Member Info for MrMagic

Helpful - "Lets suppose"

lol I switched off at this point. Anyone who follows your fantasies and biased rhetoric deserves to lose money.
Wasn't that long ago you were singing the merits of Shoats Creek both here and on NCT/Mayan boards. Where is that project now? Where's the income? A well that has been plagued by flooding and problems and now Mayan Energy have pulled out of there relinquishing their 50% working interest. Strange that you and RRR have both gone all quiet on that one.

Readers should be aware that you are one of the holders of the £1m worth of convertible loan notes at 0.8p that are still outstanding.

Thanks for the encouragement but I personally feel no incentive to pay you and the warrant holders over 0.8p for shares to give you an easy profit. Best to wait till the warrants AND CLNs expire imo.

Cobalt deal would result in significant amounts of cash being expended and dilution of shareholders.

To be specific:

£490,000 payable in RRR shares at the bargain bucket price of 0.65p

plus cash payment of $700,000

and commitment by RRR to fund $1.2m of exploration expenditure over 18 months

That dilution equates to another 75m shares issued at 0.65p

What with all the outstanding warrants and CLNs sitting in the wings shareholders would be in for a rough ride imo.

Not just someone moving shares from one account to another then? Like bed and ISA?

1,500,000 @ 0.548 then
1,500,000 @ 0.55
etc

There are currently approx 536m shares in issue

If the 75m warrants at 0.8p are exercised (expiring 22nd Aug) and
If the 96m warrants at 0.84p are exercised (expiring 13th Nov) and
If the £1m of outstanding CLNs convertible at 0.8p are converted (119m remaining)

then the shares in issue would rise to approx 826m

The warrants would generate some cash but given the high expenditure on Admin and other expenses here I doubt whether most people would factor it all into the MCAP. Where would the SP be after all those shares? Thoughts?

(please check all figures in case of error)

Air pollution is a HUGE problem in Bosnia it seems which might go some way to explaining the Steelmin delays and the importance of the filters they were waiting for since last November. It will likely be an ongoing concern for any plant that is generating pollution. The article below highlights the extent of the problem talking about a coal plant in Tuzla which is about as far North from Sarajevo as Steemin is North East of it.

Air quality monitoring stations have been installed by the UN Environment and the Global Environment Facility, with data accessible in real-time online

https://www.unenvironment.org/news-and-stories/story/coming-clean-air-bosnia-and-herzegovina

You have to feel for the Bosnian people who have had to leave that area

Markets seem disinterested about the Steelmin news imo. Very few trades.

Must surely be because there's no royalty involved so no cash coming RRR's way unless they sell their holding.

That and of course the markets know that there are many millions of warrants and CLNs waiting in the wings to be exercised and converted here. To recap there are:

- £1m worth of Convertible Loan Notes outstanding which can be converted at 0.8p (equates to 119m shares)

- 75m warrants to be exercised at 0.8p which expire on 22nd Aug

- 96m warrants to be exercised at 0.84p which expire in Nov

I suspect the warrants/CLNs could be triggered on any rise here. Each to their own but with so many millions of shares to potentially come at 0.8p I personally wouldn't pay any more than that for shares. I feel I would just be giving those warrant/CLN holders ridiculously easy profit and would get diluted into the bargain! DYOR

Helpful - "EBITDA positive!"

No, only forecasted to be EBITDA positive.

"Steelmin currently forecasts that it will be EBITDA positive for the month of July"

They also forecasted that they would be in production in March, and then April, and then May . . . .

okenia - " There are a whole pile of variables that will feed into just how much cash RRR will receive"

You're talking nonsense. There is no royalty involved here so where is any cash going to come from?

Answer, it will only come from a sale of RRR's 22% holding to someone else. Steelmin is a private entity. The fact that Steelmin had to come to the likes of RRR to get financing doesn't suggest to me that mainstream businesses and lenders were particularly interested.

Steelmin borrowed EUR 3.8m from RRR which has now been refinanced with a "Luxembourg Investment Vehicle" and they borrowed a further EUR 3m from other lenders. Who knows what other debts they have.

They will be busy paying all of that debt down once they start generating profits.

