Member Info for orslega

In the context of AB Twitter post this morning (re housing shortage) just re-listened to his Stockbox interview from Thursday, below....at 3.45 min, on the PPP JV AB says.... "expect to be signing on that later this week......"

https://www.youtube.com/watch?v=WyAlL7zXnaU

Paperwork must therefore be ready for signing as he's there now. Given that the original PPP JV discussions took place well over a year ago (see RNS 6/11/2024 for update) which were then followed up with meetings with Rural Development minister (and televised on national TV) it seems very reasonable to expect a successful conclusion.

Many naysers will say that it is simply impossible that a deal of the likely magnitude AB has referenced will come RRR way but what if it does? Well for certain we will see fireworks here, absolutely no buts.

For past couple of months have added here, a large holding, but not reportable (and now in profit). Something about the risk v reward really appeals. Not just DRC, very lucrative gold projects surfacing. Timing for newbies is spot on. And happy to be part of it : )

Good luck to all genuine investors - here's hoping our patience will be hugely rewarded.

AB has made it quite clear - the arbitration cash is quite separate to the major JV copper/cobalt venture linked to a social housing project. Some have been confused (like the interviewer) - they are distinctly separate, AB confirmed. Indeed AB has said more than once, no arbitration cash, no DRC JV.

He just said they are also after a gold licence there. With support from the Presidential Office that could easily happen. Very interesting.

Revised Valuation of NBGC Interests

With 100% ownership, NBGC's valuation no longer applies a 50% JV dilution, increasing its standalone value by ~100% from prior estimates. The portfolio's scale (2,306 km², including high-potential brownfields near Ballarat Mine) and the ownership clarity add a control premium (10–15%), as RRR can now pursue listings, farm-outs, or M&A without partner approvals. Benchmarks remain Victoria juniors (e.g., ECR Minerals ~A$15M mcap; Golden Cross ~A$20M), but the full package justifies a higher multiple given the gold surge.

Key assumptions updated:

Area Value: A$25–125/km² for early-stage ELs in hot districts (mid: A$75/km², up from prior due to grants and price momentum).

Gross Potential: A$170M (2,306 km² × A$75/km²).

Adjustments: +25% for gold prices/location; -10% for early-stage/no resources; +10% control premium; -5% for royalty overhang.

Upside: Untested targets (e.g., Ajax Line) could support 500koz–1Moz JORC; analogs like ECR's Bailieston valued at A$50M+ post-hits.

Risks: Permitting (35% applications pending); low spend (~A$1.5M cumulative).

Outlook and Recommendations

Short-Term (Q4 2025–Q1 2026): 70–80% chance of RRAL RC drilling (1,500 m) on Ballarat extensions; SXG-driven hype could catalyze RRR share +50%.

Medium-Term (2026+): Maiden resource amid US$4,000/oz; listing/farm-out valued at A$300M+.

Risks/Upside: Price volatility (10% downside risk); SXG analogs yield 2–3x returns on discovery.

Monitor: RRR ASX/LSE releases; SXG drills for corridor insights.

Think the wrong AI result got loaded - still reflecting POW 49%.

If I find time I will relink the summary link the 100% summary - but you get the gist!

Valuation Method

Base Value (A$M)

Adjustments

NBGC Implied Value (A$M)

Rationale

Area-Based (EV/km²)

100 (mid-range)

+20% (gold price); -15% (early-stage)

85–110

Benchmarks: ECR (A$80/km²); peers average A$60–120/km² in Victoria

Peer Multiple (EV/oz Potential)

50 (500koz inferred)

+15% (location); -10% (no drilling)

60–80

Fosterville analogs: US$100–200/oz; NBGC's ground near 13Moz Ballarat

Transaction Comps

75 (acquisition avg.)

+10% (JV structure); -5% (dilution)

70–90

Recent: RRR's A$1M+ payments for 49.9%; similar deals A$20–100M

DCF (Exploration)

40 (NPV of phases)

+25% (upside scenarios)

45–65

Assumes A$2M spend yields discovery; 8% discount rate

Blended Fair Value: A$65–90M for NBGC's full interests (mid: A$75M), equating to A$0.10–0.15/share if listed (based on ~600M shares est. from JV docs). This represents 20–50% upside from implied 2024 values (A$50M post-acquisition), driven by gold prices and regional momentum. RRR's stake alone (A$38M) supports its current mcap (£3M or A$6M), suggesting undervaluation.

Outlook and Recommendations

Short-Term (Q4 2025–Q1 2026): Expect RRAL to commence low-impact work (e.g., IP surveys on 200 km² priority); positive assays could trigger farm-out (30–50% chance).

