Member Info for MrMagic

Maestro: "Steelmin cost us nothing"

Poster Helpful said the same thing. I'm not sure how true it is because those that make the claim tend to ignore a key part of the financing. I'm happy to be convinced otherwise if someone wants to present the numbers.

I see a couple of the regular ramping company apologists have suddenly appeared. This imo usually heralds a pump and dump attempt. They clearly want to shift some shares imo.

The chart doesn't lie. Everything you need to know about this BOD and the dire performance in one graph:

http://oi67.tinypic.com/15k6kh.jpg

Anyone interested in more on the Steemin disaster can read it here. This was published 14th Sept by Jajce Online.

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

Copy/paste into Google translate which will detect Bosnian.

Helpful - "in fact they made a profit on the transaction"

Would you care to provide your basic figures in support of that statement?

Wonder what that Luxembourg investment Vehicle is now thinking ?!

Currently 9th on the Share Fallers list here, up from 15th 10 mins ago

A very poor set of affairs imo and one has to expect the SP to drop on the bad news.

Steelmin is currently unable to operate at a profit and thus is shutdown. I feel sorry for all those mugpunters who fell for the relentless over-hyping of that project by the usual squad of rampers and company apologists. We all learn the hard way I guess.

The RNS contains an El Limon update but wholly neglects to mention the most important factor which is the royalty revenue for the past quarter ending June. I must conclude therefore that the numbers are dismal. The revenue figure for quarter ending March was previously given and showed that it would take approx. 37 years to recoup the $2m from that 3% royalty, let alone the additional $1m at 0.5%! Given the company seems reluctant to provide regular updates I personally assume that the situation must be far worse than that. How can this BOD engender shareholder trust if it won't provide basic royalty information on a regular basis?

I also note the use of the classic "3rd party speak" for which AB has become renowned. The RNS states:

"Underground mining at El Limon is stated to have recommenced with daily production at 45 tpd"

"Is stated to" . . . ?? Doesn't AB or anyone at RRR actually categorically know if mining has recommenced? These 3rd party statements are a huge red light for me personally. These statements absolve all accountability. For me they equate to "we've been told something by someone but we're not prepared to make the statement ourselves as we don't actually know"

I am mindful of the previous 3rd party statement regarding Greenland where AB said:

"the lawyers, they tell us, have been paid their completion bonuses"

We all know how that ended !

I note also that there is still no update on the Shoats Creek project. The company has remained silent since partner Mayan Energy bailed out of the field relinquishing it's 50% working interest. In their own RNS Mayan stated:

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

It behoves this BOD to provide an update to shareholders on that project imo. Where has RRR been left and what financial commitments now remain if any? Mayan Energy fled at the start of May, we are now virtually in October. why has there been no update?

All in all it looks very dismal. Steelmin is currently a bust, Shoats Creek appears to have been swept into the oubliette, El Limon royalties are not being reported each quarter and Kenya drags on and on. As ever Jupiter remains about the only tangible good thing here but even then where does the cash go from buy-backs and dividends? Shareholders haven't seen a penny of it. Meanwhile according to the Half Year report this BOD manages to expend over £600K per annum on Admin and other expenses !! Go figure !

Indeed. Shoats Creek another example. Company hasn't released any update on that project even though partner Mayan Energy pulled out of the field back in May. In their own RNS Mayan said:

"Mayan has relinquished its 50% working interest in Shoats Creek. The decision follows an evaluation by Mayan based on both external and internal developments impacting Shoats Creek as well as an assessment of the potential to realize a positive outcome for shareholders through continued investment in this asset."

They went on to say:

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

Surely an update is warranted here?!

Where has RRR been left after this turn of events? What are those "significant Plug & Abandonment liabilities" and do they affect RRR?

Why hasn't RRR released an RNS regarding the Steelmin situation (Jajce Online quoting Steelmin as saying they can not operate at a profit with current electricity prices)?

If achieving commercial production was RNSable then not being able to operate at a profit is also presumably RNSable?

lol at the 0.85p Ask price shown above with 13% spread. Wonder if they are looking for mugpunters to pay a premium in order to get the 0.84p warrants away ???

