Member Info for MrMagic

Kabaa - "That newspaper is dated over 5 years ago." Of course it is !! It's an article reporting Jupiter mothballing Mt Ida at the time it happened and stating the reasons why. Kabba - "The admin costs you keep mentioning are old numbers before RRR has slashed tonnes of it's costs, staff and moved to a smaller office." The admin costs I highlight are always those in the latest Annual or Interim report. What other formal figures for such data exist? The Annual Report was published as recently as 6th Dec. It stated Admin and Exploration Expenses at �686k. I'm confused. Are you disputing these figures? Or are you saying you are privy to alternative figures?

Helpful - "Not sure but if I remember they need to put a railway link in to the port." From the Jupiter website: "This 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. "

"'mothballed indefinitely' - Magic says this just to mislead people " Not at all. That is how it was published at the time in the news article below: https://www.businessnews.com.au/article/Jupiter-puts-Mount-Ida-in-mothballs Notable that pretty much all your posts are full of vitriol and disparagement with little or no arguments against the facts posted. Mt IS mothballed, along with Mt Mason. Fact. No mislead at all. Fact.

Again the defacto response to the posting of facts . . . attack the poster. No comment then on Jupiter's continuing decision to keep Mt Ida and Mt Mason mothballed? Have you noticed that none of the so called "derampers" attack the shameless rampers like yourself? They conduct themselves politely preferring to use facts to support their views rather than poor attempts to disparage and discredit posters whose views they don't like.

Back in Nov 2012 Jupiter took the decision to cease spending on Mt Ida and "mothball" it indefinitely. The RNS stated: "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." "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" ((http://www.jupitermines.com/images/jupiter---quaeh.pdf)) At the time this occurred the iron ore price was well in excess of $100 (please check) On 23rd January 2107 Jupiter put out a presentation in which it stated: "The favourable iron ore price and exchange rates means a review of these projects is warranted." (http://www.jupitermines.com/images/jupiter---aeshaiteix.pdf) I have not heard anything from Jupiter since that suggests their mothballing decision has changed and perhaps not surprisingly as the iron ore price has not recovered to $100 levels. On 27 June 2017 Jupiter published their Annual Report for 2017. It 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) The feasibility study conducted for Mt Ida suggested it would cost some $1.6 Billion to develop. I personally can't see Jupiter expending that kind of cash unless and until the iron ore prices fully recover and to stable levels.

The desperation here is getting palpable. What next? Is Greenland going to be sold again?

" we have production royalty of 0.75% on mt Ida," Yep but sadly Jupiter mothballed the Mt Ida project indefinitely a long time ago. Did you not think that snippet of information was worthy of inclusion in your post? As ever, shockingly awful posting of partial info.

Maestro, the Steelmin plant employs 45 people. Where would we get the money to pay them? RRR burns through �686k per year just for its own 4 directors and 1 admin person. Or do you propose we sack them all? Steelmin have had to borrow at least Eur 6.8m just to get things up and running. We've had to borrow $4.4m from Yorkville just to lend Steelmin Eur 3.8m. Being saddled with Steelmin's non-producing assets would I'm sure be seen as a bit of a disaster by the markets should it come to that. I hope it doesn't. There's only one acceptable outcome here which is that Steelmin repay the money they owe and achieve good levels of production in the short term. If they don't it's an unmitigated disaster imo. I also think that if both those outcomes do occur, then RRR absolutely has to somehow cancel those CLNs and buy-back the shares they placed.

Maestro - " i tell you what i will be happy to take over the Bosnian asset in return for them not to pay our loan back." Really? What do you think RRR would do with it? What did they do with the Greenland asset? How many years did it take to get rid of El Limon and at what eventual cost? You really do appear incredibly edgy and sensitive. Are you sure you're not in too deep here? No-onehas suggested Steelmin are stupid, why say that? They have challenges for sure. They need to get production going which they've not managed thus far, and they have at least $6.8m of debts to repay to RRR and other funders (less anything they've already paid if they have). Why all the angst? Just sit back and wait to see what transpires in "early Feb".

