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Banburyboy

Obviously, you appear to NOT distinguish between DRC COMMERCIAL COURT ARBITRATION of US$10m vs [&] INTERNATIONAL ARBITRATION for possibly US$400-430m per the RRR broker report [I provided a link before to this report]. So, in talking about FCA rules, what has the FCA to do with a CO'S LITIGATION AND WHAT AUTHORITY do they have over a co's loss of Musoni? There is NO FCA regulation on this.

But you appear to have been CONFUSED by the DRC COMMERCIAL COURT ARBITRATION of US$10m which is now to be updated per what I stated from the RRR RNS recently VS the potential case TO C O M E - see the broker report of potential to come. That is NOT this case in the local DRC Commercial Court. That will be an ISCID international arbitration case , be it in Washington DC, Paris etc.

Hope you comprede. Thanks. For discussion on a Fri, 1.3.24, the STOCK MARKET IS CLOSED. Let's show Mr Bell how good our law understand is or not. ANY VIEW must closely match what has already been advised by international legal counsel of standing. IF, IT DOES NOT MATCH, FAIL F GRADE FOR LAW PAPER. Law exams mimic real life precedence cases. So, 1 short answer in 1 sentence means F, Fail for Law exams. The law examiner want to see if one can bring out legal points of law or not. SO, I AM INTERESTED TO SEE what our resident can contribute to this discussion and the CAVEAT is it is just a DISCUSSION. After all, one poster said, [and another] that they are ONLY INTERESTED IN THE DRC LITIGATION - me, I am not interested in just the US$10m DRC commercial court potential award but rather the international litigation case. WHEN RRR REPORTS, they will say, or not say or comment since it is already in the RRR broker report. My remaining will depend on what is NEXT REPORTED by RRR RNS -ie will RRR go further upon legal counsel's advice etc as stated in my earlier post. ITS CALLED HAVING AN INTELLIGENT DISCUSSION. No? Yes? What else is there to discuss now given the topic everyone wants to talk about is litigation @DRC. DYOR, NIA. Fri, 1.3.24.

------------------IF SAY £100M IS WANTED FOR SETTLEMENT [of £314m [US$400m] without international arbitration?---------

Say, others think £100m is fair value. In my view only, the opposition may rather go the whole length for international arbitration and timing will be of the essence. If this is say , the case, then, it will be like Churchill Mining - they will have to pare down activities and depend on litigation only. Even Oxus Gold was the same.

CRITIQUE:

This discussion is a fruitful one. Why? Chairman of RRR may be interested to hear shareholder's various view. I recall that Mr Bell was once a director of Churchill Mining but at which stage I am not sure since I looked up the data at night. My short hypothesis is for Mr Bell to consider and as and when he next reports on any update, I will be grateful if he could fill in some of the technical details.

RESIDENTS

I gather from their own admission, they have only a pub dinner investment in RRR because someone said they are not invested. It is very easy to CRITICISE my hypothesis but I note FOR THE AVOIDANCE OF DOUBT: No resident has proffered a legal view. WHAT IS THIS FCA rule ? What rule in terms of RRR litigation? At this stage, there is NO TAX to consider etc given we are DISCUSSING THE MERIT OR DEMERITS OF THE CASE in general discussion.

Theeeedude rightly analysed that I am here for the potential litigation of international arbitration RATHER THAN DRC Commercial Court Arbitration Award. IN A LEGAL EXAM, I do not think, the QUESTION HAS BEEN ANSWERED by the resident etc on this forum. The LEGAL EXAM: DISCUSS THE LEGAL MERITS AND DEMERITS OF RRR 'S POTENTIAL INTERNATIONAL ARBITRATION vs INTERNATIONAL COUNSEL'S LEGAL OPINION TO COME [or RRR has already got an opinion.] To this end, DL's REM Mexico has already done the 1st required stage: CLIFFORD CHANCE, magic circle of legal counsel has ALREADY APPROACHED the Mexican govt to discuss the litigation and to possible SETTLEMENT if it can be managed. NO INTERNATIONAL ARBITRATION WILL ALLOW FILING OF A WRIT UNLESS BOTH PARTIES CAN SHOW THEY HAVE GOT DOWN TO SOME DISCUSSION as to amicably settling and if it CANNOT be settled and there is "DEAD LOCK IN RESOLUTION", only then can a case be filed. THAT IS LAW 101

---------------------FAIR VALUE FOR SETTLEMENT OF THE MUSONI LOSS---------------

A/c to the RRR broker report, the loss was in the region of US$400-430m from recall. That would equate to £314 Million @FX £1=US$1.27. If a funder can be found to pay for the legal costs, any potential win will have to be paid to the funder in x% as norm.

