Member Info for MrMagic

Wholeheartedly agree Seingred. DS previously had a holding here in excess of 10% but saw it diluted to oblivion along with many others. He has far more respect and knowledge here than the feckless rampers desperately trying to pump any angle they can for their own ends whilst continually trying to brush all the coming dilution under the carpet.. Throughout 2017 Jupiter shares were available to buy privately on a certain website and that website stated that they were on sale at $0.35. There were clearly no takers as that offer sat open for months on end on that website. It has only recently now been removed/closed. That fact doesn't lend itself to the notion that the markets value JMS shares at 40c imo. It was equally very telling that the numerous rampers here telling us how many �millions Jupiter is worth, didn't snap up those private Jupiter shares instantly. Whilst an IPO means the JMS shares can be traded, the problem imo is that AB is highly unlikely to ever sell them as they represent the "crown jewels" here. They have for some time been the asset that underpins the MCAP. My opinion here is based on the readily gleaned history of how JMS shares were previously managed by this BOD. There were over 74m shares back then and if they had all been sold at a high price they would have been worth �25m to �30m. Unfortunately for shareholders AB was obviously reluctant to sell them, a possible factor being that AB has a seat on the board of Jupiter. This is how the JMS shares back then were managed: 5m were sold at the high price of 55c a share 14m were sold at 11c a share 40.5m were sold at 7c a share A pretty disastrous result for shareholders imo. There is nothing that has changed here that would lead me to believe that AB would act any differently. He will always, imo, favour issuing more shares to raise cash from thin air rather than sell those Jupiter shares. Hence whatever value people perceive the shares have is entirely notional imo. There will always be dilution here imo until and unless decent recurring revenue streams are established that exceed the ongoing running costs as DS rightly describes.

Maestro: [Steelmin] "If one reads the last set of results . . . ." lol yep and it really is well worth people reading Steelmin's last posted set of results which were for the period to 30 Dec 2016. You can read them here: https://beta.companieshouse.gov.uk/company/07734349/filing-history/MzE3Mzk2Njg4OWFkaXF6a2N4/document?format=pdf&download=0 Cash at bank: EUR 17,137 Already 1.2 BILLION shares in issue !!

Okenia: "just like a dividend" How many years has RRR had its JMS shares and how long has it taken for Jupiter (actually Tshipi) to get to the position of throwing off cash? Many many years. And yet here we have rampsters trying to big up Steelmin, a private company in which we similarly have a % share but which isn't even producing yet!!! It's laughable.

Bless him. Still trying to pull the "sum of the assets" routine yet banging his head against the wall trying to figure why the markets don't agree with his figures. The "sum of the parts" approach just doesn't work for such shares imo. Too many other factors to take into consideration, and the markets are obviously doing just that imo. Maestro: "Steelmin . . . what does one value our share?" Unfortunately old son, an asset is worth only what someone will pay for it. Nothing more, nothing less. We had an object lesson in this truth with the (imo) giveaway sale of El Limon. Steelmin is a private entity. Who will buy RRR's share of the company ? This is a company remember that clearly couldn't get finance from mainstream lenders and instead came to RRR to borrow EUR 3.8m when RRR didn't even have that money to lend and who in turn went and borrowed money off Yorkville to be able to lend it to them ! Steelmin now owes a lot of money to different lenders having borrowed at the least, that EUR 3.8m from RRR (now repaid via refinancing with some Luxembourg Investment vehicle) and a further EUR 3m from other lenders. WHo knows what other debts they may have? There's no royalty involved here so all RRR has is a 22% share in a private company with a lot of debt and which is not even in production yet. All this MCAP A+B+C nonsense is just smoke and mirrors for me. What investors need to see here is significant recurring revenue streams. Unfortunately El Limon failed to provide this as did Shoats Creek.

Clarification before the old crones start bleating: "RRR own a share of a private company but with no royalty. " By which I mean royalty in the currently producing asset (Tshipi) as opposed to the mothballed Mt Ida asset.

Ritchie: "Steelmin production is imminent. Having been there it really is an excellent asset. The story there is just beginning." Nice . . . but is there any royalty involved for RRR? It has a similar feel to the Jupiter situation for me. i.e. RRR own a share of a private company but with no royalty. Where will RRR generate cash from in this situation? They would have to find a buyer for their shares in the company, a private company, a private company that borrowed EUR 3.8m from RRR (now refinanced with some Luxembourg Investment Vehicle at god knows what cost), and who also borrowed EUR 3m from another group of investors. Any revenue from production is surely going to go towards paying off these considerable debts. As and when we get an RNS stating that production has started I suspect the novelty factor will quickly wear off.

Maestro: "25m Jupiter shares" Why do you keep harping on about these shares. We already own them. RRR have had them for a long time, nothing new. It's not like there are suddenly going to be a load more of them. They are a known asset and their value pretty much underpins the MCAP here. I guess the discrepency between what YOU think they are worth and what the markets clearly think they are worth is the problem for you. Must be frustrating. Either way it's matterless because imo there is no way AB is ever going to sell those shares to liquidate their value (excepting any required IPO buyback shares). I have little doubt personally that at relisting the shares will start off way overpriced and will then quickly drop back to settle at the true value. It will be interesting to see where it does settle. If there had been some royalty involved with the Tshipi project then things might have been more interesting. As it is, it's just shares.

