# RSG - Resolute Mining



## carpets (17 January 2006)

G'day, 
Been following this stock after Fat Prophets recommended it at around $1.17, went to $1.40 today. Looking stronger: MACD showing possible buy signal and 15 day moving average has moved above 30 day. Ive drawn in a resistance trendline as also indicated by the fat prophets report. 
Anyone have any opinions, ideas on this stock? 
Carpets


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## carpets (1 February 2006)

high of 1.49 today, close at 1.44 
break above resistance


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## carpets (24 April 2006)

Has anyone been in for the ride? Been holding since NOV last year, in at $1.17, watched it go to a high of $2.30 today. Unbelievable. 
One of the best performing GOLD stocks in my portfolio at the moment.


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## michael_selway (24 April 2006)

carpets said:
			
		

> Has anyone been in for the ride? Been holding since NOV last year, in at $1.17, watched it go to a high of $2.30 today. Unbelievable.
> One of the best performing GOLD stocks in my portfolio at the moment.




Yeah thsi stocks has a very low fwd PE

Earnings and Dividends Forecast (cents per share) 
2005 2006 2007 2008 
EPS 6.5 1.0 17.2 36.8 
DPS -- 0.0 0.0 9.0 

EPS(c) PE Growth 
Year Ending 30-06-06 1.0 200.0 -84.5% 
Year Ending 30-06-07 17.2 11.6 1,620.0% 

However i read soemwhere that they have hedging costs problem affecting FY 2006 heres some quotes in late March 06, although not 100% sure what they mean



> "Management with their hedging policy are destrying this company! The next SOG's / Croesus if they don't wake up and see the light! As I said in the past, I had our Finance Manager look at their hedges at $500 and he told me to steer clear. At $550, its just that much worse!"
> 
> "I agree PhillW, this whole b.s. of describing hedges as & of resource is hiding where the real problems emerge ie hedge as % of production.
> The throw out line that these loonies use, that they can "roll forward" the hedge, only creates a bigger problem for that forward delivery period ie they will have 2x the hedge liability in that period !
> ...


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## yogi-in-oz (17 May 2006)

Hi folks,

RSG ..... fell off its perch last week and is
retaking some of that ground today, but 19052006
may see some more negativity for this stock.

Key dates ahead for RSG may be:

     19052006 ..... negative ... finance-related???

  26-29052006 ..... significant and positive news???

     08062006 ..... positive spotlight on RSG ... 

  13-15062006 ..... 2 cycles - significant and negative???

                                                                                                                                                                                                                                                                                  happy days

  yogi


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## porkpie324 (19 October 2006)

anyone watching RSG, the volume has picked up quite significantly the last 8 days may have bottomed. porkpie


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## porkpie324 (25 October 2006)

RSG up 9.6% this morning on good vol  also good support, hav'nt bought yet but looking good. porkpie


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## dlineinvestor (25 October 2006)

*Re: RSG - Resolute Mining, breaking out !!*

I have been watching RSG since Apr 05 and have seen the highs ($2.45) and the lows ($1.245). I have been waiting for some kind of break out since the last low. I think we are seeing one now. This week could show some movement towards $1.65 and next week hopefully $1.80
I will be jumping in tomorrow with a minimal trade till I have directional confirmation then add to my share volume.
Do your own reasearch and I hope we can make up some much welcomed funds on RSG.   

Best Investing


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## pacer (25 October 2006)

Well it looks like a breakout ....but ....is it?.....alot of company restructuring going on.....no real news, but is making an attempt to revitalise the SP....breakout?....we'lll find out soon enough....


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## porkpie324 (26 October 2006)

After late yesterday profit taking, some also this morning, RSG seems to be getting support in the low $1.50 range. If I can buy at that price i just may buy using CFDs. porkpie


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## Sweet Synergy (29 October 2006)

Yes a nice little break (from overall downward horizontal resistance and up from an ascending triangle)
I bought in on 17th so in front now .. but am closely watching to see if it breaks up from current consolidation.  I have a short term target of $1.75
(pole on current consolidation matches resistance on 6/9/06)


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## moses (4 November 2006)

not looking good, buyers disappearing.


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## Sweet Synergy (18 January 2007)

breaking out with vol from ascending triangle


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## Sweet Synergy (18 January 2007)

Nicely formed ascending triangle with first target of 2.05


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## Go Nuke (5 February 2007)

I like your asending triangle  pictures but as Im new to thie stockmarket, could you please explain to me how you got your answer of $2.05?

Ive been drawing up triangles too...but I dont know alot about the share market but very keen to learn.

I'd be very happy if you could explain how you came to $2.05

Thanks

 :microwave


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## Go Nuke (13 March 2007)

I hope it bounces off that $1.20ish mark!


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## britishcarfreak (20 March 2007)

This looks set to go off (UP) today - indicators are good.

Gap between buy and sell is reasonable.  daily MACD about to cross. RSI on the way up. Trading well below the 80 day average.


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## Go Nuke (20 March 2007)

Lets hope so.
Ive been holding since I bought at $1.71

{Early days as an investor you see}


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## britishcarfreak (20 March 2007)

Well not a bad effort for the day - I got one day right - let's hope I get another 4-5 days of upward movement out of my statement@!


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## britishcarfreak (22 March 2007)

Good surge still in progress with this one.   It has a 'strong buy' recommendation in my NAB platform too.  I wonder how much it will slow when it gets back up to the 80 day EMA?


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## Go Nuke (2 April 2007)

D'OH!
Down we go again


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## Go Nuke (3 April 2007)

Man..I hope they dont fall through that $1.30 mark 

I bet it does...then maybe bounce off the $1.24 mark.

If Kennas were here.....he would confirm or deny my noobism. LOL

I think i might be right in saying that looking at the history of the MACD..it might have a little bit of negative territory to go.
Gimmi some sort of ann like March 06..or whatever it was that created that jump.

*Twas probably what SMM now have*


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## britishcarfreak (4 April 2007)

Yes this is disappointing.  I refused to bail out on the two red days in a row as I was reading recommendations on this stock and thought - yeah - it's got a way to go yet.  I should have read the candles and ignored everyone else.  Poo@!


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## Go Nuke (4 April 2007)

Well lets see how much this minor ann brings things up.

It would be nice to se it close in the green tomorrow...but who knows with it being Easter.


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## Go Nuke (16 April 2007)

Could this be the turn around for RSG???

Starting to head for the positive territory.
Over 1Mil in volume today.


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## Go Nuke (17 April 2007)

Any ideas on where this stock is heading now?

Volume up over 2Mil today.
Im trying to decide if I should hang on and not take a loss...or pull out and invest more in say ERN 

Still looks to be heading towards the positive territory, though the Mali gold mine isn't due to be roughly finished by late 2008.


