Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
As us LTH of QFI, we all knew they would convert but the CLN holders provided capital when required. If a co does way, for argument RRR, the could have share buybacks at a later stage. I know this has been an awful dog for 10 years, but right now, it may just have survived the storm by hook or by crook to reap massive rewards with what I believe will be a mining super cycle. Let’s see.
To me, Tomco seems to be a rather small entity and therefore I take this RNS with a pinch of Salt. A company desperately trying to keep their lights on.
Pleased to be prove wrong but would have been much happier if say Freepoint or JGC were involved to bring credibility.
Rubbish. Magic repeats and repeats but he has been spot on. I’ve been 10 years supporting this company and now quite fed up with the flakiness at the top. About time to prove themselves. 10 years supporting an exploration company and one should have reaped the benefits. Forget timing etc. 10 years the FTSE tracker has doubled. The economy is larger. Inflation reported at 1.8% is not true inflation which is closer to double digits has meant a prime time for Precious metals. It diabolically poor the situation whilst the chairman has secured £2.5m in salary.
Jonah, nice post but I invested in the oil business, not schools or biotech.
I went to the AGM and I cannot tell you have utterly appalling it was. Landocean with $90m managed to squeeze 1500 per day (water)not the 10,000 per day which is what they said was needed. How can you pay so much for such failure to analyse the situation properly. Therefore it was doomed to fail. The water flood experts failed at the first hurdle. Secure enough blinking water!!!
So at the AGM we also heard about the rigs failing for some reason. If Erratic phil is still here he may recall. By that time I could not believe my ears and started laying into the management about such shocking circumstances and the balance sheet.
Now 1.5billion shares for £750k. Have you heard any of the management team saying we are going to take a temporarily pay cut like the directors at Qfi until we can get in a better situation. Have the shareholders been offered an OO with warrants attached at this 0.049 discounted price. What is this money for....they are hoping to find something, pump/dump. Squeeze a little from the Georgia story. How much is really needed to have a development manager getting one drill, reinvest, put a PR spin and repeat and get those rigs working 24/7. They could have got a small
Debt to Cover the basic costs against a rig if they were confident but this latest raise is a pump and dump sort of deal.
In my opinion this company is far from investable. It was one of my greatest regrets to constantly get sucked in. Pigs unfortunately (being a veggie) get slaughtered and I was a greedy pig. Lesson learnt but I hope PL gets his time and wrists slapped because what he did was in my opinion criminal.
DRC most likely. Frontier markets are always up and down with plenty of politics. Hang in for Migori and hopefully the market will be positive. If it doesn’t react to those licenses being reinstated then rrr have some really problems and need to booster share confidence which effectively = management confidence
Magic, in fair honesty my question was a sum of parts for a specific license. On this occasion, helpful gave his opinion. More than happy to hear your valuation as a sum of parts for Migori. I agree land consent has been an issue but I am also optimistic that we will have this license back this quarter.
Helpful, I actually am interested in what value you place on the Migori licenses pre JV. How much net that gold is worth after mining costs?
I am not talking management grudges depressing/depreciating assets. Simple values if people want to contribute to my question
I believe we will hear soon of successful conclusion very soon with Migori.
Two years ago JMS was virtually unreadable so Magic did have a valid point. I have supported this company over a decade and now would like to be able to cash out. I want a JORC and for RRR to get the hell out and not wait until DRC get too heavy for small minnows to operate. Glencore can still operate nicely if one of their mines shuts down, RRR can’t. Kenya is a joke. I have operated in numerous hard countries and never come across such little activity from a ministry to pass back a licence. Is this happening of rather a dangling of a carrot as magic quite rightly says - time to issue more shares. The administration costs are disproportionally high and AB has taken over £2.5m in salary whilst shareholders continue to lose their money. There seems to be total disregard from the shareholders and those that support the company. FCA needs to wake up to small cap minnows and the way they operate. How can one justify RRR providing unsecured loans on 30+ percent of their reserves to Steelmin, amulet diamonds without an RNS, candy sweets (totally off their strategy). Magic is correct. Simply put meet your targets. Tweets with saying quality management and a picture of them means nothing. Quality management deliver. It’s TIME to deliver. Pictures of DRC mean nothing. Find a quality mid cap/major partner or sell up to the Chinese and deliver the dividends to the shareholders who have made this company. Saying we have 1.2m oz of gold in Kenya. Ffs we don’t have the licences yet.