Nice ramp Ritchie. All good then? The cherry picked items there are all that there are is that right? Do you know what the current liabilities are at this point? Got a source for that? If not how do you know what's "in the bank" so to speak? And what of the coming dilution from CLNs and warrants? That slipped your list too.

I agree Cgull, you'd be a fool to listen to the hoards of rampers that plague every AIM board promoting companies with poor past perfroamnce and a history of diluting shareholders massively. The RNSs are vital reading, the AGM resolutions are equally vital reading. Broker reports are useful for an "at a glance" summary of the company assets and the like but as they nearly always omit important information I personably deem them wholly unreliable for an investment decision. Edison, Dowgate .. . . not one past broker report afaik has every come remotely close to correctly predicting the future SP and it should be obvious why imo. The problem now is that with the many millions of dilutive shares to come here from the outstanding CLNs and warrants (some 320m more shares at prices from 0.66p to 0.9p) then we must surely expect the boards and Twitter to be awash with ramp squads for the foreseeable, trying to boost the SP so they can sell those dilution shares. There's no question to my mind that with 510m shares in issue now, and 320m dilutive shares coming, any SP movement will likely be sold into for some time. That is after all an amount of shares equiv to 63% of the existing issue ! How will they get all those shares away? On the back of a Jupiter relisting if it goes ahead? Can't see it TBH. There was a huge Jupiter rampathon some months ago with lots of ridiculous valuations being thrown around. It didn't achieve much imo. Too many people here have been around long enough to be swayed by carefully cherry picked half information.

Maestro: "Total shares inc warrants/options and cln is near 1billion shares. If all warrants are converted then it brings in further �1.6m." Yep but unfortunately Maestro that extra cash, which goes into the company coffers, does NOT offset the considerable DILUTION coming to shareholders here does it?! If you do the math you see that the current SP is already inflated based on today's MCAP. MCAP today is �5,355,000 (based on 510m shares at todays SP of 1.05p shown above) Add in the additional �1.6m that the warrants would bring in and you get a MCAP of �7m There are 119m more shares to come from the outstanding Convertible Loan Notes @0.8p There are 201m warrant shares to come from the warrants currently "in the money" which are exercisable at prices from 0.66p to 0.9p. So the total share issue is actually effectively 510m + 119m + 201m = 830m Using the simple equation SP = MCAP / No Of Shares * 100 We get : SP = 7,000,000 / 830,000,000 * 100 = 0.84p Therefore, all else being equal, the SP appears hugely inflated at present. Possibly that's because lots of people are currently speculating about future value, or perhaps some were unaware of the many CLN and warrant shares coming that represent dilution, or perhaps it's a bit of both. It is what it is.

More lies Maestro. Poor show sir. There is no vendetta against Andrew whatsoever. In fact I have defended him at times on these forums from various despicable posters who have said rather unforgivable things about him and/or his family, such comments being highly deserving of rebuke from all posters and of forum reporting. I may not agree or like the way he runs the company or communicates information via RNS and other channels but that is something entirely different. I post on few companies because I realised some time ago that one needs to have a very good background understanding of a company to be able to make effective posts and conduct meaningful discussion. Without that you swiftly end up tying yourself in knots.

Maestro: "you continue to cry about the past" The past is highly relevant becasue it's the same BOD opertaing the company. If they have a track record of expending available cash say on Admin, expenses and ventures that haven't delivered much shareholder value then it is surely reasonable to take that history into consideration. Like I said, who cares if they do get �3.5m in the bank?? They've had �9m from share issues in the past and what did it produce? What shareholder value came of it? By all means exercise your perogative to stick your thumbs in your ear and say "wahh wahh I don't want to hear that" but the track record is there for all to see regardless. I'm happy for you to brush inconvenient truths under the carpet for your own sake but you can't expect to con the rest of us into believing that it has no relevance. Steelmin should add value, but I choose to wait and see if/when they actually do achieve production and what exactly they do produce and at what cost. That seems eminently sensible to me. The Shoats Creek debarcle taught me that. The El Limon royalties have been pathetic imo so I choose to wait to see if Para can actually greatly boost production rate in 2018 and thus royalty revenue for RRR. Again that seems eminently sensible to me. I have serious doubts about it but I will just wait to see what transpires. and so on . . . .

Bless you Maestro, one can not fault your enthusiasm, naive as I believe it is. What companies say they will, might, should, perhaps achieve, is usually very different from what they actually achieve. Hopes, anticipations, expectations and so on often turn out to be damp squibs. As key examples: AB said previously I believe that he expected that El Limon could be raised to 400tpd production. Actual production has been far far behind this. When the Shoats Creek LM#20 well got going there was much talk of 300bopd production or more and then talk of the operator wanting to stabilise production at 200 to 225 bopd. The actual production rate turned out to be 100 bopd which fell to 70 bopd (14 net to RRR) and then to nothing when the well suffered sand ingression. These are object lessons to demonstrate that hopes and expectations and rampy sound bites mean absolutely nothing. What matters are the hard actual production numbers.