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## resourceboom (28 April 2007)

Being a high cost mine, this company has a relatively low mkt cap, so if the gold price goes through the roof as many predict the leverage could be significant.

But I believe that the company still has much to prove with the Australian and new Mali mines, before it is taken seriously!!


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## resourceboom (28 April 2007)

Go Nuke, did you think you were talking to yourself for a while there? Not much action on this thread!


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## Go Nuke (4 July 2007)

Gee this has had quite a good run lately!

I dont know of any news forthcoming, but you would have to think someone does!

Nice FAT buy order of just under 1Mil at $1.51 sitting there.
New I should have bought when it bounced off $1.30 again!

Nah, its all good.
Im still sitting on a loss till it gets back up to $1.70ish.


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## Go Nuke (14 July 2007)

I realise Im probably talking to myself here, but could anyone give me their thoughts on the technical side of this chart please?

Could the close on Friday be interpreted as a hammer? Its almost a hammer formation.
RSG has had quite a run lately on good volume but with no announcement.
Perhaps something is comming, im not sure.
If Im correct my 10day MA has crossed above the 100MDA, so im a little confused. This looks to be a good signal right?

Im still trying to learn a little more about the technical side of charts thats all.

Any help appriciated
Thx
GN


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## CDG (24 July 2007)

The lack of input here does seem mysterious, do you guys know something??

Anyway, Go Nuke, out of sheer pity for your loneliness I’m offering my less-than-expert input FWIW:
I like the big picture chart & the huge base from 2000.
It’s been accumulating above & below $1.50 for about 12 months, not dissimilar to the gold price, a bit weaker.
Seems to have found a bottom at $1.30. Some good volume coming in this past month.
Bounced nicely off $1.50 today with good volume at 11am & finished on high for the day.
So while it’s not setting the world alight it looks like it’s accumulating nicely, hanging in there waiting for gold to break out.
It would be nice to see it get support now at $1.50. I’ve a very small position & I’ll probably stop just below there.
If it can take out $1.65 then it’s probably a hop skip & jump to $2.00.

It looks like a decent PM company with producing mines, cash flow & genuine prospects.
If gold really is in the third wave this will take off, like everything else. If we’ve still to get the beat down into October then everything’s going to suffer. 
Decide how much downside you can afford.

Cheers.


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## gunditrader (14 September 2007)

Been some time between posts here guys .... anyone still out there. 

This stock has a MC of just under 350m. 

This time next year it will have 3 producing mines; Ravenswood, Golden pride and Syama, and set to produce 500,000 ozpa. 

Syama is set to deliver 250,000 ozpa at a cost of 400USD. This alone should result in USD60m+ pretax profit at a conservative gold price of 650USD. 

There is also the upside of Mt Wright ore being processed at Ravenswood. 

Hopefully increased recoveries from Ravenswood and a new mining contractor at GP in Tanzania. 

It is currently a very much unloved stock, for reasons well known, but with a high leverage to rising gold prices (minimal hedging past this FY) and new production coming online I am having trouble seeing any direction but up for the SP of this stock. 

Would be interested to hear anyone else's thoughts.


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## explod (24 October 2007)

Have watched this stock for 12 months or so now due to its share price being sensative to the gold price.   There is some sovereign risk with the SA holdings but they have the  goods and have the hedged position now down to 20%

Support seems to have established at about 1.70.   Would be pleased to hear from anyone who has any idea of the company mangement/ie.past behaviour


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## Flying Fish (13 November 2007)

Hit pretty hard today, wonder whats happening. Just POG that is the problem or something else. Interesting to see if it goes back to 2$


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## explod (7 December 2007)

Flying Fish said:


> Hit pretty hard today, wonder whats happening. Just POG that is the problem or something else. Interesting to see if it goes back to 2$




Looking good today, volume up on a nice rise.  This stock always swings a good spread with the gold price.

A break above $1.90 would make the next target $2.00   If we get a firmer gold price in the next week we should achieve that.


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## SGB (7 January 2008)

Gee....Wizz, .......I thought the timing on this announcement was poor.
Would have been more effective on a day when the sentiment was more positive.


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## jman2007 (4 March 2008)

Wow,

This one has run really hard since late last year, 1.60'ish would have been a great entry. Don't know an awful lot about this company as yet, but the words "Mali" and "Syama" have immediately aroused my interest a bit here 

jman


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## jman2007 (5 March 2008)

Looking to initiate a bit of discussion here, 

And also gauge the market sentiment towards RSG, are holders happy/disgruntled with progress so far?

Certainly their resource base of around 11M oz taken in isolation appears very impressive.  Reasonably robust capital structure with approx 299M shares on issue, and around $42.5M cash in the bank, largely obtained through a $50M Rights Issue in Nov 07. Cash costs per ounce in 07 of $635, and a realised selling price of $685/oz. Look to this improve this year with a gradual unwinding of hedging between 2008-10, and streamlining of underground mining and production at Ravenswood.

Their production and development sounds like hasn't been without it's hiccups though. Syama in Mali sounds like it has been a bit of a cash burner to bring online, capex currently over-cost by about US$10M for an overall capes of US$151M (including a new power station). 

Redevelopment at Syama is apparently US$10M in excess of RSG's current cash and bullion reserves, but management are supposedly putting a place a A$60M credit facility over the next few weeks.  BHP and another group tried unsuccessfully to make Syama viable, albeit at a much lower prevailing gold price in the 90's. The ore sounds like it is hard, and mostly refractory (Au is locked-up in a lattice of sulfides), hence the redevelopment of the roasting circuit. They should have been mining Syama open pit for a couple of months now.

Expect head grades at Golden Pride in Tanzania to fall later this year, as high-grade ore stockpiles are gradually used up. I'd also be keeping an eye on cash costs per/oz at Ravenswood in 08, for which RSG have given a whole variety of reasons.  

Some great potential here imo, provided they can keep capex at Syama under control and sort out their op's in QLD.  Got king-hit in trading today, losing around 8.5%, anyone aware of any substansial re-evaluation that may have taken place?...or a drop in POG overnight?

Cheers as always
jman


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## Spaghetti (6 March 2008)

Hi jman

Recently sold out of RSG only for one reason, had an excellent run and felt it would end. I was right...for a change.

I believe the costs at syama will reduce overall cash cost average for the company.

As you would be aware they have a large inventory.

Can't see any real downside going forward.

Planned to buy back in but was sidetracked but may watch for the POG to have a correction (if indeed it has one) then re-enter.

So in summary have no disgruntles with RSG .


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## jman2007 (6 March 2008)

Spaghetti said:


> Hi jman
> 
> Recently sold out of RSG only for one reason, had an excellent run and felt it would end. I was right...for a change.
> 
> ...




Well done for picking the peak Spaghetti,

I will also be watching this to look for any suitable entry point over the coming months, but watchlisted this for now.

