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This was smashed down to lowest of the low and deramped to go into admin, after yesterdays RNS it’s a big turnaround. The company is no longer at risk. Cannot believe investors are still allowed to buy under 3s..!
This is why they are embarking on an aggressive program, initial camp set-up on site early as next week…
The Company is currently arranging four time-critical workstreams: (a) transport of the washing and production equipment necessary for operations to Burkina Faso, (b) the passports and other paperwork for some 25 expert external staff who will be required to be in Burkina for the commencement of operations, (c) transport from Asia of hire plant for excavation, and (d) preparation of initial camp accommodation and eating and security facilities on site for an initial daytime workforce expected to exceed a hundred people. The first two of these workstreams have been subject to bureaucratic delays and some additional cost factors but are now under way.
The CEO and other senior personnel will be on site to oversee camp preparations from late next week, with a view to starting operations at scale from early June after arrival of personnel and equipment. This timetable is subject to no further delays at customs or in passport issuance or other official paperwork requirements.
Red Rock CEO Andrew Bell comments: "We are absolutely committed to driving this project to scaleable operation within weeks. Great progress has been made to overcome delays, and we have been working, and will continue to work, day and night, seven days a week, on this critical project implementation phase, with strict cost control."
Report CONCLUSION: It is the authors' opinion that the Bilbale Permit holds significant potential that requires an aggressive program of value enhancement.
It is further my opinion that this permit can, if subjected to an appropriate exploration program, realize a significant Resource and Reserve in excess of 1 Moz over the next two years.
MMs holding back..
RNS extract ‘Discussions with secured creditors, and existing and new potential investors on alternative scenarios will continue to be held with a view to a potential restructuring solution to attempt to achieve some recovery value to our creditors. These include raising financing at the subsidiary level, or disposing of the Project whilst in care and maintenance, thereby maintaining the prospect of the Project as a going concern, liquidation of the assets of the Project, or the consideration of other options available under Brazilian laws to attempt to achieve the best possible recovery to the Company's creditors while minimising potential liabilities. As at 10 April 2024, the Company had a cash balance of US$16.2 million (excluding cash that is segregated for the development of the Vermelho Project).‘
Yep this is it final stages now, let the re-rate begin. Derampers will be checking out shortly as this as low as it goes…as the fun is now over!
George Roach, CEO, commented, "The final step in commissioning Zulu looks to be the changes to be made to the material flow through the floatation plant as described in our announcement of 10 April 2024. These changes expect to see the floatation plant able to accept the design tonnage and to remove the restrictions on potential spodumene concentrate production.
The required piping and valves are expected to load for site by Tuesday 16 April, and the expectation is that fitment could be complete as early as the week commencing 22 April 2024. A further update will be made in due course".