96m warrants exercisable at 0.84p are sitting in the wings. They expire 13th Nov so I personally figure there will be attempts to get mugpunters to pay that kind of price.

There is also the matter of the £1m of convertible loan notes which are convertible at 0.8p. What's the status of those?

Large round sells continuing. Looks like someone has been keen to get out for the past week or two. Can see this dropping below 0.4p soon.

Helpful : "AB could turn up on your doorstep with gold bricks and you would still pull a face."

If that's how you interpret the market sentiment then isn't that really suggestive of the need for this BOD to move on?

Commercial being the operative word there eh Helpful?!

Currently the plant is not commercial because the price of electricity is too high so they would be operating at a loss.

Dear oh dear

From : Jajce Online Site

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

Steelmin: Due to rising electricity prices, it is difficult to continue manufacturing

Google Trans:

"After a successful three-month trial, Steelmin BH from Jajce halted production for two to three weeks in order to repair the shortcomings that had emerged after testing and trial work, the Steelmin Management Board BH "says:

The repair of the plant, ie the elimination of observed defects during the first three months of the trial work, is completed and preparations are under way for the continuation of production"

"In the meantime, we conducted negotiations with the bidders for electricity supply, where we encountered certain problems. Since May, when we started production and since we had short-term contracts, the price of electricity has increased dramatically. We planned to conclude a quarterly contract with the most favorable electricity supplier, ie by the end of this year. But the problem is that the current from 57 euros per MWh (megawatt hour) from May on the market has now increased to almost 77 euros per MWh"

"This is a drastic rise in price, and this new situation, according to the director, has led the company into an unfavorable position and in the situation that it is an uncertain continuation of production by the end of September or the beginning of October"

"We consider it important to inform the public that it is not about the issues we can influence. It would simply produce at a cost of 77 euros per MWh of electricity, with loss, which is unacceptable."

Follow the board stooges here at your peril imo.

Looks like old Vini has had his latest account removed . . . again ! How many is that now?! Losing count.

PorridgeOats: "why are Jupiter's shares trading so low?"

Just my personal opinion on possible reasons

1. The share value was massively overhyped before the IPO and the previous cash handouts were done as share buybacks presumably with the intention of trying to set a value in the markets minds. Didn't work imo.

2. It's a slow plodding company. With no plans to further the pother projects it's not a share that will fluctuate much so traders will be looking for better opportunities.

3. Of the 5 directors, only 2 actually hold shares directly with the company which is not a sign of confidence imo
The other directors wield shares from other companies inc Pallinghurst, Posco and of course here RRR

Those who got caught during the IPO paying 40c prices are now locked in so will likely just sit on them.
With nothing likely to shake the markets any time soon the SP will just stagnate.

Yep, it is a 3% NSR royalty to the amount of $2m and then it drops to a 0.5% NSR royalty for a further $1m.

The issue for shareholders, and indeed RR themselves is the reality of how long it will take that money to be recovered.

It's not unlike the situation where say someone owes someone else $1m but because they've fallen on hard times they can't repay it straight away and instead agree to pay it back drip by drip at $1000 per month. That means it will take 1000 months or 83 years to pay it back which is pretty useless to the person who is owed the money.

With RRR and Para, we've been told that the quarterly revenue is just $13,658

That equates to $54,632 per year so to recoup just the first $2m is going to take approx. 37 years.

It's not difficult to see then why some pay little attention to that royalty in terms of treating it as a "sum of the parts" asset.

Joebop: "there were some monthly production figures in a Bloomberg link helpful posted"

Forgive me but when people invest in a company it behoves that company to publish the revenue figures it is receiving from its various projects on a regular basis, warts 'n' all. Shareholders shouldn't need to go anywhere else for such basic data.

And on the issue of lack of updates what has happened to Shoats Creek?

No RNS from RRR since partner Mayan Energy pulled out of Shoats Creek, relinquishing its 50% working interest there. In their RNS Mayan stated:

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

Investors will surely want to know what the hell is going on there and where RRR have been left now that Mayan have pulled out imo.