So I ask again, where is any cash going to come from for RRR?

zumore - "Only REDUCES the emission of SOLID PARTICLES INTO THE AIR"

Yup. Wondering if this could be an on-going issue. According to the previous news articles Steelmin had to wait ages and ages for those filters to be delivered. They were ordered way back in Nov. I wonder how long they last before they need replacing?

I notice that the news article below from April when Jupiter relisted has also been circulating the boards. Certainly paints a very different picture to that which the shameless rampers were telling people . . .

https://thewest.com.au/business/mining/jupiter-boss-priyank-thapliyal-scornful-of-wa-mine-reputation-ng-b88810527z

"chief executive Priyank Thapliyal said the company’s previous plans to develop its $1.6 billion-plus Central Yilgarn iron ore project near Menzies had been thwarted in 2012 because of a lack of support from the-then State government.

Jupiter had been eyeing a 10Mtpa operation based on the Mt Mason hematite and 1.8Bt Mt Ida magnetite projects, but Mr Thapliyal said the government of the day had not supported its efforts to gain access to infrastructure crucial to the project.

He said the State government, Esperance Port Authority and US iron ore miner Cliffs Natural Resources had been unco-operative in negotiations for Jupiter to access the Leonora to Esperance rail line and port capacity at Esperance.

WA is supposed to be the best mining jurisdiction in the world, but it hasn’t worked out that well for us. We went to South Africa and got a mine built in 14 months.

Mr Thapliyal said WA had missed out on a potential 40-year mine, delivering millions in royalties.

He said Jupiter had no plans to revisit its WA iron ore project."

There it is then. NO PLANS to revisit the WA iron ore project. Lesson to be learned, never ever listen to the shameless rampers. Always DYOR.

Dear oh dear !

"Jajce Municipality Mayor Edin Hozan visited Steelmin BiH Jajce and talked with director Dzevad Delic about the production and problems caused by the failure of the filter station.

Head Hozan conveyed to the management of this company the concern of citizens for the increased smoke and soot emission that was evident last week.

Director Dževad Delić and Technical Director Mensur Haseljić informed Mayor Hozan about the problems they had with filter bags in the filter plant.

With the efforts made, the failures have been eliminated and the filters work in full capacity, as the citizens themselves can convince themselves these days. Replacing the filter works significantly reduces the emission of solid particles into the air as a priority task of the Jajce Municipality in environmental protection"

Small wonder this venture has dragged on and on and on, month after month without reaching commercial production.

So PG + CRT + STC = 24%

Wonder if AB is getting nervous. Is he about to be given the boot?

The shareholders only require 10% of the shares to force an EGM I believe.

"Charles Richard Topham increased his holding"

Yup which means that he plus Peter Gyllenhammar plus Stephen Cochrane now hold 20% to 25%. Are they manouevering to take out the BOD?

Richie: "could perhaps include buying out the el limon royalty"

lol what a load of old tosh. They're paying a pittance in the royalty at present which at that rate will take some 37 years for RRR to recoup just the first $2m of it let alone the final $1m at 0.5% NSR. Why on earth would they want to pay that off early !!! RRR prob won't even be in business in 30 yrs time !

In which case you have to ask why the buyer/seller don't want to trade on the open market like everyone else?!

As always I can't personally trust anything with this share imo

robins - "Would be nice to get an update on Steelmin soon."

And what about Shoats Creek?

Trading looks absolutely dire. Only 206,171 shares traded yesterday for a company with 1.95 billion in issue.
So despite the fact that Jupiter pay out a divi, markets seem utterly disinterested the shares. Go figure . . . SP way overvalued perhaps?.

Couple of big sells yesterday/today according to the trade list here.

Guessing the rampsters will tell us they are buys.

Why hasn't RRR updated shareholders on the Shoats Creek project?

Partner Mayan Energy RNS'd their shareholders 2 months ago saying they had relinquished their 50% working interest in Shoats Creek. They said :

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

Where does that leave RRR? Isn't it about time there was some update on this or is AB intending to simply keep quiet about it whilst it slips into the oubliette?

Looks like Admin have removed some of Maestro's posts which were clearly not based in fact and misleading.

Well done them