RE: Helpful🤡 Pink Elephant Oil30 Sep 2025 21:17
16:07: there was another post in his early days on Saga which though I can remember the relevamt part of it verbatim, I think it is best not directly refer to it.
But 16:24... RRR has delivered something £1 million recieved from Soma enabling payment to POW, also two exclusvity fees received in relation to gold asset in Cote d'Ivoire regarding potential sale. In the annual report of 13/12/24 the auditors stated (paraphrasing from memory) if there was continued delay in receiving money for asset that was taken, a sale of asset(s) might be a viable option to alternatively remain as a gong concern.
The above was put more succinctly and eloquently but it is not just a binary all or nothing on one aspect which Banbury has opinionated. Ignoring genuine progress in relation to the audited annual report from 2024 and ignoring what the company said in the half-year report of 2025regarding potential selling of asset(s) is if someone were also an "accountant" - very biased in my opinion and, therefore, not very good for giving a balanced assesment - unlike the auditors and regardless of acconting method - equity value in the RRR annual report was substantially higher than total liabilities, also regardless of the accounting method RRR use - and it is an explorer - there's not much I could see to back up Banbury's substantially higher debt estimate - yes there were loans and a couple of high interest ones but as debt is being paid, debt is being paid down including older debt - hard to do meaningful a estimate even if one were an accountant without access to the books of the company or being an auditor at a time of the annual report which would then be more like a calculation.