FAIR VALUE

I personally would deem that for fair value , in theory, that I would be happy with is £50m ROCK BOTTOM with no more negotiations or delay for payment +agreement. RRR would not be speaking for their DRC JV partner as they will have to undertake their own case if they wish to go to international tribunal. I am NOT PRIVY to any technical issue so I am assume that it is a case with legal clarity. Today, RRR 's share price is around 0.7p with a MARKET CAP OF £2.57M.

So, together with the US$10m payout from the arbitration [ not international arbitration], it would mean a 20x of market cap, give and take approx.

MR BELL 1.68% SHARES IN RRR.

He could technically walk away with £840,000 if the settlement by mutual agreement is £50m [+US$10m local arb award].

MAJOR

Anything to lose? Yes, compliance of the regulatory framework would say so, from my understanding as said.

HYPOTHESIS:

Agree, Mr Bell ? A reasonable outcome for the other party and for RRR. Its win win for all sides. Let's see what will actually transpire as this is only hypothesis of which I am hoping Mr Bell will be made aware of. Others can give their hypothesis but all SUBJECT to what RRR will be facing in the real world of litigation. THIS IS MR BELL'S TERRITORY - his LLB tells me so. CAVEAT: There is always IF, but and when etc. No harm discussing and to see how wrong, how right or somewhat right one is. ? DYOR. NIA. Caveat: In litigation, ANYTHING can happen given there are always legal surprises and I am not privy to the technical papers etc of the legal sort.

Part 2:

As the days pass, it will be occurring to the other party, that RRR is still here and not likely to be going away. What does the other party do? As a listed co, I am sure Mr Bell is cognisant of the compliance of the regulatory framework and what minimum laws are applicable to such large entities. So, herein, Mr Bell is more cognisant than if he was not qualified in law.

So, delay brings little fruit and therefore, the waiting continues but the other party is running out of time to come to some conclusion. There is NO guarantee that the person in charge will be willing to settle instead of proceeding to the international arbitration court. I cite the case of a major financial institution in this regard wherein he said that as long as he is in charge, the co will NOT sell Bitcoin ETF. Yesterday, he was not longer CEO despite his tenure was 33 years at the co.

ABOVE HYPOTHESIS:

All the above is NORM and known. Even if one has to deal with PROBATE and the Executor, this is the procedure for all potential legal direction cases. So, in posting, the above, I will wait to see if procedural methodology is correct, not correct or somewhat correct or wrong? I use we, as in, we shareholders.

Over to Mr Bell and I am sure the major shareholders of RRR are also waiting for an outcome from the DRC litigation. Pardon typo's. News, Fri, 1 Mar 2024. DYOR. NIA. CAVEAT: I may be wrong as I am not familiar with DRC law and procedure and therefore, it is just procedural and I hope that the other party is cognisant?

From Red Rock Resources on Twitter: "Has Red Rock lost in the DRC? No. Does it have every confidence in winning? Yes. Has anyone else been paid? No. Does it control timing? Ultimately, No. So, while anything happening in the DRC will be important, do no blind yourself to opportunity elsewhere. We dont." - Red Rock Resource, 27.2.24 https://twitter.com/RRR_RedRockResources/with_replies

[I have already posted about the above from RRR RNS Reach etc.]

WHAT COULD BE HAPPENING IN THE DRC & RRR ARBITRATION?:

We have been told that the "DRAFT arbitration award" has been given to RRR. DRC govt is waiting to be formed etc post the elections. ALL legal parties will have had the said draft. As norm, IF the parties DONT agree to the draft, then there is a delay but in the main, it was drafted from a pre-view as norm. IF ALL THE LEGAL PARTIES agree without any significant changes/error, they HAVE TO LEGALLY SIGN THE AGREEMENT. Then , the Commercial Court Judge will sign off the Arbitration Award. It must then BE STAMPED for it to have legal status. It is then legally circulated to all the parties.

