Member Info for MrMagic

Maestro, resorting to personal insults as always, the mark of boiler room rampers unable to counter the facts put to them.

Why don't you contact the seller(s) who keep putting large round sells in which are presumably taking the SP down here? Probably because it's you right, ramping so you can exit. . . . .

Maestro - "my average is 0.67p"

Mate everyone has known for ages that you are underwater here, hence your shameless attempts to ramp and dupe investors. Your methods both here and on ADVFN are for me, utterly despicable.

Now, are you going to put up a "sum of the parts" attempt that includes ALL of the parts?

Maestro you've been trying to ramp this for months and months and look where it has gotten you! The SP has lost 40% of its value in just a few months and over the years this share has simply seen utter SP devastation.

You come across as desperate and despite all the facts put to you, you just keep trying the same old "sleight of hand" tot up the cherry picked sum of parts trick. Honestly can you not see that the markets are not in the least fooled by such nonsense?

If you are going to do a "sum of parts" then at least have the honesty and decency to include all the parts. Where were your liabilities and CLNs in there?

Your valuation of the JMS shares is meaningless. 6 months ago you would have told everyone that their value was £4m. The shares however are locked in escrow so can not be sold. They will remain in escrow until mid-2019 imo.
So today you say they are worth £3m which demonstrates admirably how utterly meaningless such valuations are mo. You are basically confirming that a huge £1m of value has already been lost in those shares in just 6 months. So how much more value will be lost by the time they come out of escrow in mid-2019? No-one knows.

Your constant attempts to ramp the Migori situation are desperate. Even if they do get the licenses back, that just returns them to where they were before. It will still take tons of money and effort to push the project forward. Tell us honestly, what was happening with Migori before the licenses were revoked?

You told us all last week that RRR has some £2m in liabilities (as trade and payables) and also has £1m of CLNs to sort out. Where was this detail in your cherry picked sum of parts below?

Comment on the actual company is unnecessary TBH. The point here is the underhand method you are choosing to try and ramp with. Why don't you present a "sum of parts" with all the parts and maybe gain some credibility?

But even then, we can ignore all of that. Because the proof of the pudding here is your personal commitment to your own ramping rhetoric. Where are all your buys? Where is your 3% holding RNS?

Until you show me those I will maintain my belief that you are underwater here and desperate to hand off your shares to some unsuspecting mugpunter.

You're not telling us anything new.

Mt Ida going absolutely nowhere so RRR's "royalty" there remains non-existent

JMS shares are locked away in escrow whilst their value seep away. You say " in escrow till March time". If you read the escrow agreement you'll find it says until Jupiter release their Annual Report which I believe last year was June.

Here's the problem. The dividend from the shares is nice, but the lion's share of it is expended in Admin and Other Expenses which the Half Year Report here put at the equiv of £600K per year.

Small wonder AB doesn't want to sell !!! Not that I ever believed he would as I've posted on numerous occasions.

So the true situation is that AB reaps the dividends of which thus far not a single penny has been passed onto RRR shareholders. He fritters much of it away in Admin and meanwhile the value of the JMS shares plummets. As I said earlier, they were worth £4m when Jupiter relisted. Today they are worth approx. £3m. How anyone would deem that whole situation as good for shareholders I can not imagine, but I'm sure some shameless ramper will be along in no time to explain it all !

When Jupiter relisted on ASX last April RRR's holding of just over 18m shares was worth about £4m (@ AUD 0.40 per share).

Sadly the Jupiter SP has tanked ever since and the Bid now stands at AUD 0.305.

Today the holding is only worth £3.1m

So pretty much £1m of value has been lost from that holding in about 6 months. Not good.

I'm mindful here of the plethora of shameless rampers (some still present here) who duped people saying that the Jupiter SP would rocket and be 10 times the relisting price !!!

The shares are unfortunately locked away in an escrow agreement so can't be touched whilst their value slips away.

Still no update forthcoming from this BOD on the Shoats Creek venture which has been imo a huge disappointment and another damp squib.

Partner Mayan Energy pulled out of the field in early May this year relinquishing their 50% working interest. In their RNS they said:

"The relinquishment will also protect Mayan from potentially significant Plug & Abandonment ('P&A') liabilities associated with abandoned well bores at Shoats Creek."

So where has left RRR? Why has RRR not given shareholders any update on this venture? Poor show really.

RNS 10 Nov 2017:
"RRR . . . has raised £495,000 by the issue ("Tranche 1") of £495,000 of Convertible Notes ("Notes") with accompanying Warrants . . . convertible into Shares at 0.8p . . .final redemption date of 19 December 2018"

RNS 12 Dec 2017:
"RRR . . . has raised £215,000 by the issue ("Tranche 2") of £215,000 of Convertible Notes ("Notes") with accompanying Warrants . . . convertible into Shares at 0.8p . . .final redemption date of 19 December 2018"

RNS 14 Dec 2017:
"RRR . . . has raised £290,000 by the issue ("Tranche 2") of £290,000 of Convertible Notes ("Notes") with accompanying Warrants . . . convertible into Shares at 0.8p . . .final redemption date of 19 December 2018"

So, those RNSs covered £1,000,000 of CLNs convertible at 0.8p. Equates to 125m shares if converted.

