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21.67% looks like it definitely has turned the corner.

20% now.

The technology works and has worked. The issue has been to scale it up from a small test plant to a scaleable, high volume throughput plant. They have had about 14 months of engineering issues which they now appear to have resolved. They should switch the plant back on shortly and then we will know if the issues are sorted or not. If the plant works as it should then it is full steam ahead.

DYOR

Yep. I see it all the time.

I suspect it is going up now because it is going up: momentum traders are jumping on the bandwagon and as soon as it slows they will bail out. Do you know if there are shorters in PQE at the moment? We might get a decent short squeeze in it.

DYOR

It will be interesting to see if ZEN can fund the other 8 well deepenings from cashflow once C37 and C30 are online and producing. On north of 600 bopd from the two, they might be able to do it from cashflow.

Currently up 15%.

I look forward to PQE being North of $1.00 pretty sharpish.

Looks like the Saudis are going to move the price up.

What price would we be without the seller?

Hopefully some movement on PQE will help us.

Decent interview.

Is he hinting that because Zenith owns the rig and team he can deepen ten wells back to back for minimal cost?

https://twitter.com/RRR_RedRock/status/1170966322118909953?s=19

Confident..
https://twitter.com/DavidBurton1971/status/1170950782881021953?s=19

If this is right PQE becomes very material to Attis.

https://twitter.com/keya5000/status/1170286205264683010?s=19

I can see that you are an intellectual along the lines of Bill Clinton debating what the meaning of the word is is.

AB has publicly confirmed that we are nearly there on the license. Getting rid of him to start process again with a new CEO would risk the renewal. Soft information and relationships have a high value in these circumstances.

http://www.alignresearch.co.uk/cpt-company/red-rock-resources/ The Align report was written around January 2018. In January 2018 the gold price was around $1,300.

https://www.miningreview.com/top-stories/jorc-compliant-mineral-resource-estimate-at-mikei-in-kenya/

There is another report but I can't see it at the moment.

DYOR

I will post some stuff later. Align did a report that looked at Migori and there was an earlier report. The gold price now is much, much higher and so you would expect the value to be higher. At the time the struggle with the license started the JORC showed 1.2m oz of gold and 60k oz in tailings. They intended to do further work to take the JORC up to 2mil oz and I understand that the exploration on the license is just the tip of the iceberg.

If I remember rightly at 75% ownership the valuation figure was £12mil; we now own 100% and gold is $1,517 heading to $1,600 rather than being at $1,100. I suspect you could easily argue £20mil in the current market for the 100% but it might be affected by any attendant terms and conditions attached to the license renewal. If the license is clean with no restrictions and the price of gold holds then maybe £30mil. On renewal we have to pay away $2mil to our former partners.

The big issue for all the renewals, has been obtaining signed landholder consents for the license area in a jurisdiction where it is not always clear who the landholder is.

The USD/GBP exchange rate movement has moved strongly in our favour.

DYOR

You mean like it did on RGM?

Anyone who thinks that AB should be removed at the moment doesn't understand business. AB is part way through the renewal of the Migori license. Nothing should be done to endanger the renewal regardless of what one thinks of AB. Similar with DRC.

Eventually RRR will be a bigger business and it will be seen less as a one man band because it has a larger board with a degree of independence and a proper management structure. Migori is key to that.

RRR has largely been a one man band because it has needed to be. RRR used to have a substantial staff (before I was invested) and the attendant costs.

The upside here is not doubling because AB has moved on, it is 15/20 times upside because of the pregnant value in the assets. The value of the assets is there regardless of AB and/or anyone else.

In order of priority:

1. Complete the Migori renewal
2. Execute the JV AB has referred to multiple times
3. Complete the JORC report on Musonoi
4. Progress the exploration on the other DRC licenses (at least one and possibly two are very, very interesting)
5. In my view sell Para (though this is less important once Migori is sorted) once it has confirmed production at Gold Road is on track and that El Limon is producing as it should. I can see CAD$0.30 in the very near term.
6. In my view sell POW once the next bit of news is in the public domain. The asset in Cameroon looks to be very interesting and may have substantial precious metals in it (we should know within the next two weeks)

In my view RRR's capital should be applied to exploiting RRR's assets and once they are fully funded should we be looking at investing in further deals.

DYOR & Good Luck

Both starting an upward movement. Nicely blue here today and PQE at CAD$0.31 as I type. I really do hope this is the start of something big; it has been a long old wait.

As to the genius(es) handing out the abuse a couple of weeks back...… amusing! I am expecting some decent news from both over the remainder of September. If I had to put a bet on the EUR for Attis I would say 5mil barrels with a range of maybe 4mil to 6mil.

Fingers very crossed.

DYOR

So about £330k

https://twitter.com/RRR_RedRock/status/1169901671234670594?s=19