Medium-Term (2026+): Drilling program (1,000–2,000 m RC) could define maiden resource; potential M&A if hits >5 g/t over 50 m widths.

Risks/Upside: Stable Victoria regs (pro-mining); geopolitical safe-haven boosts gold. Downside from delays or price pullback (10–20% risk).

Monitor: RRR/POW ASX/LSE announcements; VIC Resources Victoria for EL grants.

Key 2025 Activity Highlights

Location/Project

Details

Potential Impact

EL Grants & Sampling

North Central Goldfields (incl. NBGC areas)

1,500+ km² granted; soil/rock chips up to 10+ g/t Au historical

Low-cost anomaly definition; drilling catalysts Q4 2025–Q1 2026

Drilling Expansions

Reedy Creek (Golden Cross)

2 rigs, 2,000 m+ targeting anticline faults (0.8 m @ 21.7 g/t)

Confirms deeper extensions; analogs for NBGC's untested prospects

High-Grade Assays

Tambo (ECR Minerals)

10 samples >5 g/t Au (best 52.2 g/t); diamond drilling ongoing

Validates orogenic model; boosts regional M&A interest

Prospecting Surge

Golden Triangle (Ballarat-Bendigo)

45% gold price rise; events like Prospectors Association tours

Increases landholder support; accelerates JV/farm-outs for juniors

NBGC's ground is strategically positioned for this uptick, with RRAL targeting shallow oxides (historic alluvial) and deeper sulfides along Ballarat-Creswick trends. No active drilling reported for NBGC in 2025 yet, but RRR's FY2025 budget (~£500k exploration) could fund initial geophysics/RC drilling by year-end.

Valuation of NBGC Interests

NBGC is a private entity (no direct share price), so valuation focuses on its 100% stake in RRAL's licenses, benchmarked against peers and adjusted for stage/risks. As of October 2025:

Market Context: Victoria juniors trade at A$10–50M market caps for similar early-stage assets (e.g., ECR Minerals ~A$15M; Golden Cross ~A$20M). Gold price surge adds 20–30% premium to exploration valuations.

Key Assumptions:

Area Value: Early-stage ELs valued at US$10–50/ac (~A$25–125/km²) in hot districts; NBGC's 2,306 km² (granted 1,500 km²) implies A$60–280M gross (mid: A$150M).

JV Discount: RRR's 50.1% economic interest dilutes NBGC's effective value to ~A$75M (full) minus POW's 49.9% carry.

Upside: Untested prospects (e.g., Ajax Line EL007330) could yield 500koz–1Moz JORC if drilled (per 2022 NI 43-101 report); analogs like Bailieston (ECR) valued at A$50M+ post-discovery.

Risks: Permitting delays (65% applications pending), no resources yet (-20% discount); exploration spend low (~A$1M cumulative).

Overview of New Ballarat Gold Corporation Plc (NBGC)

New Ballarat Gold Corporation Plc (NBGC) is a UK-registered exploration company (incorporated September 2021) focused on gold projects in Australia's Victoria Goldfields, a historically prolific region that produced over one-third of the world's gold in the 1850s. NBGC's primary asset is a 100% interest in Red Rock Australasia Pty Ltd (RRAL), a local Australian operating subsidiary holding exploration licenses in the Ballarat area. The project benefits from a JV structure where Red Rock Resources Plc (LSE: RRR) holds a 50.1% economic interest (via its majority stake in NBGC), and Power Metal Resources Plc (AIM: POW) retains 49.9%. This setup provides NBGC with operational control while sharing funding and upside.

As of October 2025, NBGC's portfolio includes 2,306 km² of exploration applications, with 1,500 km² now granted as Exploration Licences (ELs) under the Victorian government's North Central Victorian Goldfields Ground Release program (initiated 2019). These cover highly prospective ground adjacent to active mines like Ballarat Gold Mine (producing ~40,000 oz Au/year at 5.6 g/t) and Fosterville (world-class, 175,000 oz/quarter at 41 g/t in 2020 peaks). The licenses target brownfields extensions, historic alluvial workings, and untested quartz veins along fault structures, with potential for high-grade orogenic gold similar to Bendigo (22 Moz historical) and Ballarat (13 Moz+).

Gold Activity in the Victoria Goldfields (2025 Update)

The Victoria Goldfields are experiencing a renaissance in exploration and production, driven by record gold prices (up 45% YTD to ~US$2,700/oz as of October 2025—the steepest rise since 1979). This has reignited prospecting and corporate activity, with Victoria producing ~650,000 oz Au annually (mainly from Fosterville, Ballarat, Costerfield, and Stawell). Key 2025 trends include:

Rising Exploration Expenditure: Over 13 goldfields have each produced >1 Moz historically, but modern tech (e.g., geophysics, AI mapping) is unlocking deeper resources. The Geological Survey of Victoria notes "world-class deposits" in brownfields like Ballarat-Bendigo.