RRR or the JV partner in DRC will ISSUE A LEGAL DEMAND LETTER to the payer to pay WITHIN x days as norm. The payer will send it to their accounts dept and it requires signatures as the amount is not small and no employee can just issue such a large check. Then, once BANKED & CLEARED, RRR may issue an RNS as norm.

This is just procedural theory 101. THE PAYER: The payer is aware or ought to be aware or cant be not aware that RRR , once they receive the proceeds, say, will have £££ to pay to open a legal file to initiate INTERNATIONAL ARBITRATION. The legal counsel may be able to find or locate funding for the potential litigation if there is a case to be made. The defence party is also aware that as a public listed co, they have to REPORT if litigation is taken against them for such a substantial sum @notes to the accounts. The nature of the potential litigation is not something that is the 1st time in the DRC given there is a lot of PRECEDENT LEGAL CASES already + Dept of Justice USA & SFO , UK have done international investigations into the country's mining deals etc. CASE IN ITSELF SHOULD BE MORE SIMPLE as the co does not have to prove up a new case as if it has never happened before in that country. SO, BARRING TECHNICAL error, it should take some 2 years if it goes all the way, give and take, from other cases. RRR would at the very least have to signal the other party that it is WILLING TO SETTLE as that is a PRE-REQUISITE BEFORE the co can take an international tribunal case forward. ONLY IF THE OTHER PARTY WILL NOT SETTLE, only then can any co take and initiate the filing of the writ. ALL 101.

Mr Bell, Chairman's qualification is MA & LLB, the latter of which is a LAW DEGREE. Mr Bell, at the very least would have to signal to the other party that his door is open to discussion relating to the matter and proffer an amicable tone. As th

For Noirua:

IF, Red Rock Resources went on to the INTERNATIONAL ARBITRATION COURT, be it in Paris, Washington etc, then it could be reported in "GLOBAL ARBITRATION REVIEW."

Having checked on International Arbitration , these are the following legal firms that are nuanced:

-Addleshaw Goddard

-Pinsent Masons

-Norton Rose Fulbright

-White & Case LLP

If all the above London legal firms including Clifford Chance, the leading legal counsel for international arbitration [from the magic circle of international legal counsel] were approached to enquire further at the Commercial Court, Kinshasa relating to RRR Arbitration case, I am quite sure they can help TO DO A SEARCH and CONFIRM the political situation ie as and when it could be resolved. BUT, it will cost more than one's RRR shareholdings , I am quite sure as norm. So, I await the RRR UPDATE on DRC Arbitration -cheaper that way but for those who really, really , want to know, YES, there are legal avenues to do a LEGAL SEARCH via legal counsel specialising in the DRC. Hope that helps as you have enquired over the other forum how to check etc. Thank you. Fri, 1 Mar 2024 DYOR, NIA. I am NOT suggesting to do the search but merely to inform that a search can be done as norm.

RRR DRC RNS:

5th Feb 2024: "DRC Arbitration Process Continues." RNS Reach.

14 Feb 2024: "DRC & Australia Gold Asset Update." RNS Reach

27 Feb 2024: RRR Tweet: "We will UPDATE, as promised." https://twitter.com/RRR_RedRockResources/status/1762458247192039596

GECAMINES, DRC STATE MINER: News:

[1] "Guy Robert Lukama keen to restore Gecamines reputation in DRC." -20 Feb 2024, The Africa Report

https://www.theafricareport.com/337610/guy-robert-lukama-keen-to-restore-gecamines-reputation-in-drc/

[2] "Congo's Gecamines offers to buy some of Khazah miner ERG's copper assets."-Reuters , 2 wks ago.

RRR BILBALE RNS, 27 FEB 2024:

Tweet by RRR: "Takeaways: Early cash flow. AVOID dilutive finance? Monitise assets. Able to JV. Retain UPSIDE.

IMMEDIATE SCALABILITY. A lot of boxes ticked." [2] 2nd RRR Tweet: "---THE EQUIPMENT BROUGHT IN for our ALLUVIAL gold T E S T programme at Bilbale will be able to handle FROM 288tph to1,152tph. [3] THINK ABOUT IT."

https://twitter.com/RRR_RedRockResources/status/1762426092051116099 27.2.24.

