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The silence from some parties the last wee while has been deafening. It does give one food for thought when considering adding to my investment or just wait for some news of any kind before acting .
At present, I intend to hold and will top up if we keep drifting south. I've been in over a year and have bought shares at various levels and am still in clover ( so far ).
The weather over at Zulu could be a bit of an issue as does having a leader who pleases himself.
However, how I look at Prem is , we have the mineral resources even though we need to fully assess how much we have and that once we do have our evaluation then we can hope for big money coming in from outside investors and customers.
This time next year I would be looking for an upswing from where we currently are .
I should have added that I reckoned that the sp would get to 0.15 before dilution occurred and that the dilution price would be struck at 0.12... getting pretty close but in the context of a delay, the sp could drift further... check out a 1 month graph.
Snowking and co seem to have disappeared from here and that might suggest that they already know that there's not good news despite the posts at the weekend. They'll re-appear when there's something to shout about.
Watcher - I had money available to add but it's not going into PREM (yet?). I was waiting on GR's announcement on funding and I was very disappointed. I reckon that he'll spend the whole 5 billion long before the 2 years are up and, unfortunately, it won't be all on Zulu. I've advocated two fundamental things before - sell everything other than Zulu and, more importantly, GR should step aside. There's no update on drilling and, in my experience, that screams out that there's a delay and the delay probably means that there's no cash. Holding out for a miracle!
Hi Steward1, Are you essentially just holding on to your investment in the desperate hope that GR is removed because it appears that your opinion, and many others on this forum, is very very negative of GR.If you were considering investing right now, like myself, knowing what you do...im assuming you wouldn't waste your money?
Seems the most realistic explanation Steward. Can't see why else we wouldn't have heard anything yet.
I'm de-risking. Will leave half my substantial holding. My confidence in GR has deteriorated rapidly in the last few days.
GL all.
Chuggley - you've not been involved here for long and, if I remember correctly, you didn't look into the history of GR too much.
The position that we're in now is exactly the same position as we've been in previously... more than once! GR has said that they had cash to get the drilling going but here we are a couple of weeks after drilling should have started and there's no news. In the context, where there will be dilution, you might expect that GR will do anything to get things done and keep the sp up but, here we are, no update.
Here's what I think has happened, GR didn't have enough cash in the 1st place and has run out of cash before the drilling camp could be set up. He couldn't get a deal to fund it so the drilling company have downed tools. They've seen that GR needs to do a dilution so that they can be paid and they won't be paid until some time after the AGM. GR brought forward the announcement of the 5 billion shares from the 10th May because he was under pressure to get the drilling started.
Another example that he simply doesn't deliver.
On the overall timescale, in that interview, he asked for some latitude on the 14 months - that's GR's way of saying "We're already behind!" As for building some allowance for the rainy season, GR's MO is "on a wing and a prayer"!
And behind all this, he wants 5 billion shares - I admire your trust in that you think that he's not going to spend them all... he will!
GR needs to go!
Chuggley, GR said 6 to 8 months to complete the drilling program not me... He could be completing surface work at the mo to determine were best to drill but he hasn't said that he is doing that... When the drilling program is completed he will need another 6 months for sample test work and geological DFS paper work.
Wolf
Wolf. Where are you getting 8 months from? DFS Will take 14 months. I take it that includes rain .
During last interview a few days ago George stated 14 months was still applicable and he clearly said it had been mobilised and that completion was expected 2nd qtr 2022. Nothings changed
You're making things up
14 month DFS
Will include time for rainy season
$5 m cost estimates
Complete 2nd qtr 2022 (I assume end of)
whatsitworth--cannot argue with your summary.
Now.. if you are a multi national company would you recommend to your board that the company invests millions into Premier and Zimbabwe.
Acker
Great assets ( That's why many are here ) Crap management ( That's why SP is here ) history of Delays , lies , financial mistakes , dream chasing , poor timing , EXCUSES and not doing the correct due diligence , not understating the market , not giving shareholder values - its a risk as with anyone on aim , how long to the world decides something else better than lithium ? just our luck - what to you lot think can GR deliver , can we stop dilution until we have a leader who can progress ZULU correctly and quickly ,,, can a leopard change his pringles ? your views please
Chuggley, the DFS has already been delayed by a month because the countdown for DFS starts when the drilling has started... If the drilling campaign lasts 8 months that's well into the rainy season and I envisage even more delays, that however is avoidable.