Of those potential 125m CLN shares only 6.4m (£50,000 worth) have so far been converted as reported in the RNS of 9th March 2018.

Maestro: "What did we spend on migori? You know the license they stole off us"

They revoked the Mid Migori licenses because after 26 years the promised heavy investment never arrived. Article here worth reading:

https://www.nation.co.ke/business/Row-over-permits-robs-Migori-gold-of-its-glitter/996-3829916-5t3ec6z/index.html

The article states:

"Among the grounds for the revocation was that Mid Migori has held the areas for over 26 years without concluding the exploration programme.

Further, that the firm had never done any exploration work since it was granted the licences and that “it has only been getting into joint ventures. It has all along been an intermediary.”

The company had been obtaining renewals of licences through promises of heavy investment in exploration work but which have never been honoured, the court heard. The ministry also blames Red Rock for the alleged non-performance by its partner, on account of its shareholding in the latter"

Regardless, for me this whole Migori situation is just another damp squib. Nobody seemed particularly interested in the project before the licenses were revoked so even if they do manage to get them reinstated I doubt it will have any significant lasting affect on the SP here. More likely the legalities will drag on for years imo. The article above also mentions things like ancestral land issues.

Meanwhile of course Mr Bell has done nicely out of the whole proceedings thank you very much:

2017 total emoluments - £155,243
2016 total emoluments - £152,408
2015 total emoluments - £91,495
2014 total emoluments - £139,008
2013 total emoluments - £154,746
2012 total emoluments - £221,729

RGM Emoluments
2014 total emoluments - £76,506
2013 total emoluments - £78,344
2012 total emoluments - £122,598
2011 total emoluments - £85,377

Maestro: "should note while other company went bust under the downturn rrr survived"

What a pile of utter Billy BS Maestro !

I can stand on the street corner handing out £10 notes to passers by in exchange for £5 notes all day long for as long as some fool keeps supplying me with £10 notes to do so. To consider my "business" there a success and some form of survival would be utter moronic.

RRR has had a devastatingly poor performance over the years. It has resulted in the SP being utterly destroyed and billions upon billions of shares being issued and numerous capital reorganisations. As always I will counter your drivel with actual indisputable facts. Here are the results of the past Annual Accounts :

Profit/Loss and monies raised mostly via share issues:

2012 - Loss of £1,962,882 - raised £4,441,844
2013 - Loss of £22,105,562 - raised £4,103,795
2014 - Loss of £4,113,460 - raised £2,723,861
2015 - Loss of £8,411,541 - raised £2,327,377
2016 - Loss of £283,280 - raised £1,155,323
2017 - Loss of £1,114,213 - raised £300,000

So in total this BOD had consistently made a loss and managed to raise £15,052,200 over this period.

Where is all that cash now?

Your definition of "survived" imo is at best moronic and at worst simply deluded.

Maestro: "How much money did steelmin cost us? Ot cost us nothing"

Really?

I'd hazard a guess that you are failing (deliberately?) to take account of the £100,000 that was paid to the "investors" as part of that financing deal.

Maestro: "You are implying that El Limon production will stay the same for 27 years, i gave you projections for 2017 and 2018"

You offered nothing more than the usual "jam tomorrow" rhetoric which most here are quite immune to. It's been "jam tomorrow" at RRR for the past 8 years whilst shareholders have been horribly dilutled and the SP utterly devastated. Remember, it is this BOD that performed 2 capital reorganisations within the space of 12 months, lowering the nominal share value from 0.1p to 0.01p and performing a share consolidation. Actions that permitted the dilution to continue. Nothing will change here imo until the large investors replace the BOD.

I notice also that ramper Maestro is stying very quiet on the Steelmin project, the project that these rampsters over hyped and said would transform RRR. Same old.

After taking months and months to reach a point of commercial production, it has now been stated in the Jajce Online articlebelow that due to high electricity prices Steelmin can not operate at a profit. Read it here:

https://jajce-online.com/2018/09/14/steelmin-zbog-poskupljenja-elektricne-energije-tesko-je-nastaviti-proizvodnju/

(Copy/paste the text into Google Translate )

It's a disappointing situation imo and it means Steelmin is currently another damp squib venture until such time as they are able to negotiate a long term energy contract.

I suspect this bad news is the result for the recent fall in the SP here. With the pending JMS divi announced months ago and thus imo already factored in, it's not looking great. Perhaps Maestro will show us all the strength of his ramping convictions buy grabbing a notifiable 3%+ holding . . . . . . but frankly I won't be holding my breath on that one lol.

