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I would certainly agree that 30% doesn't seem a small dilution.
Possibly as I'm relatively new to Prem I don't see the history of GR like LTH's do. And that may well be to my disadvantage. The interview gave me more confidence in GR although I would also agree a negative was that the drilling doesn't appear to have started.
It just seems to me that with the increasing stability of Zimbabwe and the awarding of the EPO, I see a very large risk/reward ratio (even with dilution) which is why I'm in here and the interview, whilst having negatives as stated above, was overall more positive to me.
johnnypc - some day GR won't be running this company. I'm holding out for that day!
And as for the comprehensive update that he is "working on" - do you not think that he should have something like that to hand and that it would have been a good idea to issue it now along with the news of the 30% dilution or to use the interview to give us that update?
If I saw so many warning signs in a company I had shares in, I'd sell immediately.
So I've listened to the interview and I reckon after 4 years I'm beginning to read between the lines....
1st of all, a 30% dilution is massive. GR thinks that's a small %... lol!
GR squirmed at being asked for dates and is already looking for "some latitude" on his 14 month timescale... I wonder why that would be!!
He had every opportunity (more than once) where he could have given a clear update on progress on the drilling camp and the start of drilling. The drilling camp was supposed to be set up and ready by the end of last month and one might have expected him to confirm that it is all set up and that drilling has started... it seems the mobilisation hasn't quite finished and in the context of looking for some latitude on dates, I'd suggest that the timescale has already slipped.
OK, GR repeatedly says that there's lots of interest but no-one is currently biting and it seems that no-one was willing to lend money to fund the DFS... wonder why that is?
He is clear that he's not going to use the headroom right away for the full DFS but he didn't say that he wasn't going to use it immediately for other projects... WARNING SIGN!!!
RHA - he dropped the word modifications in there!!! BIG RED FLASHING WARNING SIGN.... RHA needs cash!
MNH - so it seems that he still doesn't know the actual position of the books. BIG RED FLASHING WARNING SIGN!!!
Simple response, Snowking, is that we should never have got to where we've been over the last couple of years. Now heading for circa 23 billion shares in issue with absolutely no revenue.
GR has been woefully poor!
He is focusing on zulu and Rha at moment , he has out Mnh to one side until it becomes clearier Mnh books . So lots to focus on and he will but he needs headroom for Mnh which letβs say he takes over in 2022 . The headroom is for two years , the interview said clearly he is not using it all now and he likely will have other plans in 6 months . Meaning I think off take for zulu .
For me, he has too many things going on and should be concentrating on Zulu. Any monies raised imo will be distributed to all his other ventures, he doesn't fill me with confidence. This is a massive project that will take time and should be undertook via someone less stuck in their ways. This is a fantastic investment opportunity for everyone involved. GLA
Snowking..the CEO has a lot to make good.
You say he delivered EPO.. so did 40 other companies in Zimbabwe.
His track record is not good,he has wasted a lot of shareholders money and still not produced any revenue for Premier Africa Minerals.
IMO he is about 4 years too late at Zulu .Prem should do well with the lithium but not great.
I am still of the opinion that by the time the mine comes into production technology will have moved forward..yes there will still be a demand for lithium but not at the level often put forward and not from a mine in Zimbabwe.
The investment money is gradually moving elsewhere.
Acker
To be fair to George
since last raise we went up about 1000% at one point , he has said in interview tonight there will be a comprehensive update.
He has delivered getting EPO , so he deserves to get the drilling started and lets see
when the shares go up to around 1p will some of you still say he has done a bad job , when we are a 20 bagger from earlier in year. We are likely to be the share of the year 2021 , you cant then reward the CEO by asking to sack him , come on guys .
Comprehensive update to come shortly.
https://twitter.com/stockboxmedia/status/1389965897201184768?s=21