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Dear Bickmaster84, Many thanks for your reply of yesterday. I appreciate there are matters beyond the control of GR, but he needs to get his head out of the clouds and see what's directly in front of him. He could at the very least, talk to the world and publish or republish the preliminary findings reports, as offical company documents. Doing nothing is not an option. Furthermore
when Company Directors treat their shareholdes with contempt, shareholders tent to vote with their feet and this is what is happening right now.
As you wrote the future of the company and his own future, rest in the hands of George.
Good posts as usual Bick and Steward.
A placing definitely seems as though it will be needed sooner rather than later, but it really will be a disaster if it's anywhere near today's SP.
Re: a placing. On Telegram degrasse has stated his sources say "definitely no placing". Would you care to elaborate on this degrasse? How do you know this and what source of funding will continue to progress the DFS? Thanks for the updated chart too.
My feeling on MNH and the way GR is thinking is this (only my thoughts)...
GR wants to sell Zulu before the end of the DFS
GR wants PREM to have some "meaningful" projects for PREM when Zulu is sold
Therefore GR wants 100% of MNH sooner rather than later and will use funds we all think have to used on Zulu.
Hopefully I'm wrong - and GR can do as you ask Bick and rule this out ASAP.
Bick - good post. As I said the other day, I think GR is between a rock and a hard place and there's a good chance that the next fundraising will have to be at a lower price than the last one. Given how long it took to get one hole's results, I don't think that he's had enough time to have 4 or 5 more holes tested... I do think that whatever is included in the next RNS isn't going to be well received unless he can prove that there's been a massive upturn in testing. If he publishes 1 or 2 more then that will just reinforce the lack of progress and control. If he delays the publication to have more holes done, it will just reinforce the lack of progress and control. But he needs positive results to shift the sp back up before the next fundraising... but he's running out of time!!!
And I can see why he doesn't want a 4th or 5th rig on site and that's because he doesn't have the testing capacity to process the tests.
There are so many holes in his "plan" - I'm still unclear on what he plans he has to do the DFS drilling and testing for the pre-EPO DFS.
Bex10b
Fair comments. SP has taken a nosedive since GR's London presentation and he needs to give the market confidence he is in control and focussing his efforts in the areas which will provide best value for shareholders.
My firm belief is we will get a RNS by the end of next week with the next set of DFS results. Just how many results there will be remains to be seen. I would be happy with 4-5 more holes, which would equate to approx 1000m of result thus far. I am confident they will be positive and will continue to demonstrate PREM is sitting on a large reserve of high quality low iron spodumene.
The biggest near term issue George needs to address is where PREM's focus lies and in particular what the plans are on MNH. He dropped a huge clanger by saying he is interested in acquiring the rest of MNH at last weeks meeting. At least it is out in the open and can be addressed. I am confident that I speak for the vast majority of shareholders when I say that more MNH is the last thing shareholders want. GR stated at the start of last weeks' meeting that PREM's strengths lie in exploration, not mining. But now he wants to buy a mining operation that a number of other mining companies have lost significant amounts of money on and haven't been able to turn a profit, at a time when Manganese prices are low.
What the market needs is a firm statement from George that he isn't going to buy any more MNH until the DFS has been completed. I know George reads these posts so hopefully will take this on board. Unless there is a firm commitment to no more MNH in the next RNS the share price will continue below 0.20 and further fundraising will continue to be expensive.
The power is in George's hands.
If anyone on here disagrees with me I would like to hear why.
Bickmaster
Why does GR sit and watch the share price plummet, without taking any corrective action? Is it because he has nothing to offer from his bag? He seldom moves in any direction, for example the video of his last presentation in London has yet to be 'delivered' , why are they so guarded over negative comments from investors relating to any progress, or the performance of GR.... ? Are we investors looking at something, we only think we see, such as 'The Kings New Clothes'? George Roach need to address a lot of issues if he is to gain investor confidence and move the price upwards, if he can't do that, then it shod be time, for serious changes on the board....