More misleading info from Maestro too on El Limon. Despite the fact that he knows the true situation, he fails to post it up on the board and instead provides hopes, dreams and forecasts,

RRR recently provided an update on the El LImon royalty revenue in this RNS here:

https://www.investegate.co.uk/red-rock-resources--rrr-/rns/colombia-update/201806071422436885Q/

It stated that the royalty revenue for Quarter ending 31st March was a mere USD $13,658

Simple calculations show then that in order to recover the $2m from this 3% NS royalty it is going to take approx 37 years !! It's laughable imo. To then recoup the final $1m at a 0.5% NS royatly will take a further 100 years at this stated royalty rate of $13,658 per quarter.

Maestro knows this of course but will never provide the proper facts on these issues hence I tend to ignore his uber biased ramblings. It's always good to do one's research and have the officially reported figures imo. Ramp as he might, he simply can not argue with the facts.

Perhaps the production at El Limon will increase over time however we are already well into October and RRR have thus far not deigned to provide shareholders with an update on the royalty revenue figure for quarter ending June so I draw my conclusions accordingly about the current state of that royalty. We can only wait to see if this BOD will be open enough to provide regular quarterly updates, warts 'n' all.

More cherry picked rhetoric from Maestro on JMS too.

The truth is that Jupiter relisted on the ASX a few months ago at the IPO price of 40c.

Since then it has steadily dropped in value and never recovered. Today the JMS Bid price is 31c.

https://www.asx.com.au/asx/markets/priceLookup.do?by=asxCodes&asxCodes=JMS&Search.x=4&Search.y=4

At the IPO RRR's Jupiter holding was worth approx £4m. Today it is worth just over £3m so almost £1m of value has already been lost there. Sadly the RRR JMS shares are locked away in escrow so can not be touched. Looking at the escrow agreement Ts&Cs which another poster provided a link to some time ago, I believe those JMS shares will remain locked in escrow until mid 2019. Shame really as we watch the value seep away.

Dear oh dear I see the habitual shameless ramper Maestro is hard at work offering cherry picked half information. Poor show.

The Jupiter divi is welcome cash but it of course goes into the company coffers rather than into shareholders pockets. It remains to be seen whether this BOD feel any guilt whatsoever for the misery they have inflicted on shareholders these past years, and whether they hand any of that divi across to shareholders. Already Jupiter has provided 3 separate cash lump sums to RRR as part of their share buy backs, a considerable sum of money but not a single penny of it was passed onto shareholders. Hard to believe that MO will change TBH.

The half year report shows clearly that this BOD are somehow expending the equiv of over £600K per year on Admin and other expenses alone. Poor value for shareholders imo and it tends to put the coming £500k divi into sharp perspective.

Kabaa: "misinformation about company liabilites"

I notice that as ever you are happy to slander people and then when challenged go silent. Please have the decency to tell me what misinformation about liabilities you refer to?

Would you care to hazard a guess at where those liabilities stand today ? preferably backed up with some substance.

Maestro: "We own 22% of steelmin and we dont need to bail them out, a buyer will come in to the newly refurbished plant,"

You're talking utter Billy BS. The plant has just announced the disastrous situation that it can't operate at a profit because of high electricty prices. It desperately needs to set up a long term contract with an energy company but meanwhile Steelmin is a total bust, the latest in a long line of RRR damp squib ventures imo.
Why would anyone consider buying a plant that can't operate at a profit?

Not only that but Steelmin borrowed EUR 3.8m from RRR which they subsequently refinanced with a "Luxembourg Investment Vehicle" and a further EUR 3m from another group of lenders. That all needs paying back.

So, massive debts, unable to operate at a profit, and you think someone will buy it out?! You're a total joker.

It will end up in AB's oubliette along with Greenland and Ivory Coast and Shoats Creek.

Your paid ramping is a joke.

Maestro: "the numbers for investors look very appealing, mkt cap is only 3.3m yet they have money in the bank and receive £1m in divis from jupiter per annum."

Like I said, no one is going to fall for your carefully cherry picked nonsense here any more.

Why is it you make no mention of current liabilities in that set of "appealing numbers" Maestro ?

As at end Dec 2017 the liabilities were a whopping £5.3m as stated in the financial report.

The remainder of the back to back Steelmin financing has been paid off since which accounts for roughly £2.2m. So what's happened to the rest of those liabilities? What about the £1m of CLNs that were set up last year and which run to Dec this year?

As for the Jupiter divi how can anyone get excited about it while ever the company keeps expending equiv of £600K per year on bloody Admin and other expenses?

Your ramps are entirely hollow and the SP is where it is because markets know the score here imo.

Probably best to get back to ramping CHAR and ROSE Maestro. No one is going to fall for your ramping nonsense here imo. SP here is only going one way imo now that Steelmin have announced that they can't operate at a profit and now that Shoats Creek has gone all quiet. It just can't be polished any further, too many people too wise now. Even one of the major holders has started dumping:

https://www.investegate.co.uk/red-rock-resources--rrr-/rns/holding-s--in-company/201809281226483649C/