The notes are secured on 6,302,000 shares in Jupiter Mines Ltd as well as 20,000,000 shares in Power Metal Resources Plc,

Jupiter Mines, a company in which Red Rock owns 13,526,914 shares

RRR owns 25 mil POW shares and has 20 mil POW warrants.

Do the maths.

DYOR

Maybe you missed the RNS. The company has confirmed production at 100 bopd and limited by surface kit and permitting. They have indicated that they will see to vary the permitting.

They have four 400 barrel tanks on site, all can be used for the well.

DYOR

Sorry Billy but you mis-take the point.

The company has confirmed that our well is up-dip of the Strand Energy well. As the oil is drained it rises in the structure. Eventually as it rises, the strand well will have drained the oil at is level in the structure capable of being drained effectively. Our well is 35 ft higher on the structure, so we will still be draining oil when the Strand Energy well is dry. There may be oil elsewhere in the structure at the level of the Strand Energy well but it has to migrate too far for the well to remain economic.

Our offset well will drain oil that would otherwise be drained by the Strand Energy well. I don't see this as a bad thing.

My best guess EUR is 100k/130k barrels.

DYOR

On the further drills at PM there are few things that need to be clarified. The so-called Twin Well is owned by Strand Energy. The Cypress well is drilled up-dip from their well and they will be worried that our well will reduce what they can produce from their well. There will come a point where our well puts their well out of action (the residual oil will be too high in the structure for their well).

We could do with clarity about how big a structure we are drilling on and can anyone else do the same to us at later date? Will the two/three new wells at PM cannibalise the production from our Cypress well?

And then we could do with EUR on the well and on the structure along with P1/P2. A lot of information to come. I am not implying this is likely to be bad, it is just a better informed thing.

Does the 80 acres subject to the JV cover the whole of the structure or there is more? Now that this acreage is proved up, how much more of the acreage at PM is prospective and are we going to do a farm out on it?

At the moment we can't value that well but it could easily be worth $2.5mil/$3mil on its own.

DYOR

https://twitter.com/StockBoxMedia/status/1358701126929944579?s=19

Sounds like the Migori JORC any day now plus a drilling programme. Luanshimba seems to be a goer. Untouched and not previously explored. Down by the Zambia border, there has been at least one decent discovery recently. No mention of Musonoi: gearing up to sell it and concentrate on Luanshimba?

DYOR

It is possible for more than one thing to be true.

It might be that they invested years ago and lost money whilst recent investors made money and will make money.

The Cypress deal was a good deal. If NTOG had paid it's full share it would have cost circa $260k rather than $60k ish.

Drilling the well on its own would have too big a bet for NTOG.

Another party approached NTOG but the Cypress deal was better partly because of the 3D.

Anyway,update around the end of the month.

DYOR

PS other sources of cash:

1. Juno Minerals Ltd lists early March: apparently demand is good. At the listing price the distribution shares from Jupiter Mines in Juno are worth a decent amount to RRR and it looks like the offer is priced to go up in the after market. The shares are saleable and not locked in.
2. RRR owns 25mil shares in Power Metal and 25mil warrants: these are worth £750k/£800k depending on the price RRR can get out.
3. The Jupiter/Tshipi dividends should pick up again: we should now more in early March.
4. The royalties from El Limon should pick up from here on in.
5. If you read the Juno IM you will see that the Mt Ida royalties might start a lot sooner than people think and the Anglo Pacific royalty lump sums might get triggered as part of that.
6. Likely RRAL will do some sort of pre-IPO funding in the near term.
7. If the Adidi Kanga issue is resolved we might get our legal funding back shortly.
8. The Jupiter Mines shares are not locked in and are saleable.

DYOR

It was £3k

Looks like someone has been at the gin again.

The funding comes at different stages and in different ways.

Money day to day for what they are doing now is not an issue.

More money is needed for a proper drilling programme in Kenya, DRC and Victoria but that will be later.

The big money is bringing something into production: that would done with a partner/partners.

Have a read of the Juno IM: potentially, it is huge for RRR.

DYOR

It is called step by step. They can't do the exploration work unless the camp and its kit is up to scratch.

Same with employing athletes. Her job is to liaise with and charm the locals: if you check her out you will find that she is a formidable woman. Having her on board probably helped with getting the licenses issued.

JORC report next IMVHO.

DYOR

Spoke too soon.

https://twitter.com/Blowster85/status/1357606836682321920?s=19

Looks like the seller has finished for the moment.

1p incoming?

Care to comment on the share price movement today?

You may not have noticed given your dislike for facts but last year the share price was lower and now it is higher: how do you explain that? Do you think $56 oil with the prospect of $60 pretty soon has anything to do with it?

DYOR