Red Rock Resources Share Discussion Threads

[torp] 03/8/2019 00:36

SP destruction at RRR and RGM





Nuff said imho

[torp] 03/8/2019 00:28

Stop trying to dupe punters Noirua, you were rumbled months and months ago.

Nobody falls for your tired repetitive jam tomorrow rhetoric.

Dilution is coming imho and you know it.

There aren't any mugpunters left to fall for the old MO these days.

[noirua] 02/8/2019 18:19

Torp - I've moved a lot from the header to give you a chance to start your own. No point whinging old chap.
Life moves on and no point stagnating.

The Musonoi JORC resource is fairly imminent... if that proves true the 1 million buyer today should be quids in. My own holding remains unchanged.




REDROCK RESOURCES (RRR:AIM) It’s only when you look closely you see how PE 4962 could be this company maker.... by JB.

[noirua] 02/8/2019 16:42

Main shareholders:
CRT 18.05%
1620 10.35%
Peel Hunt 6.09%
AB 5.78%
PG 4.78%
Total = 45.05%

[noirua] 02/8/2019 16:35

If desperate sale of JMS shares will fully cover ALL liabilities with about £1 million to spare.
Waiting for a JORC resource at Musonoi and mining licence for Mid-Migori.

All the negatives are correct but fully covered in financial terms - no worries me old cobber.

[torp] 02/8/2019 16:35

Let's not forget also that the latest 13% holder here, Peter Gyllenhammar, has been steadily dumping his holding since Christmas. He's now down to 4.77%.

I'm guessing he's had enough like Daniel Sklan did !

[torp] 02/8/2019 16:26

Noirua : "RRR shares are most probably at the bottom to buy at 0.49p or so."

This is utter hogwash and a desperate and very blatant attempt to lure in mugpunters imho. Just look at the 7 year chart here and you can see very plainly what the business model here does to the share price Dilution will take this share price much lower imho.

DYOR and check the finances.

Cash was only £27k as at 31st Dec (see Half Year Report)
Liabilities were £2.7m

Admin Expenses were approx £850,000 last year

Other Project costs were £306k

Project Costs?

Where is all this funding going to come from????

As ever it will come, imho, from diluting mugpunters, issuing confetti.


The share price here will go South once the placing drops imho.

DYOR

[torp] 02/8/2019 16:22

No asset or share here has actual face value because of the ridiculous amounts of cash the BOD expend on Admin and other Expenses. The JMS shares are no exepction.

If any of the shares were sold then the cash would be exposed to this (imho) utterly ridiculous expenditure on Admin. Last year they burned through approx £850,000 on Admin !

Between 2012 and 2017 they raised over £15m from various placings and in the same period they spent over £11m of it on Admin and Other Expenses.

I can palpably feel a confetti issue coming. We have the update RNS today and Noirua is stepping up his Billy BS promotionary material. You'd have to be supremely dim to fall for it imho. I certainly won't.

DYOR

[kemche] 02/8/2019 13:05

Ladeside, "How this company is still trading and how AB continues to get away with it really does defy logic though"

He has a trusty Lieutenant working tirelessly to draw in yet more gullibles. I cannot divulge his name of course as that is a secret between Noirua and myself.

Doh!

[noirua] 02/8/2019 12:57

At the closing price of Jupiter shares on the Australian Stock Exchange today of A$0.41, Red Rock's holding is worth A$7,595,214 (GBP4,251,876).

The significance to us of our holding in Jupiter is demonstrated by the fact that the value of our holding today is 34% in excess of our market value of GBP3,177,433".


RRR shares are most probably at the bottom to buy at 0.49p or so.

[noirua] 02/8/2019 12:10

RRR share spread is wide at 0.45p - 0.49p, real spread. Wanting 0.528p for 1.5 million shares. That before the 500k sell today.

Some may see Red Rock as a cheap way into Jupiter Mines Limited. Together with all the risk in the assets and CLNs to be repaid, unless the shares rocket to at least 0.85p.

Red Rock RRR, cheap with a lot of mixed flavours.

Despite everything going on I'm holding and not contemplating selling in the short term.

[noirua] 02/8/2019 12:08

The share holding in JMS is what is the really only fairly solid factor at Red Rock.
The shares at 41c are worth £4.35 million. That factor is something that covers all the liabilities and is an emergency draw for cash at any time.

Worries are the Mid-Migori license that may be renewed and then whether there really is a partner waiting.

Concerns about the long drawn out situation to get a JORC resource in DRC. 1620, 2nd largest holder in RRR seem to be getting impatient as their interest came in at 0.7p. PG also bought from MTR at 0.7p and must be edgy, at a guess. CRT holds 18.5% and has bought more shares at 0.51p not long ago.
These holders may not want to stump up more cash or on the otherhand be diluted.
Update at 1/7/2019:

The company's Chairman is rather colourful. Some may see him as adroit and others at the other end of the scale as somewhat clumsy on his financial bicycle but well armoured to avoid self harm. Your choice?