Maestro - "Its signed read the rns" Mate, it was signed in the previous RNS, did you not read it? RNS 18th Jan: "has signed a Structuring and Placing Agreement" Nothing has changed that I can see, just the expectation for repayment has slipped. The RNS said COMPLETION was subject to "some rights of withdrawal by the lender" Happy to wait to see if it does complete and if they do repay.

Maestro you just keep repeating the same old speculative view points, which is your prerogative, but the number of times you trot it out does not change speculation to fact. You appear incredibly nervous about your investment having to constantly repeat all these sound bites multiple times per day. I guess most will empathise with that. "Now they are close to production" Yep, forecast for production is now March 2018, it was previously Jan 2018. Still only 4-8 weeks though so worth waiting to see what transpires imo. "new funding has been secured if you read the last rns" The previous RNS stated that the "Structuring and Placing" agreement had been signed but iterated that it was not complete stating: "On the basis that the Agreement, which is subject to some rights of withdrawal by the lender, completes" So, signed but not complete. The subsequent RNS, at least for me, didn't change that situation. It neither confirmed nor denied completion of that agreement. It did say that Steelmin hoped to repay early Feb. So again all we have to do is wait a couple of weeks to see if that happens. No rush, happy days. "i am expecting significant rerate on this stock." Yep we get that, you keep saying it but its pure rampy speculation in your part, again, which you are perfectly entitled to. I don't currently share your optimism though. The Steelmin targets/expectations for both debt repayment and production start have both slipped which isn't imo a good sign. The markets appeared to me to be none too happy with that news last week with the SP dropping and no volume. It's just a waiting game. We'll soon see if Steelmin repay or if they elect to kick the can down the road and extend for 8 months. The RNS says Steelmin HOPES to drawdown early Feb so no need to speculate really, just sit tight and wait to see what happens. Good for all if they do repay but if they don't . . . . . well that wouldn't be good imo. DYOR

Maestro1 - "I'm not worried about the loan we took out to fund steelmin, we took $4.2m and have 2.8 remain, we have that secured with our Jupiter shares. Can easily liquidate next month to pay them off should steelmin not pay on time.." It was $4.4m just for the record. Were RRR to pawn off its "crown jewel" assets, the Jupiter shares, to pay off a colossal debt with Yorkville, I think that would be the final straw for many shareholders. It's bad enough imo that AB put those shares at risk in the first place by using them as security. All you can do is wait and hope and pray that Steelmin manage to complete their refinance deal and that they do pay back RRR in full and crucially, that they do so in a timely fashion.

Maestro - "Steelmin will be very close to production now" RNS just published (18th Jan) stated: "Steelmin forecasts first production following completion of the refurbishment of the ferrosilicon smelter complex in Jajce, Bosnia in March 2018" So anywhere from 4-8 weeks away but only IF their forecasts are on the money

Maestro - "Jupiter mines delisted 3 years ago at price of 8.1c, now it plans to list at aus$0.44c . That's a 5 fold on our investment." A brief review of the various JMS share transactions is probably in order I think. Jupiter delisted on 10th Jan 2014 RRR previously had 74m JMS shares worth a great deal of money On 30th Mar 2011 - RRR sold 5m shares for a gross consideration of AUD 2,750,000 (55c a share) On 17th Oct 2012 - RRR sold 14m JMS shares (18.8% of the holding) for gross proceeds of AUD 1,540,000 (11c a share) On 5th July 2013 - RRR sold 40.5m JMS shares (67.3% of the holding) for gross proceeds of AUD 2,836,852 (7c per share) On 14th Jan 2014 - RRR Bought 7,650,000 shares for a cost of AUD 428,400 (5.6c per share) It is unclear which specific "investment" Maestro refers to in his post. Perhaps it is those final 7,650,000 shares bought at 5.6c per share. For me the point is moot because as can be clearly seen, RRR previously held 74m JMS shares and sold only 5m of those for the excellent price of 55c per share. Unfortunately AB then sat by whilst the JMS SP tanked, then sold another 14m shares for 11c and then sold a massive 40m of them for the obliterated price of 7c a share. People might like to work out how much 74m shares were worth when the JMS SP was 55c. Maybe it's me but I always thought the idea of an "Investment" was to buy low - sell high rather than buy high, watch the value drop to nothing and then sell ! So, 54m valuable JMS shares were sold for a pittance but hey, 7,650,000 of the 27.3m shares that RRR now own were bought at 5.6c and are worth considerably more now. Yep well done ! (as always check all figures in case of error)