You might need to qualify your statement for me re the capex for Syama, do you mean that you think the overall capex will reduce costs across the board for RSG, despite Syama going over budget?

Cheers
jman


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## Spaghetti (7 March 2008)

jman

No I meant extraction cash costs.

Hedging policy concerns some and probably will for a while yet. Not up to speed on their latest policy but believe they are increasing the ounces delivered to speed up elimination of hedgebook. Will take time and be a bit of a cross to bear until increased production.


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## jman2007 (7 March 2008)

Spaghetti said:


> jman
> 
> No I meant extraction cash costs.
> 
> Hedging policy concerns some and probably will for a while yet. Not up to speed on their latest policy but believe they are increasing the ounces delivered to speed up elimination of hedgebook. Will take time and be a bit of a cross to bear until increased production.




Yes fair point,

Hedging for forward contracts accounts for around 15% of reserves atm.  No requirement to increase hedging position under terms of new $50M credit facility. Targeted extraction costs at Syama will undoubtedly provide some fiscal relief. 

Although it seems a little strange that management didn't allow for certain capex items in the redevelopment...such as the $US20M Power station, I would have thought securing a supply of power would have been an integral part of any redevelopment, unless the one placed in care and maintenance was beyond repair?

jman


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## jman2007 (11 March 2008)

This has been bludgeoned in the last 2 days

I'm still watching this from the sidelines, I've noticed over the last 2 days that on the few occassions this has slipped below 2.00, there is ususally a brief 'mini-rally' which pushes it back up to 2.05-2.06, but probably far too early to try and predict support here, as much will depend on events in the US tonight.

jman


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## Spaghetti (13 March 2008)

jman2007 said:


> This has been bludgeoned in the last 2 days
> 
> I'm still watching this from the sidelines, I've noticed over the last 2 days that on the few occassions this has slipped below 2.00, there is ususally a brief 'mini-rally' which pushes it back up to 2.05-2.06, but probably far too early to try and predict support here, as much will depend on events in the US tonight.
> 
> jman





I am surprised how much it has gone down so even more glad I picked the high! I can only assume the hedging maybe affected negatively by the reduced value of the USD. Not sure I have my head around hedging. Cannot understand the logic of hedging a commodity in USD when costs are in AUD. Do they take out some currency hedging as well?


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## jman2007 (20 March 2008)

Spaghetti said:


> I am surprised how much it has gone down so even more glad I picked the high! I can only assume the hedging maybe affected negatively by the reduced value of the USD. Not sure I have my head around hedging. Cannot understand the logic of hedging a commodity in USD when costs are in AUD. Do they take out some currency hedging as well?




Got crunched again today...

But then again, what didn't? Lol... Fell through 2.00 rather alarmingly if you were a holder of this.  It's extremely difficult to predict where this may find support considering the current volatility.  There still appears to be some capex risk exposure for investors considering the rather problematic Syama development, although I feel if they can control capex here, or at least not let it blow out too much, the market will respond favourably.  Considering the ore is mostly refractory and potentially complex to process, the successful commissioning of the mill will be key.

I'm not too sure whether they have implemented currency hedging Spag.

My 
jman


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## Spaghetti (27 March 2008)

jman

I am back in, fingers crossed. I believed Syama was free milling. Doesn't that mean it is not refractory nor complex to mine? 

Cheers


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## jman2007 (27 March 2008)

Spaghetti said:


> jman
> 
> I am back in, fingers crossed. I believed Syama was free milling. Doesn't that mean it is not refractory nor complex to mine?
> 
> Cheers




Have just double-checked the Resolute website,

And the Syama ore is definitely refractory. Here is a good definition of "free milling" that I found on e-goldprospecting.com:

"Free milling ores are defined as those from which Cyanidation can extract approximately 95% of the gold when the ore is ground to size 80% < 75  µm, as commonly applied in industrial practice, without incurring prohibitively high reagent consumptions".

In Resolute's case, if they persisted with grinding this ore to a much finer grind to try and expose more of the gold to the cyanide solution, the milling costs would be prohibitive, mill throughput would drastically drop, and the entire operation would rapidly become uneconomic. Hence the introduction of the roasting circuit.

Without being overly knowledgeble regarding metallurgical process flow-sheets, their circuit might look something like this:

A.) Refractory ore passed through a series of crushers ie. primary, secondary etc to reduce bulk grain size.

B.) Sulfide Flotation circuit as a pre-concentration step, to remove as much of the sulfide matrix as possible.

C.) Concentrate passed through a Roasting circuit, ore heated to over 1000 deg Farenheit to drive off remainder of sulfides.

D.) Conventional Carbon-in-Leach step, to absorb gold to activated carbon.

E.) Gold-loaded carbon transferred to vessel where it is chemically stripped and the carbon recycled.

F.) Gold is precipitated from solution by electrolysis, or by the substitution of an appropriate chemical.

Another thing to consider here, other than the reagent costs which will be significant, is that the wet sulfur dioxide scrubbers required for the roasting circuit are very expensive to maintain and replace, and can frequently cost more than the roaster. So yes, this ore could be considered complex to process. For these types of operations, grade is king, and higher grades and/or higher mill throughput are required to offset the higher processing costs.

Still just watching atm though :

jman


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## Spaghetti (28 March 2008)

You are correct when I read more (can you ever do enough reading) I do see they will use a roasting circuit. So free milling doesn't mean what I thought. Back to school for me. Still cash costs are quite low at $370usd.

edit.

Actually just read back and it seems they have both refractory and free milling so part of the resource should be cheaper to mine even though the grade is lower. The "free milling" tag was only used to describe a couple of hundred thousand ounces.


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## jman2007 (28 March 2008)

Spaghetti said:


> You are correct when I read more (can you ever do enough reading) I do see they will use a roasting circuit. So free milling doesn't mean what I thought. Back to school for me. Still cash costs are quite low at $370usd.
> 
> edit.
> 
> Actually just read back and it seems they have both refractory and free milling so part of the resource should be cheaper to mine even though the grade is lower. The "free milling" tag was only used to describe a couple of hundred thousand ounces.




Yep right you are Spaghetti,

This from the RSG Dec07 quaterly:

"Exploration work on the Syama tenure over the last two years has defined a potential free milling resource of 260,000 ounces (1.5g/t cut-off grade). The Syama plant has an established, but idle, free milling circuit of approximately 1.0 million tonne per annum capacity".

Sounds like it is well outside the main optimized pitshell, although the ownership of the free-milling circuit could turn out to be a considerable bonus, since the reburbishment costs will represent a considerable capex saving compared to installing an entirely new circuit.

This also from the same quaterly:

"This circuit requires some modification and refurbishment before it could become operational. The Feasibility Study will consider the mining and treatment of free milling ore, in parallel with the sulphide circuit".