Wolf
Wouldn't any assessment of dfs taking 14 months already include an allowance for delays such as rain. It does happen regular. So I'd expect that.... just saying !
Sounds like fear mongering to me
Shurething, I'm surprised GR is using Geo drill, he has said in the past they wouldn't be his preferred drilling partner in the future, perhaps it's the fact Geo drill are happy to be paid in PREM share's at a discount.... as and when funds become available!!
I don't think GR appreciates just how much he and the company are under the microscope at the moment because of a multitude of failures in the past.
Thanks for your expertise, Wolf.
Nothing quite like global warming.. what rainy season :)
Hi Wolframite. I warned about the likely length of the drilling and assessment programme a few months ago now and was shot down for scaremongering. In essence you are right that it would be expedient to run more rigs, or else double-shift with the present one/s. That means more supervision so it would be necessary to dedicate another or other team/s (geo + 2 techs + vehicle per rig) - which should be feasible as long as the budget allows. That is the custom. There are plenty of highly competent and experienced home-grown exploration geo's in Bulawayo (I've worked with and am friends with several) whose daily charge-out rate is way lower than their Muzungu counterparts who would have to be recruited from SA.
Because of additional cost and safety issues wouldn't Wouldn't it be prudent on GRs part to have more drilling rigs turning now in the dry season... it sent alarm Bells ringing last week when GR said the drilling program would be 6-8 months.
Wolf
Hi Wolframite. The dirt road to Zulu from Fort Rixon (c. 10 km) can be seen from Google Earth to be an all-season road. To site it's just 1 km from this dirt road. As Zulu is in a valley tract thick, soft soils will be the main issue for rigs - even for relatively lightweight (c. 10 tonne) diamond drilling rigs. In general 'not drilling in the rainy season' is a protocol followed by the majority of drillers and exploration companies not because it's impossible but because it's often fraught with issues, inefficiencies, safety concerns and bills for dirt road regrading.
Shurething, the question wouldn't be asked if it wasn't for the fact GR has said in the past they can't... That said there was some talk a couple of years ago about a road been completed that provides better access to Zulu, not sure if that would make a difference.
Wolf
The majority of land can be drilled during the rainy season. I've supervised many mineral drillholes in this part of Africa - including during the rainy season. Yes, it is an issue - mainly in terms of rig access due to waterlogged, soft ground, crossing watercourses with heavy vehicles and also (albeit for relatively brief periods) from intense periods of rain with attendant lightning. Usually though the heavy rains last for only a couple of hours a day. The worst rain months are from December into early March - a long way off.
Not stopping kod.....prem will reign as the king of lithium resources.
I might be wrong but I would think that the 14 months take the rainy season into account.
Agreed Bick, if the drilling campaign isn't completed in 2021... the rainy season will extend the deadline for DFS completion from 14 to at least 18 months.
Realtime,
The difference between drilling a DFS and drilling for oil is the scale. A DFS may consist of 200 - 300 individual bores between 50 and 100m deep which means its best to have quite a few rigs on the ground which need to be moved around a lot. Often you need to get the rigs to hard to reach places to ensure you are getting the right level of coverage for the DFS.
When drilling for oil is it is usually a single well to a much more significant depth. Given it is a single drilling location you can spend the money on access and pad construction. That wouldn't be feasible for numerous smaller harder to reach locations for a DFS. Hence the big push to get everything drilled before rainy season.
The good news on a DFS is you can get more rigs on the ground to help reduce programme risk.
Bickmaster
Building bund Well's isn't the answer;-) GR needs to complete the drilling program in 2021 inorder to complete DFS in the second quarter of 2022.
I am certainly not an expert, however, I spent 8 years in Nigeria, and when not going offshore to berth a tanker, to kill time between ships I used to go with my technical mates (by chopper) to visit drill/production sights. When the rainy season came they still drilled (smaller number) they built bund wales around the rig and pumps to expel the water. The concreting for the well was done in adance during the dry season. Again I am no expert on drilling but with forward planning perhaps the wet season should not overly slow the drill program.
This was drilling for oil, no idea what drilling for spodumene entails.
Perhaps someone with technical knowledge could enlighten us??