No need to remind readers that Red Rock hold 93 million shares in Jupiter mines, which puts Red Rock on a mere AU$931k (or £558k in our own devalued currency) per point.

So last weeks rise in the value of Jupiter Mines shares of 6.5c has added around £3.6m to the value of Red Rock's holding.

It remains to be seen how far Jupiter will run, or indeed if the current price can be sustained. But as stated in our previous post, this means the company can now look to sell down some of its £16.5m holding (at current price) with impunity.

This is just one of the scenarios Andrew Bell pointed to in his video interview with us last month (to view click here). He also suggested that he would not wish to sell down the entire stake in Jupiter, preferring to leave more than a little skin in the Pallinghurst game.

But where Andrew did hang his hat was in his prediction that the moment even a small proportion of the Jupiter holding is sold, it will unlock the current discount to NAV and people will start to see Red Rock in a different light (23 minutes into the video)!

Last week also saw the resumption in trading in Resource Star and if Jupiter’s performance was stellar, Resource Star’s could not have been in starker contrast. 18 months of suspension had clearly taken its toll on some investors as the share price fell around 35% before recovering slightly and stabilising on Friday. The value of Red Rocks 13.4m share holding fell by around £450k accordingly. However we expect events to be news driven here in the short term and as Andrew Bell suggests in the interview, there are deals in the pipleine, so we will have to wait  and see how the market responds!

As mentioned in our previous update, we are looking to rework our value proposition on Red Rock to take into account all events to date. However it is clear that much of the action is still unfolding, so its a bit of a moving target right now.

We therefore felt we would do this more justice by first waiting for the company’s half yearly report, which is expected to be released by the end of the month.

Aside from the financials where we expect the balance sheet to show a significant uplift in valuation of assets, we will also be looking to see what the Chairman's statement will reveal.