Member Info for MrMagic

GT - "Would you if you had been in his position on the knowledge you would dilute yourself out invest that much money?" Yep, if I thought there was a threat that I could be ousted as CEO by a growing number of large shareholders. I'd always buy more shares to protect my lucrative job esp if it had paid me nearly �1m in emoluments in the past few years. I'd do the same at RGM too.

Interesting how the ramp squad have suddenly moved away from ramping Steelmin and are now going hard at it on Mt Ida, a project that Jupiter has had mothballed since 2012 and which they reviewed last year and still decided to keep mothballed. It's almost as if they secretly suspect that Steelmin will fail to pay by Weds next week and are looking for something to soften the blow.

Helpful "he subscribes for �175k in shares and CLNs" I'll go out on a limb here and say I think he can well afford it whether he wins or loses. Andrew Bell Emoluments =================== 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 Total �914,629 This is just for RRR. Of course one could make a similar list for his RGM emoluments. Then there are his other board positions for which we have no data.

CGull, Align freely admin they are paid in shares, that's their sctick, getting paid in shares rather than cash. It's a different approach but nevertheless, just another broker report. In 5 years I've never seen one broker report come anywhere close to predicting the SP correctly. Edison, Dowgate etc all horribly overhyping the SP. Broker reports are what they are, largely useless PR puff designed to promote a stock, but they do provide a useful at-a-glance list of a companies assets for newbies. Sadly most broker reports conveniently leave out the details about likely increase in share issue/dilution etc even when such info is in the public domain. That imo is why their target/forecast SP's turn out to be vapourware. Align's PR piece is no exception. RRR sought and was granted authority to issue up to 500m more shares in 2018, it was agreed at the recent AGM last Dec and yet there is not a single mention of this in Align's report. They mention existing CLN's and warrants that are likely to be cashed in, but no mention at all of RRR's authority to issue up to a further 500m shares. Omissions like that, for me, bring into doubt the reliability of such reports. I find it somewhat disingenuous.

Also, the statement of the % holding seems off to me. RRR originally had a 1.5% royalty and agreed to sell half of that (0.75%) to Anglo but there were dependencies as per the RNS of 2nd May 2012. However the RNS stated that: "The Tranche 1 payment of U.S.$6,000,000 for 0.3% of the GRR has been settled by the payment of U.S.$3,899,999.81 less some applicable costs and the issue and allotment to Red Rock of 416,161 new Anglo Pacific shares" There are dependencies for the remaining 0.45% as per that RNS but surely that 0.3% has been sold, which would mean RRR now only have a 1.2% royalty with 0.45% of that still planned to go to Anglo if the dependencies and payment tranches are ever met. Thoughts?

lol Helpful "but this story could have legs. " . . . Comedy gold ! Align's legal disclaimer "we only write about those companies that we have conviction in. However, as a consequence of this alignment, our vested interest is in an increase in value in the subject company�s equity. As such, we therefore cannot be seen to be impartial in relation to the outcome of our reports. "

lol Helpful "should be" . . . "if" . . . . nuff said imo

"The biggest jump will come from the cobalt deal." I disagree. Should AB elect to go ahead it would mean: 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. Where will RRR get that kind of money as well as it's regular significant running costs and what kind of sane investor wants to see their holding diluted? Shares at 0.65p would represent a 26% discount to todays SP of 0.875p.

lol coffeecups. The super non-committal RNS said Steelmin "hopes for fund drawdown" in early Feb. The previous one said: "The Agreement provides for a new Steelmin note ("Note") to be placed with investing funds on a best efforts basis with a target issuance date of end January 2018." Already the 9th Feb now. I guess 14th could reasonably be deemed Mid Feb so an update ought to be given by Weds next week. I predict deafening silence.

Jupiter also published their Interim results more recently, 6th Dec 2017 and simply stated in there: "The Mount Ida Magnetite and Mount Mason DSO Hematite projects remain under care and maintenance." http://www.jupitermines.com/images/jupiter---hiyaijicoh.pdf

Let's have the facts Helpful not your dreadful speculation. 8th Nov 2012 "Jupiter Mines Limited (Jupiter) (ASX: JMS) has just received the preliminary estimates of the Mount Ida Feasibility Study. These indicate higher capital and operating costs than those contained in the 2011 Scoping Study. In light of these estimates, taken together with the currently depressed iron ore and strong exchange rate environment, the Jupiter Board has concluded that it is in the best interest of the Company and its shareholders to freeze expenditure on the Mount Ida project until market conditions improve. Jupiter will retain its ownership of Mount Ida and will continue to meet its minimum expenditure obligations on the tenements with a view to protecting the value of the earlier work for potential future development. As a consequence of this decision, Jupiter will withdraw from its intended participation in the proposed Port of Esperance expansion. These decisions are expected to save Jupiter at least $20 million over the next six months" So the above were the actual reported why Jupiter mothballed Mt Ida. It must be noted that the price of iron ore at the time Jupiter chose to mothball the project was about $120. At times in 2012 the price was above $140. Clearly, this project is unlikely to go anywhere until and unless the iron ore price recovers. In the past 6 months the iron ore price has continued to languish in the $60-$70 region, absolutely nowhere near $120. On 23rd Jan 2017 Jupiter releases a shareholder presentation in which it stated: "The favourable iron ore price and exchange rates means a review of these projects is warranted." Seemed a good turn of events. The iron ore price was just about touching $90 so a review was warranted. Unfortunately the price plummeted again throughout 2017 right down to $57 levels. On 27 June 2017 Jupiter published their Annual Report and stated: "the Board reviewed both the Mount Ida Magnetite and Mount Mason Hematite Projects during the year. With the iron ore market still unstable, both projects remain on care and maintenance" http://www.jupitermines.com/images/jupiter---eiwohzaexu.pdf There is absolutely no need for the pitiful speculation and desperate straw clutching by some here. The situation could not be clearer imo from the information published. Mt Ida is mothballed, the situation was reviewed in 2017 and it remains mothballed. Sorry but that's it.

