Andrada Mining acquisition elevates the miner to emerging mid-tier status. Watch the video here.
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That second picture is a sweaty Andrew, asleep in the back of a minibus in the Congo. If you think that's "cushy" you must lead a very rough life! John Boardman is making humour with the 'first class, congo style' comment.
I'd quite happily pay money NOT to be in the back of a minibus in the Congo, thanks very much.
that only does deals for the best interest of RRR shareholders?
https://twitter.com/AndrewBRRR/status/1065336672265674753
Or does he only do things with his best interest at heart, so he can continue the cushy life?
https://twitter.com/Boardo65/status/1028928533974999040
The loan was made just after the end of year date so it's safe to knock another £400k off the highlighted end of year cash totals?
Stephen Moscicki passed on the mugs list to this lot and they quickly contacted the mug and then he quickly and moronically agreed to such bad terms.
"The Company further subscribed to $401,961 of shareholder loans. These shareholder loans are unsecured, non-interest bearing and have no fixed maturity or repayment date."
..........
You can only conclude that somebody must have an hold over him, got some dirt on him. Otherwise why would he agree to such bad terms? To me it looks like he's given them free money because they seem to have an unlimited time to pay back, which means they will almost certainly never pay back. What a shameful thing to do behind shareholders backs.
Saw this too, absolutely unf***ingbelievable.!!
New investment/project and this BOD doesn't deem its shareholders worthy of notification.
Awful account numbers and this kind of arrogance from the BOD will surely see this test 0.4p support imo
Under the class tests, no need for disclosure. Look at who is involved. RRR is getting to sit at the Big Boys table here and in DRC.
Is being reinvested... typo
I think the main point is why no announcement! It is certainly RNS news worthy, after all shareholders money is bring reinvested. Did you know about this?
$400k unsecured, non interest bearing, no fixed repayment date loan and a minor equity stake for a half million dollars in a diamond mining company, made in July and no announcement of this anywhere?
Or did I miss it?
"Investment in and Loan to Amulet Diamond Corporation
On 19 July 2018 the Company agreed to subscribe for 35,519 common shares in Amulet Diamond Corporation at a subscription price of USD2.76 per common share. The Company further subscribed to USD401,961 of shareholder loans. These shareholder loans are unsecured, non-interest bearing and have no fixed maturity or repayment date. These loans must be repaid by Amulet Diamond Corporation before any distributions are made to common shares, including any dividend payment or return of capital.
Amulet Diamond Corporation holds an option to acquire 100% of a kimberlite mining operation and licence in Botswana. An existing processing plant is in place with 100tph capacity and a bulk sampling programme is planned for H2 2018. The resource is an open pit of up to 9MT of kimberlite and Amulet aims to produce 100kcpa with minimal further investment."
Andrew is in London some time soon appearing at an investor event on behalf of RGM. Suffice to say that following those accounts, I think he would be a brave man indeed to make appearances on behalf of RRR where the floor is opened for questions.
No idea, but how simple this would all be if the BOD were to simply provide a regular update of these quarterly royalty revenues and any other regular figures !
It surely can't be difficult and after all they are managing to expend over £800,000 !!!!!! a year on Admin ! !
Seems to me that they want to cherry pick the quarters that they provide the information for which does nothing to engender any trust in this BOD. And if the cherry picked quarter of March is the one they were happy to go with (which means it will take 37 years at that published rate to recoup the first $2m) then how bad must the June and Sept quarters be?! I could be wrong, over-cynical, the recent quarters may have been higher than March quarter, but unless the BOD come clean and provide the figures to all shareholders, I guess some will naturally assume the worst.
I wholeheartedly agree with discarding the forecasts.
Does the $71714 include the June payment is what I was asking in a round about way?
"Estimates" do not equate to actuals Joebop. Hopes, dreams, anticipations, expectations and estimates do not pay the bills.
Stick to actuals. The last actuals the BOD deigned to give to shareholders were for the quarter ending March 2018, the amount being a mere $13,658 (equiv to $54,632 per year). At that rate it would take about 37 years to recoup the first $2m of that royalty (2,000,000 / 54632 = 37)
That return is for the 3% NSR royalty up to that $2m. Then it changes to a 0.5% NSR royalty for a further $1m.
Do the math on that and you see that it will take a ridiculous number of years to reach that final $1m.
I hope Para do manage to increase production and throughput, but until they do, the royalty is pretty negligible to shareholders here imo.
