Member Info for MrMagic

GL Maestro but I can't help but feel the authority the company sought, to issue up to 500m more shares here this year, plus the many warrants and CLNs now waiting in the wings, will serve to dent those expectations. Here are just a few of the warrants: 8,333,333 exercisable at 0.90 pence - expires 03.09.2018 21,315,971 exercisable at 0.66 pence - expires 28.04.2018 97,023,801 exercisable at 0.84 pence - expires 13.11.2018 75,000,000 exercisable at 0.80 pence - expires 22.08.2018 Then there's the 3 tranches of CLNs recently issued: 10th Nov 2017 - �495,000 @ 0.8p 12th Dec 2017 - �215,000 @ 0.8p 14th Dec 2017 - �290,000 @ 0.8p

Maestro - " the Luxemburg company may want to see the commencement of production first and then issue the loan" Desperation creeping in now which is understandable. You've gradually gone from uber rampy "of course Steelmin will repay" to the resigned acceptance that they will extend the loan and even then I'm still struggling to see where they will get EUR 500,000 per month from for those monthly payments. Your previous posts: 5th - "they will not have difficulty raising funds now as they are so close to production.." 9th - "hopefully will be wrapped up very soon.." 10th - "I personally believe Steelmin will pay before 23rd Feb deadline" 13th - "Don't forget the loan steelmin will return which will have a positive effect of �1.8m to our cash balance" 14th - "how do you know a payment isnt coming? Steelmin have said they have agreed to new finance" 19th - "highly unlikely they wont pay" today - "it looks certain that the steelmin loan will be extended" lol I fear you have your head in the sand old bean. Where are they going to get EUR 500,000 from every month?

Richie - "Mr magic and his fellow commentators who have clearly never been anywhere near Jajce think they know better" Please don't lump me in with other posters. I've never said Steelmin won't get into production however I've learned over the years to take any RRR target/hope/expectation/anticipation with a huge pinch of salt

Richie - "Read the financial projection in the RNS of 23rd june. " Wait . . . . you mean you can pay down debts now with financial projections?!!!!!! Who knew !

lol Graphite. Maybe you can tell everyone where Steelmin will magic up EUR 500,000 per month from if they extend the loan for another 8 months . . . . . . Do you think they will be able to issue tons of confetti to raise cash? How will the many existing Steelmin investors feel about that?

So basically you have no answer to my fair and simple question. Fair enough. I won't ask again as you are clearly embarrassed enough having to find ways to divert away from the question. I think we can all draw our conclusions about the current situation though from the lack of an answer.

MAESTRO The previous "projection" for production start up turned out to be misplaced. On that basis I treat the current "projection" with a pinch of salt. Why are you deflecting my questions about Steelmin repayment with talk about the YA loan? Even if they start production in March, how long will it be before they are bringing in millions of Euros in profits?!! So once again . . . where do you see Steelmin finding EUR 500,000 every month from as well as paying back the EUR 3m loan they took out with other funders?

Maestro "What are you on?" I'm on a healthy dose of reality. No answers from you then. Pretty disappointing. Once again . . . Where do you expect Steelmin to find EUR 500,000 every month for 8 months given they have not started production?

"The loan can be extended for further 8 months but with penalty" lol. And you think paying a further 5% would be a good thing for shareholders?? 3 tranches of CLNs with warrants already issued to pay down this loan with Yorkville ! Steelmin as yet still haven't paid. Steelmin as yet haven't started production. Steelmin repayment target of end Jan missed Steelmin repayment target of early Feb missed If they extend for 8 months they would need to find some EUR 500,000 every month for 8 months. Can you explain to us please where they would get that kind of cash from?

Steelmin owe RRR EUR 3.8m plus 13% interest and if they choose to kick the can down the road and extend for another 8 months then they pay a further 5% and have to pay monthly. Ignoring the 13% interest I make that over EUR 4m over 8 months which would be at least EUR 500,000 every month Steelmin would have to find. I'm struggling to see where they would get this kind of money from. Not only that but they also borrowed a further EUR 3m from other lenders which also presumably needs paying. Is it feasible that they could confetti that kind of money every month for 8 months or indeed in one huge placing? How would that affect all the existing Steelmin holders (inc RRR)? Am I missing something here?

Maestro - "im sure rrr can find C.$370k per month from somewhere.." BTW Maestro can you tell me where you are getting this $370k figure from please because it appears a bit low. On 18th Jan RRR put out an RNS stating that there was $2,865,004 outstanding on this loan. If 75% has to be paid by May, 5 months at the most, then surely RRR needs more than $370k per month ?? Plus you need that �57k for admin etc. Care to revise your number?