Helpful "and $3mil in royalties" Yeah about that. Last actual RNS reporting th equarterly payments of that royalty was way back in Jun 2017 and covered the quarter to end March. Is it not somewhat odd that we've not had any figures for quarters ending: June, Sept and Dec? I can only assume that the royaties in those quarters have been just as paltry as those reported in the June RNS. AB should really provide the numbers for those past quarters imo.

lol boys, Classic Bell If the lawyer hasn't been paid his completion bonus then it don't mean a thing does it ! Haha

Helpful - "The main impediment to exploitation was lack of port capacity" Once again, the facts: Jupiter purposefully chose to cease expenditure on Mt Ida and mothball it because of: "higher capital and operating costs than those contained in the 2011 Scoping Study, a depressed iron ore price and strong exchange rate environment" The project requires huge expenditure to get to production, requires the rehabilitation of over 320 drill hole sites and associated sumps, collection and disposal of bagged drill hole samples, and the rehabilitation of over 36 kilometres of tracks. As you say, it's many years from being a twinkle in anyone's eye. Are Jupiter likely to spend $1.6 billion or more to develop this project whilst the iron ore price is still depressed (compared to the price when they chose to mothball it)? I can't see it. Your suggestion that there must be some kind of value there seems pretty tenuous to me. You could say similar things about the Greenland asset, that it must surely have some kind of value. The reality is no-one is buying, there are no queues of people falling over themselves to buy it. Neither have we been informed of any such buying interest for our Mt Ida royalty. Even if there were, selling it would effectively be asset stripping imo.

Maestro/Helpful, you are correct, it's a gross production royalty. Thanks for the correction. Still a moot point though given Mt Ida is mothballed.

Your usual shocking stuff Maestro. So you're suggesting that there's no cost of extracting the ore from the ground, no production costs, no transportation costs . . . . . you just grab 10m of ore and get paid $80 per ton of it right there and its all profit?!! This just gets more desperate every day. Mt Ida is mothballed. It's been mothballed since 2012. Jupiter reviewed the situation in 2017 and still decided to keep it mothballed. There is no production, the iron ore remains in the ground. There is no royalty payment. The project requires huge expenditure to get to production, requires the rehabilitation of over 320 drill hole sites and associated sumps, collection and disposal of bagged drill hole samples, and the rehabilitation of over 36 kilometres of tracks. Ramping this is utterly futile.

One buy, for �102 has flooded in. Is that yours Graphite?

So to summarise then: Mt Ida was mothballed because of high capital and operating costs and a depressed iron ore price and strong exchange rate environment. In the recent Annual Report Jupiter said they were keeping the project mothballed because the iron ore market is still unstable. The previous feasibility study suggested it would cost some $1.6 billion to develop Jupiter's website currently states that the "project requires the rehabilitation of over 320 drill hole sites and associated sumps, collection and disposal of bagged drill hole samples, and the rehabilitation of over 36 kilometres of tracks." At this stage then RRR has a 0.75% royalty on a JORC that is sat doing nothing and which is unlikely to be doing anything for years unless and until the iron ore prices recover (I assume to well over $100). It most certainly has future potential but the project is huge and comes with massive costs. It will likely be many years before anything happens there imo. This IS however the kind of asset that RRR needs in that it would ultimately generate recurring revenue but flogging it (asset stripping) at this stage would seem detrimental and rather desperate. I think most have assigned zero value to this royalty for the above reasons. Some people gained a tiny amount of hope last January when Jupiter said they would review the situation in their presentation, but the subsequent result of that review in the Annual Report pretty much puts the whole thing back to bed imo.

Helpful, could you comment on whether or not Mt Ida is producing and if not, what would be the cost to Jupiter to get it to production? Thanks. It's just that you appear to be valuing it on the basis of how much ore is in situ rather than the cost of developing the project/site, the cost of rail tracks, costs of production, transportation and so on.

Shameless Ramper - "Amazing opportunity for buyers at these levels." Funny but I'm having trouble spotting your buys in the list. All I see are 2 sells today. Could you point us to your buys which I presume must be there if you believe this is such an "amazing opportunity", thanks