So I'd expect the feasibility study to be out around Sept-Oct this year, potentially thay could have both the free-milling and roasting circuit operating in tandem! 

jman


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## jman2007 (15 October 2008)

Well 12 months ago if someone had told me a company with 12Moz in Resources would be trading at 65.5c, I would have laughed. Now no-one is laughing, as it has actually happened.

No doubt RSG's announcement on the 09/10 that it needed another $55-60M with a 1:3 renounceable rights issue at 55c to complete its development at Syama was the worst,and I mean the _absolute worst _possible timing ever! I think last time I wrote on this thread, RSG were looking at shelling out an extra $20M for a power station on site, and now they are saying in the last 6 months that the capital costs have increased for the project by $23!Whether this includes the power station I don't know.

I would sincerely doubt that anyone would want to underwrite this issue, I wonder if we're looking at another SBM here? Looks like a scary ride at the moment.

jman (DNH)


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## jman2007 (22 October 2008)

jman2007 said:


> No doubt RSG's announcement on the 09/10 that it needed another $55-60M with a 1:3 renounceable rights issue at 55c to complete its development at Syama was the worst,and I mean the _absolute worst _possible timing ever!




Perhaps not so resolute at the moment,

Gone into trading halt after trading price fell below rights issue price yesterday, pending a reassesment of funding options by the company. Perhaps a major shareholder will emerge as a white knight? With Syama on the verge of fully fledged production, I would be a little surprised to see it fail now.

jman


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## barrett (22 October 2008)

jman2007 said:


> Perhaps not so resolute at the moment,
> 
> Gone into trading halt after trading price fell below rights issue price yesterday, pending a reassesment of funding options by the company. Perhaps a major shareholder will emerge as a white knight? With Syama on the verge of fully fledged production, I would be a little surprised to see it fail now.
> 
> jman




I thought it more than a little pathetic that the share price fell by more than 70% when the company had simply announced they needed to raise a bit of capital to finish off the very last bit of a mine that's ready to roll.  I haven't done the sums, and the partial hedging is a headwind, but with gold at A$1200, $1300, $1400/oz, surely RSG's margins at Ravenswood/Mt Wright (and Golden Pride) would bring in enough cash before long to cover this cost at Syama anyway.  It would be nice to see them announce something like that and then tell the market it can go blow itself.


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## jman2007 (12 November 2008)

barrett said:


> I thought it more than a little pathetic that the share price fell by more than 70% when the company had simply announced they needed to raise a bit of capital to finish off the very last bit of a mine that's ready to roll.  I haven't done the sums, and the partial hedging is a headwind, but with gold at A$1200, $1300, $1400/oz, surely RSG's margins at Ravenswood/Mt Wright (and Golden Pride) would bring in enough cash before long to cover this cost at Syama anyway.  It would be nice to see them announce something like that and then tell the market it can go blow itself.




Crikey,

This is one of the longest voluntary suspensions I've seen for a mining stock in a while, as a shareholder (which I am not) one would have to be a little nervous. It appears as though Duncan Saville may come through as a white knight for the company, but for management to be at the whim of its largest shareholder is not an ideal place for them to be. Pretty risky play atm imho, considering Syama will no doubt also experience the usual teething commissioning problems that come with ramping a gold mines production up.

jman


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## jman2007 (14 November 2008)

jman2007 said:


> Crikey,
> 
> This is one of the longest voluntary suspensions I've seen for a mining stock in a while, as a shareholder (which I am not) one would have to be a little nervous.




Yee Gods

RSG shareholders lives may not be long enough to see the outcome of these negotiations. 

Pretty hilarious re-re-release from RSG on the 11th, looks like they just copied and pasted the earlier update, changed the date and shuffled a few paragraphs around.

Crazy times we live in


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## barrett (15 November 2008)

jman2007 said:


> Crikey,
> 
> This is one of the longest voluntary suspensions I've seen for a mining stock in a while, as a shareholder (which I am not) one would have to be a little nervous. It appears as though Duncan Saville may come through as a white knight for the company, but for management to be at the whim of its largest shareholder is not an ideal place for them to be. Pretty risky play atm imho, considering Syama will no doubt also experience the usual teething commissioning problems that come with ramping a gold mines production up.
> 
> jman




I'm a shareholder and actually don't mind this extended suspension at all... just means we don't have to put up with the market's opinion lol!  Management unwilling to sell out shareholders cheaply - just to indulge a market that's only interested in shafting stocks anyway?   Bravo!  ....as long as they get the money

I think RSG's quality was reflected in how well the share price held up relative to other gold stocks - that is until the (bog standard) delays came up at Syama.  I should've known RSG wouldn't be spared from the slaughter

Anyway........ Surely there's someone out there ready to fill the large bid I'll be putting in around 30c:evilburn:


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## inenigma (25 January 2009)

????  As I'm still fairly new to reading charts, could someone advise whether this looks like it's nearly on breakout ???  Or was that breakdown ????


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## Trader Paul (24 September 2009)

Hi folks,

RSG ... several positive time cycles due to fall
into place, in October 2009:

     05102009 ... minor cycle

09-12102009 ... a positive spotlight on RSG

     21102009 ... expecting more positive news, here ... !~!

     29102009 ... another positive cycle due ... finances (???) 

have a great day

   paul



=====


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## jman2007 (28 October 2009)

RSG still stuggling to make Syama work after at least a year of stop-start production, mechanical issues and maintenance shut downs. If it ever reaches its nameplate capacity, will be a very big earner for them, but it's more of a gigantic black hole for their cash atm. $2.00 seems like a long way off, probably one for the watchlist for the forseable future. Maybe worth a look in 6 months.


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## Sean K (29 October 2009)

jman2007 said:


> RSG still stuggling to make Syama work after at least a year of stop-start production, mechanical issues and maintenance shut downs. If it ever reaches its nameplate capacity, will be a very big earner for them, but it's more of a gigantic black hole for their cash atm. $2.00 seems like a long way off, probably one for the watchlist for the forseable future. Maybe worth a look in 6 months.



I've been watching this pretty closely and wondering what's really holding them back. Trading at $34 an ounce. That's explorer levels. Going back through the Syama Progress updates each month it seems clear. Shut down, mechanical issues, shut down, low concentrate stocks, shut down, reduction in concentrate stocks, shut down.....hooly dooly!! What did they do, make the plant out of lego? Producing 4-5k oz a month. Was supposed to produce 70k in FY'90 (quoted from AGM last year - obviously something's gone wrong since then), and then 250k in FY'10. Hmm, that seems a way off. Group production 450k pa by FY'11! Cripes, if they manage that, trading at $34 an ounce now looks pretty bloody cheap. That's if they can put this lego plant together properly.


