What a lot of dribble there is on here!! Billus tried to sack the board twice and failed, then in 2022 he stopped funding his GPR loan and called it equity!!
But get this, he did in not put more money in when legal action commenced.
For the past 2 years Giovinazzo raised some funds(many millions) to keep joint venture going, with out this the joint venture would have fallen over and RIM would have had no funds and no development.
The court case result has shown the actual ownership of joint venture partner is in different hands. This ownership from what I have read is held by an off shore company with no Aust Govt approval to run a mining company.
No wonder Billus stopped putting money in and let the joint venture flounder.
All this negativity from a couple of posters on here is just a joke and it's just noise. Other agendas are very evident here.
What really counts is what the RIM board comes back with in regards to joint venture validity and Giovinazzo option to appeal the court decision.
Two things are important in my mind;
1. Is there a resource in the ground? Answer: Yes heaps of it (many billions worth) with more coming.
2. Can we get the resource out of the ground at a reasonable cost?
Answer: Yes , it appears our resource is quite shallow and can be both mined and transported at a reasonable cost.
This I expect will be confirmed further by the company in coming months.
RIM is in a very strong position and have proven over past years they have the experience and expertise to continue their development.
RIM have funds in the bank with future option funds coming in soon and a drilling programme underway.
What's not to like?
I'm still very bullish on the company and going forward want to be a part of the success.
(20min delay)