It’s great JMS is going up but they are delivering and paying out healthy divi’s. Kenya still not resolved and JORC is late.
When is AB going to deliver. I’ve been here for 9 years enough to give a mining operation plenty of time to Deliver.
I agree that the CEO of para in that video demonstrates confidence and professionalism, a man that you would trust with your money. It translates extremely well to the investor, the really difference is the managements financial personal commitments of $30m - and sound asset picking strategy. Pumping in cash rather than receiving shares in lieu, and not lashing millions in share option handouts is a major investment signal. A big big difference from companies like RRR and RRL. I am very disappointed that we don’t get all the information that one would expect and as Magic has completely correctly stated, amulet Diamonds 1/2m for a small market cap of £3m is a lot to not openly RNS, the loan to Steelmin unsecured isn’t even a rookies mistake, it’s plane stupidity in my opinion, again 30% of mkt. cap, way too risky, and Shoats creek, candy sweets, etc..is just winging it. I’m ok with greenland falling through, called it wrong but that occasionally happens. The really issue is that when making deals and seeing no RNS, having no measurable strategy in place, management being paid over 30% of all administrative expenses, and generally nothing to show for it after many years, it causes complete resentment. I pray that Migori does come back with a great active mid-tier JV and not some bad rep Aim junior notorious for Mgt self interest which I could name a few where it looks like CEOs rolling door, you shake my hand and I’ll do yours later. I hope DRC is so good that companies want to offer insane amounts. I hope dividends start to come back to the investors. I hope the Mgt show that they really care and if things don’t happen, they’re open about it. I hope to see Mgt taking pay cuts temporarily if need be for a couple of years rather than diluting. All of this are my opinions only but I am seeing very little to prove that Mr magic is wrong at the moment and I would more than anything like to see him proved wrong because that means I’m making money.
Helpful, really means nothing unless the major assets are coming up trumps. Unfortunately with things like amulet Diamonds and investments in ABM, investors are wondering where they really stand. Time to deliver. I’ve invest three times in RRR and each time have lost. Each time for 2-3 years. Is this a company of empty promises or is the rabbit getting pulled from the hat. Each time we are going south, it’s a lot harder to go north especially when the SP is spiralling to critical levels. I would like to see the DRC flipped if in fact they are worth anything.
Elaborate if you feel like it....your statement on Friday 25th....So Magic, sit back and watch what happens next here. Because you are far out your depth with what’s coming....
So what’s coming? - and time frames when you think it’s going to happen.
Let the man/women speak before all peripheral comments come in to slay it down. I like to give the benefit of doubt.
Also massively down, but I went to the last AGM and I have to say, in my opinion it was the worse run AGM, with no energy, optimism, professionalism. A totally deflated hour long meeting. Only 4-5 people bothered turning up, they had absolutely no money to turn on the taps, drill more holes. They were totally lost. I told them that unless they clean the balance sheet and recapitalise they were dead in the water and years of leading the shareholders down the garden path meant that they must deliver and drill on keep to their word to restore shareholders confidence and faith. I also mentioned that Land Ocean was in my opinion only, Failed to deliver and was bewildered how they couldn’t test how much water was available prior to spending and racking up an $80m debt. I cannot see this share ever happening and think all along Land Ocean have been looking at clobbering these assets. Time will tell but if they do, I bet you my bottom $ they will get oil out of the ground and all the work they previously done has been paid for. It would be a lovely coup. At that time PL will be coming out and back on the scene as an ND just to really put the knife back into the wound. What happened to that Ramper Celtic Heart.
I don’t care what people say about Mr Magic. Although massively repetitive he has called it correctly and until the numbers change to prove him wrong, I like to see his opinion. I would however love more for AB to prove him wrong and start to make his shareholders some money. I believe about £2.5m or so has been collected in the chiefs salaries. Payment cuts should be in line with reduced cash flow with a bump-up at a later stage. Sell DRC for £100m and get your hearty bonus but right now show your shareholders you care. Stop additional shares coming into the market and diluting those that support the company. My opinion only.
Stunned by this RNS. Placing money in ABM, diamonds etc when we did not have it has been totally irresponsible. What more RRR have had a steady decent cash stream from JMS and therefore should not have resulted in a squeeze on our cash flow. Normally have given the benefit of doubt but with such a low marker for warrants doesn’t give much optimism. Deeply disappointed and instead of looking to wait to realise some of the value and build a position, feel better to get out at earliest possibility. Very poor Andrew. When are we going to get these multiples you tout so openly?????
Point