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## Supra (29 November 2009)

*RSG - Syama & Golden Pride*

The Syama gold mine in eastern Mali, RSG 80% & The Mali Govt 20% is coming on stream with 250k ozs @ US$ 480/oz. 10 year + mine life!
The Golden Pride mine in Tanzania RSG 100% will produce 120k ozs @ US$ 500 for the next 3 years, with good potential for further extensions.

All this plus the Ravenswood mines look good for RSG.

The production should service the debt of around $70M. RSG should not have to come back to the share holders for more money


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## Sean K (30 November 2009)

*Re: RSG - Syama & Golden Pride*



Supra said:


> The Syama gold mine in eastern Mali, RSG 80% & The Mali Govt 20% is coming on stream with 250k ozs @ US$ 480/oz. 10 year + mine life!



 HUH?

From the RSG Oct update:



> Gold production for the month of October was 6,665 ounces.




I think you might mean that that is the target.

250k pa is just over 20k p/mth I think.


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## Supra (20 December 2009)

With net debt at $A 70 M after the placement to M & G of $19 M , things are going well for RSG.

250k Ozs sold forward at $A 713/oz over the next 3 years. Then 110k Ozs puts at $A 1000/oz

The share price has done well this week, even with the Short Sellers & the fluctuating Gold Price. Up over 20% in a week on good volume too


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## adihigs (6 January 2010)

Is this still worth holding on to bought it back in december and has been increasing since. Its now approaching the 52 week high. not sure should i continue to hold appreciated 20% since i bought. 
Newbie here


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## Dutchy3 (6 September 2011)

RSG living up to is namesake ... if we get a breather tonight perhaps a break higher tomorrow for this one. STOP 1.54 EXIT on trend line break


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## Dutchy3 (8 September 2011)

RSG behaves as suggested and I have me some on the close ... The overall market is still goofing around and by no means confirmed that it will rally from here. By this time next week we should have that answer. In the meantime stops on long positions are tight.


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## FA3TS (5 October 2011)

Can any one comment on the likely effect on prices of the company planned buy back of 10% of its shares, planned to start mid October. See announcement 29th September


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## wmorton (14 March 2012)

*RSG in S&P/ASX300*

Does anyone know when RSG last broke into the ASX 300??

Thanks,

wmorton


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## piggybank (29 April 2016)

I take it we don't have too many goldies here given the large rise (of nearly 300% since January) and no one has commented on it!!

​


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## systematic (29 April 2016)

piggybank said:


> I take it we don't have too many goldies here given the large rise (of nearly 300% since January) and no one has commented on it!!




...I nearly posted to this thread earlier today, but I don't tend to post whinging or hindsight posts - so I didn't.  
RSG was my top rated stock beginning April...and I needed just one stock for my portfolio.  But due to sheer laziness I put off my buy.  I looked at the price yesterday (and today) and - as cold as I try to be - I had the old, "argh, bummer..." moment.  

To add insult to injury - the same happened with PBG...let it get away.

It's a great reminder of the human side of investing.  There will always be disappointments.  

As far as goldies go, EVN has been a significant part of my portfolio the past 16 months but I cant honestly say that was because of an opinion on gold (I probably didn't even know it was a gold miner at time of purchase!)  But yes, it looks like they're currently having a good run...


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## systematic (3 August 2016)

systematic said:


> RSG was my top rated stock beginning April...and I needed just one stock for my portfolio.  But due to sheer laziness I put off my buy.




A 3 bagger in 4 months.  Please allow me one, brief lament 
...Okay, much better, thanks.


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## greggles (25 May 2018)

Resolute Mining have announced this morning that reverse circulation and diamond drilling at the company's Tabakoroni Project located 35km south of the Syama Gold Mine in Mali has returned significant high grade gold intersections in numerous holes identifying new zones of mineralisation.

Tabakoroni Main Zone
• TARC611 32m @ 7.0 g/t from 203m
• TARC609 27m @ 8.4 g/t from 195m; and
                  11m @ 4.6 g/t from 73m
• TARC610 17m @ 5.8 g/t from 95m; and
                  24m @ 2.1 g/t from 186m
• TARC612 30m @ 4.6 g/t from 168m

Tabakoroni Nord
• FKRC085 6m @ 71.9 g/t from 37m
• FKRC061 21m @ 13.3 g/t from 84m
• FKAC692 3m @ 25.9 g/t from 30m
• TARC559 4m @ 17.8 g/t from 1m
• TARC553 4m @ 17.4 g/t from 4m

Open pit mining operations are scheduled to commence at Tabakoroni in the coming months based on the previously defined Mineral Resource of 10.2 million tonnes @ 2.4 grams per tonne for 778,000 ounces of gold.

Starting in January 2016, RSG had an impressive run up from 25c to peak around $2.30 in September that year. Since then the share price went on a bit of a roller coaster ride for another six months before trading sideways between $1.30 and $1 for the last 14 months or so.

The drilling results announced today are fairly impressive. Wide intersections of high grade mineralisation, at depth at the Tabakoroni Main Zone but shallow at Tabakoroni Nord. I think we'll see some good growth in the RSG share price over the coming 12 months as they ramp up Tabakoroni, especially if the gold price stays above A$1,700.


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## greggles (21 December 2018)

Resolute Mining has been forming a nice uptrend over the last month on the back of good drilling results from the company's Tabakoroni Project in southern Mali and a strengthening A$ gold hedge book. RSG has forward sold an additional 30,000 ounces of gold at an average price of A$1,783 per ounce with scheduled monthly deliveries of 5,000 ounces between July 2019 and December 2019.

With the gold price looking particularly bullish recently and no obvious reason for it to turn bearish any time soon, we should see further northward share price movement in the near term for RSG and other quality gold stocks.


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## barney (21 December 2018)

Missed your May post on this one @greggles  ….. pity

Big widths .. good grades …… Know nothing about its financials but on the strength of those drilling results it should do well


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## Miner (9 February 2019)

RSG is recommended by few brokers as buy. (disclaimer - long time holder)
But now some thing not matching L

Large volume
Price down
Major share holder selling out 5 million shares almost after the presentation on 4 Feb
https://www.asx.com.au/asxpdf/20190204/pdf/442btmlv254hgp.pdf
https://www.asx.com.au/asx/markets/priceLookup.do?by=asxCodes&asxCodes=RSG

John Wellborne's mediocore  buying https://www.asx.com.au/asxpdf/20190131/pdf/44280xrldv8y38.pdf
Peter Sullivan's massive selling about $500,000 https://www.asx.com.au/asxpdf/20190131/pdf/4427z0lvslplxb.pdf
So many contradictions - hope market will unfold all these with price/disclosure


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## Ann (25 March 2019)

Looking at the Twiggs Money Flow set on a weekly but viewed on a daily chart can be interesting and this is an interesting view. It is saying chance of a fall in my mind but it is early days using this indicator in this way and I may be completely wrong in my assessment. No other indicator looks this negative that I can see. Just putting this up for fun and my own education. (This is Friday's chart, currently the stock is trading up 2.13% to $1.20).