Maestro - "these derampers can continue talking waffle" You're still not understanding the difference between people talking fact (realists) and derampers. Which is fine, but it severely damages your credibility here. It just presents you as a blatant ramper rather than an investor willing to debate all the details. You can do better imo. Maestro - "im sure rrr can find C.$370k per month from somewhere.." Yep, but don't forget the company has other costs over and above the huge debt to Yorkville. It has working interests in other projects and according to the last Annual Report it burns through �686,000 a year on Admin and Exploration expenses. So that's some �57,000 every MONTH you need to find plus any other working capital. The Jupiter buy-back money won't arrive until 19th March as per the Jupiter schedule. The El Limon final payment of the old prom note is due April. So as ABS says, where is the cash coming from for this month's YA loan payment? Bear in mind also that RRR presumably had to pay $100,000 recently on top of everything else as part of that YA loan as per the RNS details here: "Investor to receive a potential earn out payment based on the value of the Company's JMS investment at the time of a trade sale or IPO of the Tshipi Manganese mine, the amount payable varying between $0 and $410k, with $100k payable if no such liquidity event occurs by 31 December 2017" Can't blame people for questioning the finance situation especially with 3 tranches of CLNs with warrants already undertaken to raise cash to keep paying down this loan.

repeat = repay

Maestro on Steelmin repayment "Its signed read the rns, kick the can and wait 8 months, you must be really desperate" "they were estimating end of jan not certain, now they saying early feb, just a bit of slippage" "they will not have difficulty raising funds now" Comedy gold really. Steelmin didn't pay back in time to stop them losing more percentage stake to RRR Steelmin didn't pay back before end Jan as hoped/expected Steelmin haven't paid back by early Feb as hoped/expected A bit of slippage ! lols Will RRR deem shareholders worthy of an RNS to explain what's going on? Or will they keep quiet and hope that Steelmin repeat by 23rd Feb?

Only 4 trades all day . . . totalling about �3,500. lol Markets aren't fooled imo by the ridiculous ramping seen here and elsewhere. I mean the squads have tried ramping every angle they can think of, Steelmin, El Limon, Jupiter IPO, Mothballed Mt Ida, Migori and every ramp has failed spectacularly. Steelmin situation isn't looking too good imo. Targets being missed repeatedly. No loan repayment as yet. No El Limon royalty figures published for the past 3 quarters, tells its own story. Shoats Creek gone quiet Gosh it must almost be time to put the Steelmin project on the shelf and usher in the next great "new kid on the block" project/venture. Meanwhile, just waiting for the next load of confetti . . .

https://uk.reuters.com/article/uk-australia-resources-forecast/australia-forecasts-20-percent-iron-ore-price-drop-in-2018-as-china-demand-eases-idUKKBN1EW0VX "Australia forecasts 20 percent iron ore price drop in 2018 as China demand eases" "Australia on Monday said it expects iron ore prices to average $51.50 a tonne this year, down 20 percent from 2017, because of rising global supply and moderating demand from top importer China as its steel sector shrinks" Doesn't auger well for any fanciful notions of Mt Ida being pulled out of mothballs. Looks like that particular ramping angle is now well and truly in the oubliette !

I feel sure the trough will be full again shortly and the snouts will have their fill as ever. Nothing changes.

Don't forget Zumore that Steelmin borrowed a further EUR 3m from Christof Industries and OeKb, Osterreicheische Kontrollbank AG as well as borrowing EUR 3.8m from RRR. Are we supposed to assume that those funders don't want paying back in as timely a manner as RRR want paying back? Still struggling to see how Steelmin can repay with no production started yet. They already have about 1.7 billion shares in issue afaik so how likely is it that they can confetti their way out of debt?

RNS 31 Jan aid: "Further to the announcement of 18 January 2018, Steelmin Limited ("Steelmin") advises that it hopes for fund drawdown under its new Structuring and Placing Agreement with a Luxembourg investment vehicle early in February 2018" Previously we were told end Jan. As we are now past mid-Feb it surely behoves the BOD to put out another RNS at this point to explain why Steelmin haven't repaid and to explain what's going on. Perhaps a classic "bury the bad news" Friday night RNS is in order?

booboo, RNS 18th Jan stated: "$2,865,004 including fees and accrued interest remains outstanding." That's approx. �2m in real money.