"their assets they are surely worth more than the mkt cap." This is very old hat. A "sum of the assets" valuation has never (afaik) been appropriate here because of the dilution and because of the ways in which cash is expended. If you are going to do valuations of MCAP then, if you are going to be honest and genuine you MUST factor in the 500m shares which the company has asked for authority to issue this year. After all, MCAP = No Of shares * SP, so the number of shares is paramount. "Once the loan repayed", "imagine" . . . . Just speculative hopes and dreams until they happen. There is significant risk imo if Steelmin don't repay their debt to RRR or if they elect to kick the can down the road and extend the loan by 8 months. The company is valued as ever at the value of the Jupiter shares, little more and even that valuation imo seems to get given a discount due to it just being AB and RRR. We have seen from the total lack of trades and volume that the markets don't appear to buy the "wait till early Feb" line of the last RNS. Things have slipped, both the target for repayment and the target for production. The facts don't lie. The markets react accordingly imo.

Indeed. Even with yesterday's 5% drop these shameless rampers, desperately trying to convince people this is way undervalued, were simply not buying. Nuff said really. Clearly just bottom feeders either with warrants or looking to participate in the next round of confetti imo.

Fact is you can always tell from the actions of the BOD and from the language used in the RNSs what's going to happen. There is simply no way that the BOD would request authority to issue up to 500m more shares here on a whim. With 499m currently in issue they have basically asked for the freedom to DOUBLE the share issue. That needs to be factored into future SP forecasts here. That action alone (from the last AGM in Dec) tells me that the BOD must not be wholly confident that the required cash will arrive from other projects/avenues in a timely fashion. Bell has already done 3 separate tranches of CLN's with attached warrants to raise cash to pay down the huge $4.4m loan with Yorkville of which $2.8m remains outstanding. There has also been a separate placing of 15.6m shares at 0.8p again with warrants attached. The confetti is flowing nicely. All I see here is a company that constantly moves from one speculative project to the next whilst perpetually raising cash from various share issues. Each new project gives the markets something to speculate about which doubtless helps get the confetti away. Unfortunately few of these projects ever end up delivering significant revenue and either way shareholders never see a penny of the many �millions raised by way of a dividend. In the last Annual Report �686k was expended on Admin and Exploration Expenses alone ! The bottom feeding traders and ramp squads here will feed a rose tinted story of future riches and fantastical SP rises but of course it never happens. They will always neglect to tell people the full facts esp the share issue allocation now in place. How long for the next round of CLN confetti? Of course the problem is that if another placing/issue is done, people will then have to assume that Steelmin aren't repaying their debt anytime soon. The cat would be out of the bag so to speak. The SP will tank quickly on that outcome should it occur imo. Steelmin have the option to extend the loan for another 8 months if they choose (and I still believe they will). If that happens I can see AB using his 500m share allocation with gusto to raise cash to keep paying down the YA loan.

" I think by next Friday it will be done.." 1) Remove head from sand 2) Brush sand from eyes and ears 3) See the real world in all its glory

"I think this Co is undervalued...." Then where were all your buys today? SP was 5% down, you should be lapping them up! Foolin no-one

Dear oh dear. The shameless rampers have had their @sses handed to them on a plate and are clearly smarting. Personal jibes, playign the man not the ball, always a sign of weakness. Steelmin haven't paid back the money. FACT. Forecast for doing that has no slipped from end Jan to early Feb. I predict still that they will extend the loan for 8 months leaving RRR to foot its own colossal debt with YA. Steelmin still have no productio. FACT Forecast for starting production now slipped from Jan 2018 to Mar 2018. I guess you have to have some sympathy for the boiler room squad . . . they came, they tried, they ramped . . . they failed miserably