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## Miner (29 April 2019)

Good morning all
RSG published a real good report today - high grade gold and solid production.
Would wait to see market reaction in next hour. Been a holder for some time
https://www.asx.com.au/asxpdf/20190429/pdf/444ljznj021rk7.pdf


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## Ann (29 April 2019)

G'day Miner 

RSG has stayed above the falling overhead resistance from September '16 and is now riding on a rising support coming from November '18. So far so good!


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## Miner (29 April 2019)

Ann said:


> G'day Miner
> 
> RSG has stayed above the falling overhead resistance from September '16 and is now riding on a rising support coming from November '18. So far so good!
> 
> View attachment 94168



Thanks Ann for supporting the technical information with your excellent chart. It is a good sign then


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## greggles (2 August 2019)

It's been a great couple of months for RSG, up from 97c on 11 June to a high of $1.95 today.

On 13 June the company announced that the Queensland Government has granted a further three mining lease applications over areas which support the Ravenswood Expansion Project (REP), extending the surface area of Resolute's existing tenure and include areas within the operational footprint of the proposed Buck Reef West open pit, noise bunding zone, and nearby land required for infrastructure including roads and water management.

On 20 June RSG listed on the London Stock Exchange (LSE).

On 30 July they advised that 12-month gold production of 305,436oz exceeded previous guidance of 300,000oz and AISC of US$924/oz is lower than guidance of US$960/oz for the 12 months to 30 June.

On 31 July the company announced that it is to acquire Toro Gold for US$274 million (US$130 million cash and 142.5 million Resolute shares). Toro Gold's flagship asset is the low-cost, high-margin Mako Gold Mine located in Senegal.

All in all a very positive couple of months for Resolute. A nice gap up today to highs not seen since 2016. A high gold price and solid margins are creating a perfect storm for RSG.


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## Miner (2 August 2019)

greggles said:


> It's been a great couple of months for RSG, up from 97c on 11 June to a high of $1.95 today.
> 
> On 13 June the company announced that the Queensland Government has granted a further three mining lease applications over areas which support the Ravenswood Expansion Project (REP), extending the surface area of Resolute's existing tenure and include areas within the operational footprint of the proposed Buck Reef West open pit, noise bunding zone, and nearby land required for infrastructure including roads and water management.
> 
> ...



Thanks @greggles  for a very comprehensive positive update. I am happy to see how Trump makes gold diggers happy but others unhappy too .
So I reckon this is the bottom price for RSG  ?
Where are you  @Ann  and your positive update on RSG ? 
Happy holder of RSG, NCM, RRL, ENR, AQG, ALK and SAR.  Unfortunately sold out SBM CR.


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## jonnycage (18 December 2019)

another pick for yearly comp - eying off increased production in 2020 - and seeing gold stocks as a haven to escape volatility


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## shoeshineshare (3 March 2020)

Some assumptions, a selection of facts, some arithmetic, the questions raised, the resources used.  But first a warning to read the terms and conditions referred to in https://shoeshineshare.wordpress.com/2020/03/03/resolute-gold-asxrsg/

Gold price US$1585/oz, A$1 = US$0.65.

30th Jan 2020, reported 1.035b shares on issue.
- Includes 132.7m from Tranche 1 placement.
- Does not include 2020-02-26 announcement of 21m in Share Purchase Plan (SPP).
- Does not include 23m to be issued to directors, chairman, etc., to be issued in week commencing 16th March 2020.
Therefore 1.079b shares on issue as of mid/late March?

Net debt $460m at 31st December 2019.
- Reduced by ~$171m from share issues
- Reduced by somewhere between $100m to $300m from sale of Ravenswood, either in cash or stuff owed to them later.  $50m is dependent on the gold price, which will all be paid if the gold price remains near where it is now.  $150m is dependent on the amount the new owners make from the new mine.
- Balance sheet does not include $51m in tax debt in Mali which was raised on 27th February 2020 and is in dispute.
Once they settle Ravenswood, if the Mali dispute is settled favourably, are they somewhere between $189m in the black to $11m in the black?  As a worst case, this would be $240m in debt, or -$0.222 per share.

All In Sustaining Costs (AISC) available both for Life Of Mine (LOM) average and for 2020 guidance (in different reports), I've used LOM where these were available.
- Syama target 300kozpa (up from 2020 guidance for 260kozpa) @ AISC US$746/oz for margin US$839/oz, target US$251.7m or A$387m.  Reduces to A$335m if 2020 guidance of 260kozpa proves to be LOM average.
- Mako LOM average 140kozpa @ AISC US$780/oz for margin US$805/oz, average US$112.7m or A$173.4m.
- Ravenswood ignored as being sold, effectively treated as cash.
- Bibiani development, targets and so on, ignored.
Total revenue minus AISC from just these two is $550.4m or ~$500m with decreased assumption of LOM average at Syama.
The above doesn't consider any value from the exploration grounds, or the investments in other companies, just the earnings from the two major operations.
(Using 2020 guidance figures comes up with earnings about a quarter lower, so the longer-term future of the mine is slightly rosier than the performance in the next year.)

Last year costs were $20m admin, $20m exploration, $67m operating costs relating to gold sales, $108m depreciation and amortisation relating to gold sales, $48m net finance costs.  The first three bring the $500m down to $393m.  Finance costs presumably have been reduced, although the SPP might cost a few million.  Similar depreciation would bring the taxable amount down to $285m, after-tax ~$200m.

There are "assets" of $83m exploration, $777m development, $442m property, plant and equipment, which adds (incorrectly due to rounding) to $1301m.  This is slightly more than the market capitalisation and around their Enterprise Value (although just because you've spent it doesn't mean you've got value from it).  So there's plenty of future depreciation available and already paid for.  If you consider the sum of the Net Profit After Tax and the amount you depreciate out (because depreciation reduced tax but not cash flow), you get $308m.

7.4Moz Reserves, 19.1Moz Resources.  Without Ravenswood, 4.68Moz Reserves, 11.87Moz Resources.
At current production rates by simple and not really valid division you get over 11 years of average life from Reserves without any conversion.
Syama is set for 14 years, Mako for 7 years.

$200m would mean Earnings Per Share of $0.185.

The last share price was $0.94.  If you talk Enterprise Value (EV) with the worst case debt, the EV is $1.162.

So if you ignore the money earned to cancel out the depreciation, you assume the least amount of money from selling Ravenswood, you assume that Bibiani is worth zero, you ignore all the exploration grounds, you get an EV/E of 6.28.