[Note: The "from 288tph to 1,152tph IS FROM THE RRR RNS, 27.2.24"]

Comment:

[1] There has been NO "failure" DRC Arbitration update to date and we await the update.

[2] Per RRR tweet, the co is embarking on its cash generative plan at Bilbale which is close to majors and has artisanal mining.

[3] In my personal view, it is preferable to obtain a cash generative operation if the "TEST" is successful at Bilbale.

Why? Shareholders do not want dilution.

[4] Todate, there has been NO MEGA placing as the resident suggested due to the RRR AGM in London under Article 4: "Authority to Issue."

FOR THE AVOIDANCE OF DOUBT:

[1] I would like to thank Theeeeduke for his kind comment last night. Yes, that is the situation - it is my personal view that if I have shares in ANY CO, I support the CEO in his endeavours, OTHERWISE, I sell up and leave quietly without critique of the type to ....?

[2] FOR THE AVOIDANCE OF DOUBT: MY REPUTATION on this website remains INTACT. Relating to the Bilbale issue, I do not support an ALTERNATIVE "rns" be it, not enough gold to make it economic etc. Why? I do not invest in small operations so I am not an expert but I do know that IF THERE IS ARTISANAL WORKINGS, they tend to go ONLY for the higher grades, thus indicating to potential junior explorers of the potential of the gold in-situ @the licence.

Theeeeduke: A very big thank you from me - my faith in humanity has been restored at this forum and that where there is a difference of opinion, you have stepped up to the mark to be the impartial party. Very commendable and God Bless.

News, 1 Mar 2024 [Fri]. One can hope for a positive outcome IF things do go right 100%. But DYOR. NIA. The share price has steadied in anticipation of news, whichever way it swings per Efficient Market Theory.

Specinvestor99:

I just quoted from your post at 14:38 , Thur, 29 Feb 2024 on this RRR forum ---see my quote from your own words and post.

You stated there is NO gold in your backyard to pumpy re: Bilbale?

No. Yes? From your own very words. FORUM NOW CLOSED - it is 20:32.

Good thing, I decided to look at another forum before going off.

I am NOT given to ... LOOK SPECINVESTOR99- you post in the early hrs of the morning at 02:09 approx and you are still here at 8:33pm [all in this 24 hrs]. Other residents also post at 4am, 6am and then 7am. Obviously, it is about RRR.

If you have any ISSUE WITH RRR, TAKE IT UP WITH THEM, nothing to do with me.

I am not sure if you are aware, but FOLKS GET BANNED PERMANENTLY for going to and fro. The stock market is now closed at 8:35pm so, NO ONE CAN COMPLAIN. I dont intend to CONTINUE as I wish to keep MY GOOD RECORD ON THIS SITE. As I said, MEET AT THE FCA---there everything can be sorted out re: RRR and all the gripes as the posting on this forum. Folks dont like the High Court so FCA, everyone can see who everyone is via ID. LoL, I am sure there will be surprises. Other than that, what other solution is there? Ta Ta. I will NOT BE ANSWERING as I am the only 1 here with a positive outlook on life & stocks and I accept responsibility if I buy stocks. News, Thur, 29 Feb 2024.

Right, I am off now as I have had a long day. However, Specinvestor99, you posted late last night at 02:09am from recall & you are still here at 7:54pm so given the Canadian time difference, if you dont need to zzzz, I have to take a rest.

Suffice to say, I am now 1 vs tons here who have very puzzling views like did the RRR AGM even take place, money in Cyprus Bank [today, one poster admitted that Greenland was sold for £1, not the millions in a Cyprus Bank] and so forth. I AM NOT SURE WHY FOLKS WILL NOT CONTACT THE RRR NOMAD , RRR BROKER'S [broker note], FCA , DRC Commercial Court etc if they think it is all fiction? As they say, proof of the pudding is in the eating - hence why I can turn up at the FCA offices to meet any shareholder and present to the FCA that on this forum, there is so much material about RRR of which RRR vs Gary C. has already produced a statement from Gary of UNFOUNDED ...and Gary paid a substantial award to RRR & Mr Bell. Surely, everything came out in the High Court - RRR gave Gary a chance but he insisted on going to the High Court, presumably in London. It is becoming a situation where REALITY does not meet ...

