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Jag,

I’d be astonished if CANMAX lends PREM another dollar! The FM made them look foolish. CANMAX clearly isn’t interested in PREM or ZULU, or would have already taken it. They just want a consistent supply of SC6 which they signed up for and prepaid, let’s not forget.

Whether they get it remains to be seen. Personally, I’m leaning toward a possible successful trial production run early April 2025, but time will tell.

GLA

Steward,

I agree, there’s no real alternative but to proceed this way. PREM needs funding; without it, ZULU will resort to care and maintenance or worse, which benefits no one. With the necessary funds, there’s at least a chance this could succeed. I do feel thought this is the final roll of the dice.

Today, I rewatched the last two Stock Box interviews with George, hoping to gain more clarity on the situation but I didn’t.

I still feel that this entire financial mess stems from George not raising, say, £20 million when the share price was around one pence. Imagine where the share price would be now if PREM had secured those funds. The dilution would have been minimal compared to what has happened since.

GLA

There’s minimal trading activity impacting the share price right now, with just £25k traded today. There’s no real interest in either direction until after the General Meeting (GM) or potentially a leak beforehand, this is PREM after all. If the motion is passed, 15 billion shares are ready to be placed, resulting in another 40% dilution. That’s significant. While they might not ALL be placed at today’s low levels, again, this is PREM.

There are substantial debts to pay, and at the very least, the loyal ZULU staff deserve their overdue wages. It’s appalling that they’ve been left unpaid—imagine waiting years to secure a role at ZULU, only to face this. These people need to be paid, as a minimum.

Regarding VSA, I think they were brought in following the Biztech threat to contact CANMAX directly, seeking support to oust George. George’s move to smooth things over seems to have worked for now. Calling another GM without being certain of the support needed to push a 15 billion headroom through would be reckless. If it fails, he’ll look foolish and risks being removed as a result anyway.

I also believe that between VSA, Enprotec, and CANMAX, this could eventually turn around. I intentionally left George out of that equation. I don’t think George will retire though, he likely wants to revive RHA, explore the EPO claims, and so on. He’s not finished yet. Even if he did step back, it would likely be a superficial move for Companies House records, while he continues to pull the strings behind the scenes. Unfortunately, PREM needs real change, along with funding, and neither seems imminent despite George stating otherwise.

If the reagent tweak fails, the backup plan is to install a new flotation circuit. However, this would cost $400k and take approximately 3 months to become operational from the time the order is placed. (January) we could still be looking at a further test run as late as April 2025, one has to consider how many of the 15b shares will have been placed by this time, considering dept and cash burn.

GLA

Steward,

The question is who would replace George if he steps aside? Anyone from the existing BOD would simply be doing as GR asks while in the background still calling all the shots. Nothing would change other than the name at companies house. I’d like to see some fresh blood with a proven record of closing off successful projects that have generated revenue..

I’m standing by, like Acker ready to reinvest but hanging on to see how diluted this gets and of course the upcoming GM. I do agree though that Prem is priced to fail, as it was last time I invested at 0.04. Anything mildly positive and this will move up, as it always does. Hoping for a second bite.

GLA

Jag,

Agreed, it would be impossible to get the numbers needed after the dilution. I’m sure George and the Pandora group sussed this already. I’m also sure Snowking and co have amassed enough fortunes to buy heavily at or after the dilution enabling them to halt any call for George’s removal.

This sort of thing should be illegal, oh wait it is!

GLA

The information on major shareholder on Prems website has not been updated since February 2024. So who knows

Acker,

From the comments section on the YouTube video, Snowking thinks this is crazy to call for George to go (pasted below) Not surprised, as if George was removed the inside info would dry up. No more big weeks / months etc etc

“Completely ridiculous to vote for George to resign. Crazy of you”

The EGM was disappointing, with George once again cherry-picking questions as expected. Many, including myself, asked questions that went unanswered, which was no surprise. It was refreshing to see Mark from Stock Box there, pressing George.

Overall, George came off poorly—tense and desperate. Despite the dilution proposal for an additional 9.5 billion shares being voted down, there’s still likely to be an additional 15 billion shares issued under the loan agreement and upcoming open offer, effectively bypassing shareholder consent. This will bring the total to around 50 billion shares. In his interview, George spun this as beneficial for everyone, including Canmax, to “shore up their holding.” We’ll see if they actually take up their allocation.