Some (but not all) questions:
- Is the above an accurate and realistic way of looking at Resolute?
- Between the Syama roaster failure, the acquisition of Toro Gold (with the Mako project), the ramp up of Syama, Resolute reported a loss for 2019.  Was that a real loss, or an accounting loss, or just the loss as Syama is building up to capacity and Mako bought?
- Is looking at the Life Of Mine too much for most people and they prefer to look at the slightly worse figures from just one year ahead?
- Although Resolute doesn't look like a zombie, since maybe one year of earnings will pay off its debt, will any need to refinance midyear be a risk if corporate debt becomes a dirty word?
- Is the lack of a dividend, the last dividend being in August 2018, a negative factor?
- What have I missed?

The sources used included the following.
- Appendix 4E Preliminary Final Report, 28th February 2020
- Details of Voting at EGM, 27th February 2020
- Completion of Share Purchase Plan, 26th February 2020
- BMO Conference Presentation, 26th February 2020
- Mining Indaba Presentation, 4th February 2020
- Sales of Ravenswood Gold Mine, 15th January 2020

Now for those of you who didn't go and read the disclaimer, here it is.

Disclaimer === I have no qualifications, job experience, professional association, licences, proofreaders, fact checkers, independent assessors, or sufficient knowledge of your objectives or circumstances.  I may own shares or have a vested interest (direct or indirect, positive or negative) in one or more things mentioned in this newsletter.  I may have bought or sold things mentioned in this newsletter, or be intending to buy or sell such things.  What you think is positive or negative news might be your misinterpretation of badly worded humour.  What you infer might not be what I meant to imply, and that's if you infer that I meant to imply anything.  The information in this newsletter is general factual information about which you should be sceptical, and may be inaccurate and/or out of date by the time it is written, let alone sent or read.  The information on which this newsletter is based might have similar flaws, and because of the random way that I find out most things may not be based on anywhere near a complete view of the world, or may be on subjects, companies, or products about which I am either partially or completely ignorant.  This newsletter may not be worth the zero dollars you are paying for it.  Nothing in this report should be considered as general advice or personal advice, and should not be considered a recommendation or opinion about any financial product.  Pretend that this newsletter is written by one of the more literate of an infinite number of typewriting monkeys who have given up on randomly reproducing the complete works of Shakespeare, and act accordingly by seeking proper financial advice.


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## Miner (3 March 2020)

shoeshineshare said:


> Some assumptions, a selection of facts, some arithmetic, the questions raised, the resources used.  But first a warning to read the terms and conditions referred to in https://shoeshineshare.wordpress.com/2020/03/03/resolute-gold-asxrsg/
> 
> Gold price US$1585/oz, A$1 = US$0.65.
> 
> ...



@shoeshineshare  - first of all what a fantastic analysis and detail and the disclaimer.
It is definitely an under utilization of the skills being used as a shoeshiner 
In short - *an excellent analysis* and I wonder how could the directors, CFO and other whiz kids have missed it unless was deliberately missed. But there are investors and fundies - what the hell they did not consider. Surely our analytics on this forum will give more thoughts as I am only a miner.
Couple of side comments - you quoted Shakespeare. In Australia it is a wrong quote. I used to quote Shakespeare back in 1992-94 days - very fresh from an overseas country with non English speaking background. But subsequently realised then many of my colleagues have not read a single paragraph from Shakespeare. So it was wrong environment  of 'English Speaking people' and I was a non  English.
When I made a genuine spell error - I was called as ignorant or using Archaic English.  I do recognise it was archaic as English has not changed since British left our country to be independent back in 1947 and the English literature never progressed to its modern form. 
However, when some of my English speaking colleagues erred then it was always a 'typo'. Ha Ha. Now I also make typos . All part of side fun and apology for the same. Lets  moving  on. ​Returning to RSG topic once again a price lesser than $1, gives me an opportunity to re-enter.
https://www.asx.com.au/asxpdf/20200226/pdf/44fgygndjtrvck.pdf


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## finicky (25 March 2021)

I'm so utterly cynical about anything the Chinese have a hand in under the rule of the CCP that my immediate (totally unsubstantiated) reaction is that this Chinese company has got to the Ghanaian minister with graft.

The timing - how convenient that the bulk of the payment for Bibiani was to occur in March. What is Chifeng after? A cheaper deal using lower gold prices as an excuse? A cheaper deal on a now unlicensed mine? The return of their deposit? Scheming swine. Experienced it before: they put a foot on an asset then scheme a way to get it cheaper than the memorandums, letters or heads of agreement state. Zero good faith or good will. Don't eat their food, don't buy their products and if they're sniffing around your listed company, run.

*December 2020*

"Shanghai Stock Exchange listed *Chifeng Jilong Gold Mining Co. Ltd (Chifeng) acquisition of the Bibiani Gold Mine in Ghana from Resolute Mining Limited (Resolute) for USD105 million*.

Chijin International (HK) Limited, a wholly owned subsidiary of Chifeng, has entered into a binding agreement with Western Australia based Resolute to acquire Resolute’s interest in the Bibiani Gold Mine through the purchase of shares in Mensin Bibiani Pty Limited. Chifeng, an international gold mining company, operates five mines, including the world class Sepon gold mine in Laos.

The total cash consideration of USD105 million is comprised of a USD5 million deposit on signing and USD100 million on completion, *expected in around March 2021*."








						HWL Ebsworth advises Chifeng Jilong Gold on USD105 million acquisition of Bibiani Gold Mine from Resolute - HWL Ebsworth Lawyers
					

HWL Ebsworth’s Energy and Resources team advised Shanghai Stock Exchange listed Chifeng Jilong Gold Mining Co. Ltd (Chifeng) on its acquisition of the Bibiani Gold Mine in Ghana from Resolute Mining Limited (Resolute) for USD105 million. Chijin International (HK) Limited, a wholly owned...




					hwlebsworth.com.au
				




*Today's Announcement*:







Not Held, thank god


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## Sean K (25 March 2021)

finicky said:


> I'm so utterly cynical about anything the Chinese have a hand in under the rule of the CCP that my immediate (totally unsubstantiated) reaction is that this Chinese company has got to the Ghanaian minister with graft.




100% agree. China has their tentacles all over Africa and it's just getting worse. I travelled through Zambia a couple of years ago and just about every shop sign was in Chinese characters. I think China own about 30% of the country, and counting.


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## Miner (25 March 2021)

kennas said:


> 100% agree. China has their tentacles all over Africa and it's just getting worse. I travelled through Zambia a couple of years ago and just about every shop sign was in Chinese characters. I think China own about 30% of the country, and counting.



50 pc of Australian gdp support too


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## greggles (14 April 2021)

RSG bouncing back today after news that the Ghanaian Minister for Lands and Natural Resources restored their Mining Lease for the Bibiani Gold Mine. The restoration of the lease is subject to the following conditions:






The whole thing sounds terribly dodgy and is typical of the way business is done in Africa, which is why I no longer invest in mining companies that have large African-based projects. It's just too much of an unnecessary gamble.


