Ribo
3 days ago
The Form 10 to be filed with the SEC shortly!
Investor Submitted Q&A
Q: | 02/13/ 2025 | When will the Company file the Form 10?
02/13/2025. LM asked:
Q: … [I am] curious if we can expect to see the Form 10 [to] be filed within the next couple of days…[do we know] a time frame for it?
A: …Many shareholders have asked this question, and the answer is that the Form 10 will be filed with the SEC shortly.
A Form 10 is a massive amount of work. The OMB estimates 220 hours of work. Our legal team estimated a cost of between $80,000 at the bare minimum, but more likely approaching $250,000 in man-hours. Fortunately for us, CEO Burgauer has done most of the work on it himself, thereby saving the company hundreds of thousands of dollars. It is a massive undertaking, and one that just happens to be occurring coincident with the release of the financials and the release of information regarding a massive acquisition.
To our understanding, the last Exhibits have now been added to the document (relating to the Definitive Agreement and historical data on the subsidiaries) and pretty much all that remains is the conversion of the document into the format required by the SEC, which we are told by our tech team and others, including the SEC themselves, that formatting often entails “certain challenges”.
https://mineral-rite.com/investor-relations/
Ribo
4 days ago
$432MM audited asset based on today’s price of gold
Investor Submitted Q&A
Q: | 02/11/2025 | Is the $432MM of audited asset value based on today’s price of gold/metals?
02/11/2025. HB asked:
Q: The $432MM of audited asset value that you’ve acquired – is that $432MM based on today’s price of gold/metals?
A: When a company buys a subsidiary, it inherits the book value of the assets held by that subsidiary unless there is some question as to current value of those assets (i.e., the assets have declined in value and need to be written off, such as broken machinery, worthless inventory, etc.)
The $432MM was the book value of one specific asset that was held on the books in one of the subsidiaries acquired by RITE, which was previously reported on NMC’s audited books as the former parent company. It was established based on the purchase price of the asset from 1996.
We believe that that specific asset is more valuable than the stated book value – and we likewise believe each of the 3 additional mining properties have significant value. Investors on the internet believe the same, supported by the research they have done finding the old reports relating to the assets that NMC publicly disclosed years ago.
But, pursuant to the SEC’s 2018 Modernization of Property Disclosures for Mining Registrants, RITE cannot state “mineral reserve” estimates until we have the proper documentation in hand. Even though we have access to NMC’s old reports, and even though NMC truly made these prior public disclosures about their former properties, the reporting rules have since changed and we want to be certain that when RITE makes a public disclosure, it will be both accurate and properly documented under the new rules.
As we said in our prior disclosure on this matter: Even though the mineralization on the mining claims appears significant in the historical exploration reports, the properties will be considered “Exploration Stage Properties” under the SEC Rules, pending formal review of prior reserve valuations and updated reports – consistent with the Committee for Reserves International Reporting Standards (“CRIRSCO”) and compliant with the SEC rules for Property Disclosures for Mining Registrants. As exploration stage properties with no publicly stated qualified mineral reserves, these three assets will initially be held at a net $0 value on the Company’s books.
https://mineral-rite.com/investor-relations/