Red Rock Resources Share Discussion Threads

[fenton1234] 30/3/2020 17:39

Cheers guys they sure need a rabbit, it would be pure bad management to not exploit a known gold reserve so two options zero or placing use funds to get lisence reissued and mine the bloody stuff

[torp] 30/3/2020 17:25

Nobody imho was interested in the Migori project before they had their
license taken away from them. They had the licenses for years and years and
failed to complete the programme. This is how it was reported:





"The Mining ministry and the county government which complain that 26 years that
the firms have held on to the land is a long time and the land needs to be used
for development projects that benefit locals."


"Among the grounds for the revocation was that Mid Migori has held the areas for
over 26 years without concluding the exploration programme."

"Further, that the firm had never done any exploration work since it was granted the licences and that “it has only been getting into joint ventures. It has all along been an intermediary.”"

"The company had been obtaining renewals of licences through promises of heavy investment in exploration work but which have never been honoured, the court heard. The ministry also blames Red Rock for the alleged non-performance by its partner, on account of its shareholding in the latter."


So what has changed? Does RRR have any loose cash to be able to do any serious
exploration or other work?

Here's a clue:


Latest Annual Report figures (to June):


CASH IN BANK - just £64k

TOTAL CURRENT LIABILITIES - £2.8m

ADMIN EXPENSES - £591k






Nuff said

Don't let the shameless stock pumpers make you lazy. Be sure to DYOR.

.

[kemche] 30/3/2020 17:13

Mr Lundy has gone quiet of late. Most unHelpful!

[kemche] 30/3/2020 16:51

But Noirua keeps telling us about RRR not having any LONG term liabilities. I don't know about SHORT term liabilities though as I cannot read the balance sheet as I am a bit of a dimwit.

[greenpastures2] 30/3/2020 16:34

They will need a hefty cash injection to be able to do any thing won't they?

I do think a lot of companies are likely to go bust. Need to concentrate on those with strong balance sheets and which can come out of this with increased market share.

[fenton1234] 30/3/2020 16:22

Noted but they had to apply for a new mining license in 2018 I also sold a few months ago but at this price I think it's worth a punt pre annual report as if I were them I would I've good news to announce around the same time as the bad

[greenpastures2] 30/3/2020 16:08

That licence announcement was in 2018 wasn't it? Any one would think he wanted us to believe that it was recent?

I don't why I click on these advfn notifications in my email box. Curiousity gets the better of me I guess. 3 years ago I did think there was some value in RRR but then we had the Steelmin debarcle and we were down to the DRC and Kenyan assets. I then realised these are unlikely to ever come to anything. So I sold at a loss.

[kemche] 30/3/2020 16:04

I can see the Chinese or possibly a consortium of Glen/rio/anglo taking out RRR at between $7 to $10 billion.

Gla Lth'ers!

[noirua] 30/3/2020 15:58

I hope all this works out well for shareholders in general. Very difficult times but gold is there and hopefully will reach US$1,800 shortly. Good luck and eventual good fortune.

[fenton1234] 30/3/2020 15:56

TorpI don't disagree with your point on expenses but the Kenya license win is a ray of light for RRR do you agree 1.2m oz of gold is relevant

[kemche] 30/3/2020 15:55

Noirua's pants wetting is becoming a serious issue.

[torp] 30/3/2020 15:31

Noirua now getting more desperate than ever seeing the prospect of his negative
holding disappearing into thin air. What a thoroughly despicable person.
People dying all over the world and all Noirua can do is continue to try and lure
naïve mugs into this pitiful lifestyle company. Surely there is a very warm place
waiting somewhere for him. Karma is coming.


Noirua BS - "RRR needs to take tough decisions rather than continue with a soft underbelly. Keep on only the directors and company secretary - PLC rules require a full time company secretary."


Clueless as ever. This company only has directors and a secretary! Been the case
for years. Read the bloody Annual Reports !!!