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## Miner (14 April 2021)

greggles said:


> RSG bouncing back today after news that the Ghanaian Minister for Lands and Natural Resources restored their Mining Lease for the Bibiani Gold Mine. The restoration of the lease is subject to the following conditions:
> 
> View attachment 122788
> 
> ...



As a holder after a huge down, I am glad to see the ministerial sense has returned. Yes, being in Africa, I would not suggest any magic lotion to change the mind .
However, I would not generalise African industries being dodgy. Not long ago - African industry was proud of mining from South Africa.
Anglo is African based. WAF West African Resources is a great one. I have worked as an expat in a large nickel mine in Africa. The talent and system of that organisation was better than many companies I see in Australia. Those people were all national employees.
Money and politics go hand to hand - be in USA, Canada (yes, I have worked there), Australia (i belong and work here)   or be in Africa (yes I have worked here too) . So why segregate or generalise African companies ?  I do hold RSG and should have increased stake there.


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## Dona Ferentes (15 April 2021)

Glen Dyer has an interesting piece;


_Gold miner Resolute has regained its Bibiani gold mining lease in Ghana but unfortunately, that is all it has gotten back. The Ghanaian government terminated the lease last month with no notice and no apparent reason. But yesterday Resolute told the ASX the lease had been returned – but with conditions.

One of those conditions placed on the restored lease explains the original decision – the government has retained control over who can buy the lease and in effect has, for the time being, stymied the plan by Resolute to sell the lease to a Chinese company for $US105 million.

The government told Resolute that it cannot sell the Bibiani project to China’s Chifeng Jilong without “express permission”.
That means the government was upset at Resolute’s move last December to see the lease. The company seems to have needlessly upset the government.

In agreeing to return the lease, the Ghanaian government said it did not recognise Resolute’s purported $US105 million sale of the Bibiani Gold Mine to Chifeng Jilong Gold Mining Co, as announced in December. Ghana also “objects to the purported sale or transfer to Chifeng”, and said that the creation of any interest in the mine to Chifeng or any third party will be deemed invalid without the express prior approval of the government. Resolute must also submit to the Ghanaian Minerals Commission an environmental report on the mine and a detailed plan for its redevelopment.

Resolute says it intends to comply with the conditions imposed by the Minister._


> _“We are very pleased to have come to a quick and amicable resolution which provides clarity and confirmation of (our) mining lease at the Bibiani Gold Mine,” Resolute’s interim CEO Stuart Gale said._




_Mr Gale said he was looking forward to working with the minister and the Minerals Commission to identify a development option at Bibiani which sees the mine resuming production as quickly as possible. He also thanked Chifeng “for their patience during this process.”_


> _“We look forward to continuing the working relationship which has been developed since announcing the sale in December,” Mr Gale said. “We remain committed to the development of Bibiani and will consider all options available to achieve this.”_




_It seems Resolute now wants to be the owner. That was a decision investors were happy with – Resolute shares bounced more than 14% by the close yesterday, ending at 54 cents._









						Return of Resolute Lease Comes with a Rider – ShareCafe
					

Gold miner Resolute has regained its Bibiani gold mining lease in Ghana but the government has retained control over who can buy it, putting the kibosh on a potential sale.




					www.sharecafe.com.au


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## Miner (3 January 2022)

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02471565-2A1348603?access_token=83ff96335c2d45a094df02a206a39ff4
		


RSG - my tipping for 2022
It has been going through a dirt cheap so far.


			https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02465217-6A1068044?access_token=83ff96335c2d45a094df02a206a39ff4


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## rcw1 (10 November 2022)

Good morning 

A million 
	

		
			
		

		
	





	

		
			
		

		
	
 announcements today (10/11/22) for RSG. 
In short: Resolute will 'tap investors on the shoulder' for up to $200m to help ease its debt burden and shore up its balance sheet. RSG is the owner of two gold mines in Africa and has launched an institutional placement and 1-for-1.11 accelerated non-renounceable entitlement offer at 16c a share to "strengthen its balance sheet and provide a financial platform for growth".

An underwritten component of $140m is aimed at reducing its net debt position from $US156m to $US65m. The additonal $60m from a non-underwritten retail entitlement offer will also be used to further reduce debt, provide general working capital and fund growth initiatives, including the potential expansion optionality at its Syama mine in West Africa.
Chief executive Terry Holohan said Resolute's performance has steadily improved with four consecutive quarters of increased production.
"This equity raising is the final step in Resolute's transition to a sustainable gold producer with a de-risked balance sheet."

There is a trading halt in place.

Not holding - looking more into this.  Kindly conduct your own due diligence and have a very nice day, today.

Kind regards
rcw1


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## Sean K (10 November 2022)

Not surprised Sprott are in the background here as they've been ramping it a bit.


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## finicky (10 November 2022)

Another good example of why a lot of investors don't see mining companies as an investment in gold. Debt is one of the things that kept me out of this one. Debt in Africa with innovative automation in mining.


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## Garpal Gumnut (10 November 2022)

finicky said:


> Another good example of why a lot of investors don't see mining companies as an investment in gold. Debt is one of the things that kept me out of this one. Debt in Africa with innovative automation in mining.



I agree @finicky 

I played Gold stocks when Gold was rising last year and the variables of the companies added to the variables of Gold near did my head in. 

My only exposure to Gold stocks is GOR, and that is a small exposure in a trading account. 

From my experience it's a Buffett story, buy low when all is doom, sell high when all is joy. I'd not be buying Gold stocks now. 

gg


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## finicky (10 November 2022)

Gascoyne (GCY) recently gone into admin. I dropped a bundle treating Dacian (DCN) as an investment, not a trading token - launched by a grinning, facial hair cultivating fraud who made himself m.d *and* chair.


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## rcw1 (14 November 2022)

Good afternoon
52 week low today (14/11/22), plenty of buyers...

Resolute Mining completes the bookbuild for the placement and institutional entitlement offer to raise about $96m, the company says.
The placement raised about $41m through the issue of about 258 million new shares in the company at an offer price of $0.16 per share.

The institutional entitlement offer and shortfall bookbuild for entitlements not taken up raised about $55m through the issue of about 342 million new shares.  After receiving significant demand, the underwritten component of the equity raising has been increased from $140m to $164m, Resolute said.

About $144m of the proceeds will be used to reduce net debt and $20m will fund general working capital, the costs of the equity raising and to support the company’s Syama North expansion plan.

Resolute said the equity raising was anchored by a new international investor, Condire Management, which has been offered the right to appoint a nominee to the board of Resolute whilst their shareholding remains above 15 per cent.

However, Condire has advised Resolute it does not intend to accept the offer at the current time.

Not holding

Kind regards
rcw1


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