[ladeside] 02/8/2019 11:50

Hi Torp, Yes I like to look in from time to time just to see what gullible people AB has managed to draw in this year (being one myself who suffered here in the past but also learned a valuable lesson).

How this company is still trading and how AB continues to get away with it really does defy logic though, I'll tell you, it's some business model but great work if you can get it........

[noirua] 02/8/2019 08:54

Looking at the fall in value of Kavango today and the previous bullishness about the company, it does show that so many mining stocks may still be overvalued: This despite some dramatic falls already. Red Rock are no different to the others in exploration terms and only safer as long as the price of Jupiter shares remains as it is, closing at 41c overnight down under - of course the company is at a low cash position at present due to loans to Steelmin and Amulet that have question marks over them, one question mark is a thousand miles high.

[noirua] 01/8/2019 23:08

Gold price rises sharply on 'no deal' on USA China trade.

[torp] 01/8/2019 18:51

lol ladeside. . . . looking in for posterity?

Greenland, formerly on sale for 10m has infact been sold off for just £1
Great shareholder value there for all that investment !!!

Shoats Creek has been written off, another one for the oubliette

Steelmin went into Administration back in Feb though the BOD here didn't see fit to RNS shareholders of the matter.

Nothing changes nor will it ever until and unless this BOD are removed. Simple as.

[ladeside] 01/8/2019 16:46

Has the Greenland cash been released from the Cypriot Bank yet ?

Or are they all locked away dans la oubliette ?????

[torp] 01/8/2019 09:25

Goldfund BS : "RRR shareholding in Jupiter worth £ 4.4M"

I'm afraid this sleight of hand BS cuts no ice with me Goldfund.

This BOD expend literally millions on Admin and other expenses. That's where most of the available money goes. Last year they spent approx £850,000 on Admin Expenses alone !!

Between 2012 and 2017 they raised over £15m via dilutive placings but in the same time period spent over £11m of it on Admin and other expenses. Just laughable really.

So your preposterous notion that the value of any held shares like JMS or indeed the value of any asset is actual face value, is utterly absurd. The value of shares and assets is way way lower than face value simply because of how this BOD operate and how they fritter cash away in the £millions on admin and other expenses and salaries. In fact the value of most assets is actually zero.

Greenland which they had us believe was previously on sale for 10m has now been sold for just £1 !!!
Shoats Creek has been written off
Steelmin has gone into Administration leaving a £1.1m debt to RRR which won't imho be recovered.
and so on . . . .


If they sold all the JMS shares today for £4m that money would simply disappear in salaries and expenses and paying down past liabilities like the £900k of outstanding Convertible Loan Notes that were rolled over from last year. No value there for shareholders imho.

That's why the RRR share price goes nowhere and why it never will imho.

Remove the BOD and install real management that aren't there for personal enrichment and the share would have a chance.

Otherwise this remains a totally dead horse.

DYOR

[clunes100] 01/8/2019 09:22

42c La La La hey!

Another £150+ and JMS worth over £4.4m La La La Hey! Torpy got it wrong - Hey!

If RRR sells a few JMS shares to tide things over, so be it.

[noirua] 01/8/2019 09:10

As we know it is the cash shortage at Red Rock that is the problem here. Until the concerns on this are addressed and the big loss on Steelmin admitted the company cant move on.

The Jupiter investment is a big plus but what is really going on behind the scenes?

[goldfund] 01/8/2019 08:40

Jupiter at 0.42. Torp, why not 0.24? LOL
RRR shareholding in Jupiter worth £ 4.4M

[torp] 31/7/2019 13:51

Clunes: "When a company has largely cashable assets in excess of £4m, diluting existing shareholders further is ridiculous and I for one would be out for AB directorship actively if he goes down the route of dilution."

Laughable.

This BOD has steadily and repeatedly diluted shareholders for the past 7+ years, utterly destroying all value and the share price with it.

Your words are a total nonsense. It's like giving a chronic gambler more money and hoping that he doesn't p1ss it all away on gambling again.

Dilution is what this BOD does.

They raised over £15m between 2012 and 2017 and spent over £11m of it on Admin and other expenses. It's a lifestyle venture for the BOD. Of course they will continue to dilute shareholders !

They specifically requested and were granted authority to issue up to 400m more shares here this year at the last AGM. They didn't do that for no reason !!!


Update RNS then confetti, imho. DYOR

[noirua] 31/7/2019 12:45

I still hold the same number of shares as I did on my last top up at 0.5p. My posts are both positive and negative to give a constructive balance. It is your call on if you think Musonoi or/and Mid Migori will work out OK - good luck.