Recent Milestones:

Ground Release Program: 26 ELs awarded in North Central Goldfields (Aug 2025), including areas overlapping NBGC's applications. Low-impact activities (soil sampling, aerial surveys) are underway; drilling requires work plan approval.

Corporate Activity: Golden Cross Resources doubled drilling at Reedy Creek (July 2025, targeting 21.7 g/t Au intercepts); ECR Minerals reported 52.2 g/t Au at Tambo (late 2024, assays Q1 2025); FirstAU advanced Haunted Stream (8 km high-grade trend, >25,000 oz historical).

Prospecting Boom: Amateur fossicking up 30% (e.g., Maryborough tours), but juniors like NBGC/RRR are prioritizing structural targets near faults.

Production Notes: Ballarat Mine (Victory Minerals) faced a blasting infringement (Oct 2025) but plans tailings expansion; Fosterville remains a

Correct link (I hope)

https://x.com/i/grok/share/UWFBoV26IhTbnhQ5YCgv7DMsR

IPO activity down under hotting up :

https://stockhead.com.au/resources/ipos-beginning-to-heat-up-but-what-does-it-mean-and-how-can-you-pick-a-winner/

Banbury - have you worked out yet why NBGC re-registered from a PLC to Private company? (but to assure all shareholders, RRAL is still 100% owned by RRR and not being sidelined as possibly implied by recent comments).

Andrew Bell has mentioned a few times that they may look to do a JV or IPO the Australian assets (NBG/RRAL). The climate now looks pretty much perfect, lots going on there - close to RRAL acreage, in particular SXG Southern Cross Gold and a few others. Gold forecast suggest $4K could be good going forward for the foreseeable (many saying higher) but benchmark projects etc. RRR invested in this project in April 2020, when gold was $1,730 and not particularly of much interest. But very different now.

Idle 5 mins - see what AI had to say about potential for the RRR Australian assets - IPO A£300M, now that would of course be very nice (understatement), but even $30-50MM work, something in-between who knows.....but for sure today it is worth many multiples of cost.

https://x.com/i/grok/share/KCKz7TJChvz9jlo97KEJewXTy

As always, timing is everything. Important to note in Australia that current gold market is spearheading new IPOs see here:

While we wait for news:

https://www.reuters.com/business/goldman-hikes-december-2026-gold-price-forecast-4900oz-2025-10-07/

The future, short term , medium term and long term is bright. Very bright.

I have been adding last few weeks. Not reportable but a serious % of RRR.

Bring on next news.

Good luck to those who have worked it out. Risk v reward, yes please.

RRAL I expect to IPO on ASX. Bell has talked about this possibility a few times. Gold heading to $4,000 there willing sponsors. For sure. No brainer.

CDI - West African licences. Important. The fact that they have paid twice for exclusivity says loads. Read the RNS small print.

So what does that mean? Loads of $$$ as down payment cash - not forgetting that gold in West Africa is very hot. Right now. Also others are looking at RRR CDI licences. Very good.

RRR are on now in control.

I’ve kept watch here, have a large holding 120M not reportable but today in profit - but frankly can’t be assed with all the nonsense negativity being posted. As have others.

It’s about to change imo, infact I’m very happy to watch developments.

Aimdogs and dukey will have bought in by now. For sure. Forgetting everything else (yes, the dodgy stuff) - their actions and comments lately tell you, fill your boots.

I won’t post now again about my investment here until next major announcement. I expect this very soon.

Here’s to RRR turning the corner for Andrew Bell. 👍🤞

No I’m not delusional.

I’ll take that - a licence which cost £68K. Extended exclusively.

Risk v reward, well work that out.

I could go on.

And on.

Looking very good.

Keeping a watching eye here, I got sent the link to DRC TV national news broadcast, as Bell has said today, serious progress, looks very interesting, indeed.

Fast forward to 21.30 - Minister of Rural Affairs chairing the televised broadcast.

https://www.youtube.com/live/MU_7KwBNz-0?si=RQwUTEZaACIwoi3_

Never say never.

Never say never.

Major holders think he will pull it off.

Good luck!

So why is Bell in Kinshasa then?

See Mms happy to take a very large quantity in one hit.

Very good.

Good luck to those invested, it’s taking more time than Bell expected but if he pulls it off (think he will) it will prove very lucrative indeed.

Have a good weekend, more sun in the forecast.

Wrong again, but no surprise there.

I am not an insider and I still expect to make very good money. As an investor I can say that.

As for you, we know the story......

Aimdogs - really can’t understand your concern as a non holder. Never explained it.

AIM boards are full of it.