It consists of:

Andrew Bell - Chairman and CEO
Scott Kaintz - Executive Director
Michael Nott - Non-Executive Director
Sam Quinn Independent - Non-executive Director
Stephen Ronaldson - Company Secretary

Just 5 people and those 5 people somehow manage to burn through utterly preposterous
levels of admin and other expenses every single year the result of which is that
it strips away all shareholder value of any assets and holdings.


Amounts frittered away on Admin Expenses each year:

2012 - Admin £2,275,786
2013 - Admin £4,751,948
2014 - Admin £1,563,808
2015 - Admin £1,334,404
2016 - Admin £758,351
2017 - Admin £644,688
2018 - Admin £849,518
2019 - Admin £591,777

Total Admin - £12,770,280

It's utterly laughable

Uninvestable

Nothing but a lifestyle company pumped by the single remaining unscrupulous
ramper, Noirua. Shame on you sir. People are dying out there and all you can do
is pump this utter POS. Just wicked.

I would consider myself totally moronic to even consider buying shares here.
The BOD nullify all the value in salaries and expenses. There's nothing here
for shareholders imho. Uninvestable.


DYOR

[noirua] 30/3/2020 14:58

Long Term Liabilities: RRR has no long term liabilities.

[noirua] 30/3/2020 14:50

Jupiter Mines share price finished up at 23c after seeing the manganese price steady. Manganese is not presently in production due to a country wide shut down in South Africa. Exports from stockpiles are ready to resume.

[noirua] 30/3/2020 14:14

UK company settles Sh100bn Migori gold mine licence dispute.


London-based Red Rock Resources is set to resume production of gold estimated at more than Sh100 billion [ £760 million ] in Migori after settling a court case with the government which had terminated its mining licence in May 2015.

Valued at £760 million, yes, I kid you not. Since 2018 gold has jumped in price increasing the valuation still further. My valuation to RRR at up to US$28 million is a paltry valuation as I want to make absolutely sure it cant be less than that - best to be very fair indeed in this difficult market place when many shares fall sharply.

I cant do anything about the low share price guys. If I had enough to buy another 200 million shares I would.

[kemche] 30/3/2020 13:19

My personal valuation is between £3.68 and 0. Just possibly the latter.

[noirua] 30/3/2020 12:48

My personal valuation of Red Rock's holding in Kenya is at US$24 to US$28 million or up to 3.29p a share. The present share price is 0.15p - 0.18p spread.

[noirua] 30/3/2020 12:42

Red Rock Resources’ resilience pays off in Kenya


“Once the licences are approved, we will then get back what we thought we had in 2014, which was a platform for a 1.2 Moz JORC-compliant resource that will allow us to both operate and explore further potential at the same time,” he explains.

"We are entering the last stage of what has been a lengthy process and we look forward to the confirmation of the granting of these licences, and to renewing progress towards our aim, which is to have a producing gold mine, he concludes.

[noirua] 30/3/2020 11:51

RRR's Annual results will be out soon, or soon enough. The market expects them to make dire reading, dire reading indeed. We wait patiently to see if this is fully borne out.

[noirua] 30/3/2020 11:48

The gold price is holding well over the US$1,600 level and presently at US$1,628. Many small miners and oil producers are in trouble as oil and other metals plunge in price. Saudi Arabia is dumping oil as America buys up low price supplies. A spat between Russia and the Saudies that America is taking advantage of as they fill their tanks.

[kemche] 29/3/2020 17:05

"Keep on only the directors" That's why we are in the present predicament you imbecile!

[noirua] 29/3/2020 16:12

RRR needs to take tough decisions rather than continue with a soft underbelly. Keep on only the directors and company secretary - PLC rules require a full time company secretary. The words,"thanks feller for all you've done here but I'm afraid I'm going to have to let you go".
Then set about chopping those director salaries in half as a minimum. This way the company will survive and be ready somewhere down the line.
Maybe Mid Migori will come alive again, maybe not. Copper and cobalt will stay flat for several years to come.

[kemche] 29/3/2020 15:06

RRR is simply suffering from the charlatan discount.