It is all good news from Red Rock Resources (RRR) but not THE News which we really want and which will make the share price explode. But that will come, just a bit more patience is needed and at current levels you’d be nutso to sell. So what is the news?
First we are told that Red’s listed investments, Power Metals and Jupiter Mines continue to prosper. Those investments plus the net cash post fundraise are, we reckon, now worth £4-5 million. The market cap is a mere £7 million. Then there are country activity reports.
In the Democratic Republic of Congo, the DRC, which was all the excitement two years ago but where things have gone quiet of late, we are told that Red expects to finish the first phase of its geophysical exploration programme at the copper-cobalt prospect at Kisinka near Lubumbashi this week, with the completion of the planned 70.95 Kml ground magnetic survey. There will then be another delay as the contractor does another job before there is work at the Kolwezi joint venture where a significant copper-cobalt deposit has been delineated in order to bring the identified mineralisation envelope into compliance with a modern reporting code. Okay, but what we want is a monetising event or even early stage trial production to generate a bit of cashflow. In Kenya we are told that CSA Global (UK) Limited continues the work of updating the 1.2m oz gold Mineral Resource Estimate declared under JORC 2004 to JORC 2012 plus a bit of yakking on about community consultation. Yawn. What is needed here is corporate activity. Andrew Bell needs to flog what is now a non-core asset for hard wonga.
Finally in Australia, RRAL of which Red Rock owns just over 50%, has appointed a bird called Kiara Reddingius who is a champion athlete to work as its community engagement officer. Hold the Goddamn front page. The key point is that it is still waiting for formal license grant. That could happen any day and that will trigger big news on the Canadian IPO of RRAL.
We continue to think that post a material fund raise by RRAL, Red Rock’s stake will be worth a multiple of the current market cap. This is what will drive a massive re-rate to 1.3p+. The question is when that license will drop. It could be tomorrow or it could be after Christmas. We just don’t know. But when it happens the shares will race ahead. Shareholder and this site editor Tom Winnifrith is certainly holding tight.
Filed under: Red Rock Resources, European Metals Holdings, Umuthi Healthcare, Catenae, Nightcap, CyanConnode
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