Maestro: "stock market usually values potential for the future," Stock market knows the history of most AIM companies like this one. They know how the BOD operate, how cash is expended and what if any shareholder value has been delivered. They value the share accordingly imo.

Maestro: "shares will commence trading at 40c, we will liquidate 25% at ipo." Speculation on your part but regardless, liquidating some or all of the JMS shares won't change things here. In fact I'd guess that most LTHs would prefer them not to be liquidated because they know that available cash will in part end up spent on Admin and salaries and other expenses. A not insignificant �686k was spent last year on those expenses, that's a colossal �54k per MONTH just for 4 directors and 1 Admin person ! ! Where is the shareholder value in that?! Maestro: "Steelmin will be in production by early april" More speculation on your part nothing more. Steelmin were expected to be in production in January and failed. Then they were expected to be in production in March and now that target has moved to April. It's like the carrot in front of the donkey, constantly moving forward. Even if/when they do start production it's imo going to be months before we get any firm figures of stable production rates and production costs to be able to assess whether it's good or just another damp squib like Shoats Creek. As ever you're simply trying to shamelessly ramp something before it's even started, much like the utter nonsense you're spouting in regards to the possible future cobalt venture. Maestro: "Did you read the align research doc" Yep but I treat their outputs with a huge pinch of salt because they self confess that they ARE NOT impartial. They are invested and so have a vested interest in promoting the share which they are PAID to do. They are paid in shares rather than cash . . . however RRR recently put out an RNS (22nd Feb) stating that they issued a bunch of shares at the massively discounted price of 0.65p. Regular forum poster Helpful stated that this was for Align but we can neither confirm nor deny. I have asked Align's poster here RichieBoy666 to confirm/deny but has stayed quiet which for me, tends to confirm Helpful's assertion that the shares are for them. On that basis, IF Align are taking shares discounted at some 30% in payment for their services then I'm not the least bit interested in their paid for PR material. As I pointed out a few times, their original report doesn't even mention the authority that RRR requested and was granted to issue up to 500m more shares here. A key piece of research I would say which is conveniently mising from their report despite the info being in the public domain. Very poor show imo.

Maestro: "Cobalt deal is very close, this alone can increase mkt cap in multiples." This is utter drivel. If the deal were to go ahead the first thing that would happen is the markets would see that the deal means that RRR would be suddenly liable for: o Cash payment of $700,000 o �490,000 payable in RRR shares ("Shares") at 0.65 pence a share, with attached 5 for 3 three year warrants to subscribe for new Shares at 1p ("Warrants") o Commitment by RRR to fund $1.2m of exploration expenditure over 18 months to produce a bankable feasibility study ("BFS") on Kamirombe, and thereafter pro rata. as per the RNS 26th Sept. So tons of money needed and more dilution to be suffered by shareholders. Not something that's going to multibag the share on announcement is it you nutter. And read that 2nd RNS statement again.. . . . 18 months just to do a feasibility study. You really do seem to be in too deep here imo.

Maestro: "Last accounts current asset value was �16.95m but yet the mkt cap is only 5m." Only 5m of that was current assets. The report also stated: Retained Earnings : � (21,022,232) Total Current Liabilities: � (4,812,273) So what's your point?

RamperMaestro: "I see you have put in those clns and the market cap WILL STILL ONLY be 5.7m." Yep. Why are you suggesting it should not be the case??? Do you understand CLNs? As I said "all else being equal" the plain fact is that the effective number of shares in issue is actually 629m not 510m because there remain 119m CLN shares to be converted at the now bargain price of 0.8p. It's just a matter of time until those CLNs are converted. No further cash is coming from the CLNs, only dilution. Hence, "all else being equal" the SP today is overvalued as it is not imo taking into account the effective total share issue. The �1m of cash was received from the CLNs back in Nov/Dec and was used to pay down the huge $4.4m loan with Yorkville amongst other things. Hence all that remains of them now is the dilution of those 119m shares at 0.8p hitting the markets. That's why imo the SP should currently be around 0.9p. Again . . all else being equal. All the other nonsense you listed has absolutely nothing to do with this simple fatcual situation of the CLN shares.

The number of shares in issue as per RNS 9th Mar = 510m Today's SP (shown above) is currently 1.125p thus the MCAP is 510,000,000 * 1.125p = �5.74m However �1,000,000 worth of Convertible Loan Notes were issued last Nov/Dec at the price of 0.8p and are waiting to be converted. They will generate 125m more shares here although just over 6m have already been converted, leaving 119m. Everything else being equal, if you factor in the TRUE number of shares in issue as being 629m then you arrive at an SP thus: SP = MCAP / No of Shares * 100 SP = �5,737,500 / 629000000 * 100 = 0.91p Thus current SP is clearly overvalued based on the true number of shares imo

Maestro: "Cash in bank $1.5m" How do you know this? Do you have a source reference please? Otherwise I have to assume you are making it up. How do you know whether or not the balance of the Steelmin loan went towards current liabilites or something else?