MY FEET IS ON THE GROUND, AND I HAVE A POSITIVE OUTLOOK IN LIFE AND IN STOCKS. DONT BUY STOCKS, THEN NO LOSS, simple isnt it -that is what the London Stock Exchange informed every investor about AIM STOCKS -there is greater risk as AIM is growth stocks ie they need funding , hence for HNW. AIM co's are NOT BLUE CHIPS ie investment quality per the warning given by the exchange. News, 29.2.24

Specinvestor99:

Answer: You asked me to quote : "NO GOLD AT BILBALE."

At "14:38, Thur, 29 Feb 2024: Specinvestor99 : Pumpy, getting TONNES out is never an ISSUE, that could be PROCESSED in my backyard, ---BUT THERE IS N O G O L D ---there om back yard."

RRR RNS, 28.2.24

It stated that they are flying out machinery to start a small gold potential operation [testing] from recall at Bilbile.

You said there is "NO" gold there and then you changed to "sufficient gold to make it worthwhile.2

Well, what do you want RRR to do? DRC - RRR stated update etc. Meanwhile, what do you suggest RRR do to obtain a cash operation? Folks COMPLAIN about FUNDING so what other OPTION has ANY CO have on AIM?

If there are questions , I would love to meet at the FCA office. There, we can produce our ID of name, address and other ID.

Everything about Red Rock Resources can be answered , I am quite sure.

Specinvestor99 from Canada:

You see, when Helpful posted the RRR RNS, 28 Feb 2024 for Bilbale, another poster said helpful was "misleading." As I already stated, "misleading" is stated below one's window BEFORE one can post. So, how can quoting "VERBATIM" from an OFFICIAL RNS from RRR be "misleading"?

Specinvestor99, RRR is about to fly over machinery to start a small operation potentially at BILBALE. You stated; "NO GOLD" at Bilbale!!!! So, that LEGALLY CONTRADICTS RRR's RNS, 28.2.24. Why? If there is INDEED NO GOLD, then, Mr Mahendran Samuel cannot start the gold operation with RRR, surely?

How do you know there is NO GOLD, when the MAP [GEOLOGICAL MAP] shows they are on trend and I quote VERBATIM from RRR's Nov 2023 presentation of 20 pages. RRR has 2 BROKER NOTES on their projects from recall per RRR website.

It is getting to a place where it become the TWILIGHT ZONE -- one poster even questioned whether the RRR AGM took place in London on 16 Feb 2024? FOR THE AVOIDANCE OF DOUBT: IF ANYONE IS A SHAREHOLDER OF RRR , THEN THEY GENUINELY WOULD LIKE TO SHARE AND KNOW ABOUT RRR'S PROJECTS and come to a solution as to how to obtain more news that they are interested in. CALL THE NOMAD - I have done so in the past with 1 co - one Nomad was in Australia and I told him one poster said X co was over-valued at £8m. Nomad replied to me. Why is everyone going against those who have a BALANCED VIEW? Why is the question -if one is invested or may be interested in investing, surely, there is BULL and bear points, NOT BEAR POINTS ONLY as norm?

My reply: Specinvestor99 asked me, Theeeeduke, whether I will go to the RRR AGM, 16 Feb 2024.

I said I dont LIVE in London to attend the AGM.

I have never met, spoken, email Mr Bell, Chairman of RRR.

My broker is HL and I would need a letter from HL if I wanted to attend any AGM - paper stocks went out with the dinosaurs. If, I attended the RRR AGM, on 16 Feb 2024, I would have to SHOW my HL LETTER to enter.

BUT, I DONT HAVE TO SHOW TO ANYONE ELSE except RRR at the door.

Theeeeduke

Are you?

I dont need to repeat again what Mr Bell said on TWITTER relating to the share price of RRR. I just saw a post on my left and decided to have a look.

IT WAS THE GGP forum:

One poster said that the CEO told them NOT to worry about the SHORTS as they "NEED TO BUY BACK."!!!!

Hope this is the case here as well ---------THE MARKET CANNOT COVER THE SHORT POSITION 101, then YES, they have to buy back STOCK ON THE OPEN MARKET 101 [Theory as norm].

RRR:

If RRR DOESNT DO A FUNDING, then NO SHARES of RRR to cover the short position.

LoL-if money can indeed roll in from Bilbale small gold operation potentially, then, the market is technically squeezed as no stocks issued via funding 101, theory.