Note that the company has refrained from providing the royalty revenue amounts for quarters ending June and Sept which are well beyond us now. I'm guessing the numbers aren't good personally. DYOR.
Gold royalties - "these payments continued in 2017 and totalled USD71,414 to 30 June 2018. The Company estimates that approximately £150k will be paid out towards the initial USD2m royalty during 2019 based on updated projections from the operator in Colombia."
Do you have the previously announced royalties to hand mrmagic? It appears a slight improvement
Continuing Trail of Failed Ventures
==========================
Greenland - On which RRR expended a great deal of shareholder money
"The entire interest in Melville Bay was sold on 29 June 2018 for £1, and an additional liability of £183,100 was accrued at 30June 2018 to reflect the Company’s obligation to clear the site of the previous exploration camp and to remove residual drilling equipment and supplies."
Unbelievable really !
Shoats Creek - which rampers over-hyped massively claiming it would be a game changer
"On 8 May 2018 the Company’s partner in the field, Mayan Energy, announced its intention to relinquish its 50% working interest in Shoats Creek and as such the Company intends to write-off its interest in the project."
Another fine mess then !
Shareholder Dividend
================
Rampers were insisting that RRR would agree to pay a dividend and be the only AIM company doing so.
RNS - "The Directors do not recommend the payment of a dividend"
Other Stuff
========
Lots of warrants still in place and also £1m of Convertible Loan Notes. £575,000 of those have now been extended for a further year thus kicking the can down the road.
Icing On The Cake
==============
Despite the best efforts of unscrupulous rampers trying to tell us that there are pots of cash, and that life is all rosy, the BOD have once again (as predicted) tabled a resolution for the AGM asking for authority to issue lots of shares in 2019. This time it is for 400m more shares. I draw conclusions accordingly.
Enjoy tomorrow's jam !
Yes, laughable as others have pointed out and have proven conclusively that rampers over on ADVFN have lied and engaged in outright market abuse for some time, telling people for example that there were no liabilities.
Some key (very admittedly) cherry picked snippets:
Liabilities
=======
Total current liabilities - £2,653,992
This has been obvious throughout to anyone casting an unbiased eye over RNSs. The Half Year report stated liabilities as £5.3m since when Steelmin repaid about £2.2m so some £3.1m was left. No surprise at all to learn that there was £2.6m liabilities remaining as at end of year. Bragging about "lots of cash in the bank" is puerile when the company has significant liabilities. Remember, MCAP here is about £3m so £2.6m of liabilities is significant.
Admin Expenses
=============
Admin and Exploration Expenses for the year - £863,736
In my opinion, ridiculous for a company comprising 4 executives and 1 Admin person.
We also have in the accounts an entry this years for :
Other project costs - £306,666
This didn't appear in last year's report as far as I can see. What are these?
Add these to the Expenses above and this BOD have expended £1,170,402 of shareholder cash on these elements
Why the large shareholders/Investors continue to put up with that situation is beyond me. Poor value.
Cash
====
Rampers have been waxing lyrical about cash being £3m-£4m.
Cash and cash equivalents - £2,263,288
By reads OK do you mean that English is the first language of the person that wrote it? MrM is going to have a field day with the 50%+ increase in administration. Look at the directors takes! Shameful classic lifestyle company. The size of all the numbers with "other" in front is shocking. The Steelmin valuation being based on June numbers is ridiculous, even on a salvage basis. Like you say, there is a lot of detail missing and most of it obfuscated under "other" IMHO. See if you can find the phrase Elelphant Oil in that lot. Horrid numbers, unless you are a director of course.
The issue is ever the same with RRR and RGM. Andrew Bell. I strongly suspect that if he was removed from the equation the share prices would double overnight. I would certainly consider buying if he goes as the general market perception is that whatever happens with the assets, it is only AB that benefits.
https://en.wikipedia.org/wiki/Musonoi_Mine
http://www.metorexgroup.com/businesses/projects/musonoi-project/
http://www.metorexgroup.com/businesses/projects/musonoi-project/
https://twitter.com/AndrewBRRR/status/1065992430909079552
https://mining-atlas.com/operation/Musonoi-Copper-Mine.php
Reads okay. I would have preferred more detail.
It seems that there are some aussies upset with RRR. They seem to think that there was some sort of deal between RRR and Winmar $WFE. Looks like they were hoping that the tailings processing would be coming their way and are shocked that it is not. Maybe an opportunity for a value add there.