SO, OVER TO RRR & MARKET now. Have to see what happens NEXT. OR DRC money comes in, and whoah, what happens to the shorts? YES, IT IS NOT ONLY MR BELL SAYING ABOUT SHORTS, ITS SHAUN, CEO OF GGP TO INVESTORS. Go over and see what their CEO is saying to them about shorts, IN TOPIC, same as at RRR.

DYOR, NIA. Thur, 29 Feb 2024.

Oh, Mr M , by the way --------our resident on this RRR forum told us A MEGAL FUNDING is coming after the RRR AGM , 16 Feb 2024 in London via ARTICLE 4: "AUTHORISATION TO ISSUE."

Today, is Thur, 29 Feb 2024, STILL NO SIGN OF THIS MEGA ARTICLE 4, RRR AGM, 16 Feb 2024.

So, now as RRR said, CASH FLOW is needed -------ENTER RRR 28.2.24 RNS ABOUT BILBILE small gold potential operation wherein the machinery is going to be flown in.

Surely, Mr M and all here, on this forum MUST BE INTERESTED since CASH ie WONGA for RRR is important, no or yes? So, ON TOPIC as residents and others are posting on the RRR RNS, 28.2.24 on Bilbale etc.

With thanks. Hope you dont mind since everyone has to be interested given the only topic is CASH for RRR. DYOR, NIA.

Yes, Mr M, we can stick to DRC. A Mr N from the other RRR forum [he also posts here] stated he CHECKED

for RRR DRC for the CASE [arbitration]. Of course, it cannot be found - how can it? It is a LOCAL DRC Commercial Court akin to Bangkok, Jakarta and so forth , wherein it cannot be CHECKED unless one get a LEGAL SEARCH AGENT ie Legal Counsel from the DRC. I already suggested that.

RRR RNS and Mr Bell's Twitter reply is the only data we have at the moment. Mr Bell replied on the Official RRR Twitter.

So, what else can be discuss as we are NOT PRIVY to the KINSHASA, DRC COMMERCIAL COURT LEGAL FILE?

Yes, Helpful. From what I could glean, 0.5% IS THE CUT-OFF.

The gold drilled was at 22m.

The grade is some 2% or 1.5% from recall of the average grade.

Higher grades, there are via artisanal. But pardon me as I read data into the night so I was checking RRR's COTE D'IVORE as well. I know that Barrick is also in Cote d'Ivore.

Specinvestor99

You are from Canada and you may understand more than traders on mining. Here's the link to the PRESENTATION of BILBILE & BOULON from RRR dated NOV 2023. [20 PAGES OF GEO DATA]

Link: https://www.rrrplc..com/wp-content/uploads/2023/11/2311_FGR-Exploring-West-Africas-Greenstone.pdf

20 pages of data , geochem , map of the two RRR licences to majors etc, artisanal mining etc.

Comment:

In fact, when I invested in Solgold BEFORE the drilling of Cascabel [history now], all I got was a presentation and from that one could ascertain some useful data to better understand risk vs reward as norm. THE EVIDENCE IS PROVED BY ME FROM RRR PRESENTATION OF DATA/GEO CHEM ETC DATED NOV 2023.

Specinvestor99:

I point you to pg13/20: B I L B A L E GOLD PROJECT --"ROCK GEOCHEM , RC DRILLING & ARTISANAL GOLD WORKINGS."

In the days of Solgold and of every other co , they use the Geochem to know where to drill and the READINGS ie how high/er etc.

RRR 28.2.24 RNS re: BILBALE

From recall, they are bringing in machinery to process the gold which is NOT too deep ie NOT underground mining.

So, going just on ARTISANAL MINING alone, the grades are high enough [in fact high grades], so like many projects, it is a quick cash flow earner. This is not something just exclusive to RRR - the Co-Founder of RRR said on HC, that for say Victoria Gold, it needs a gravity machinery. So, not rocket science. But specinvestor99, you said there is NO GOLD in BILBALE?

As for flying out to Bilbale, NO , I did not say that. It needs permission and if anything happens, the co cannot insure investors. But since investors have got to such a stage that they ask tis and that, then best to check given that the BUKINA FASO MINING DEPT WILL HAVE ALL THE MINING LICENCE AND ANY SUBMISSION OF HISTORICAL data - this is what Kobold is doing to try to find Tier 1 projects/deposits.