The next proposed solution is the reagent, and if that fails, then new screens. With a five-week lead time on the screens, we’re looking at mid-to-late January for another 3-5 day plant run, as April 2025 draws closer.

My concern is that George might use the new funding to hastily acquire more of MNH and try to restart RHA, both of which have a track record of failure and don’t generate revenue. This would likely just drain more precious funds with little to show for it.

It feels like this is the last shot. I don’t see shareholders being willing to put up additional funds after this, and if things don’t turn around, there will likely be calls for George’s removal. Biztech is already pushing for this, as are shareholders on X (formerly Twitter).

Meanwhile, it’s astonishing to think that George and the other board members are still drawing salaries while the company fights to stay afloat. It’s mind-boggling.

GLA

Forgot to add,

As soon as possible, perhaps 7-10 days. Then run the plant for 3-5 days with a new reagent that “might fix the issue”

If the open offer isn’t taken up the dept would be turned into shares anyway

Profit,

He’s taking out a loan effectively, for 4 million. Then hoping to repay the loan with an open offer to shareholders. Perhaps another 12-15b shares at around current SP.

Camera live already

https://us02web.zoom.us/j/87039519758

Redandy,

What astonishes me is the board didn’t at the time the SP was a penny raise £20m. That’s just 2 billion shares. Considering the horrific dilution since and further dilution upcoming I am baffled why this wasn’t done to safeguard the project. Hindsight is a wonderful thing, but nevertheless, it’s poor management and shortsighted.

GLA

Aim,

Agreed, now is the time for the Roach family to pay for these final upgrades to prove the plant can produce something (anything) saleable. If they are confident they should be paying, otherwise close the plant, fire the BOD and send everyone home. They should have already offered to pay. The board sure have taken a huge amount of salary from the company over the many years with so far not a bean in revenue from any asset. Nothing.

The fact they are not offering to fund this “final fix” is poor form, lacks any confidence in the content of RNS’s and is highly disrespectful to shareholders. It’s a small amount of money in the scale of things, considering the massive increasing dept and astronomical dilution to shareholders.

I’ve been standing by to pop £20k into this, but nothing I see from the board has anywhere near swayed me to make that purchase. It’s huge risk and blind considering the upcoming dilution, I also worry the board could award shares to George and take the company private, leaving nothing for investors.

George, if you are so certain this will be the “final fix” then let’s see YOUR money not ours. It is the absolute least you should be doing right now.

If when I watch the live stream of the EGM the sound quality is purposely poor, questions are purposely cherry picked by George and the chat function is purposely disabled (again) then I won’t be parting with a penny. It bothers me George thinks anyone believes the these glitches aren’t on purpose, it’s actually insulting.

I find it infuriating Mark at stcokbox wasn’t invited to film the EGM’s, to ask the questions from shareholders when the board feels it isn’t in their best interest. Let’s play dumb and say George didn’t know how to enable the chat in a zoom call, coughed accidentally over every question from the room…

GLA

Bizarre 😵‍💫

“Premier African Minerals CEO, George Roach, will be at the Chesterfield Mayfair Hotel on Wednesday the 23rd of October 2024 from 15h00 BST for shareholder discussions.”

https://x.com/premafrimin/status/1848730497641226657?s=46

Jag,

Absolutely. As CEO George is unquestionably accountable, no debate needed.

He is also accountable to the shareholders. It’s important to remember that he did have majority support to pass the funding motions during this challenging time. What would have been the alternative. Having been on the receiving end of similar fundraising efforts years ago, I understand how painful they can be!

No, I was not saying anything like that.

Jag,

From a very brief email exchange with George, during which I offered my condolences, I gathered that he will be focused on the challenging task of healing Zulu, as he mentioned.

I was saddened to hear the news about the loss of Mr. Roach's wife and Brendan's mother, but it’s heartening to see the respectful behaviour on display today, truly a thoughtful gesture.

I’m no longer a holder, having owned shares from 2016 to 2023 and managed to sell around the peak. It’s been tough watching the decline after having been a regular poster for many years. I still check in daily, though with a filter list of 99, I miss a lot of the discussions!

Wishing the long-term holders and new investors the best of luck. I do miss the banter, but I don’t feel right commenting on a stock I no longer own. That said, I may return when the timing feels right to jump back in, or perhaps I won’t, time will tell. Hopefully, I'll be loading up again.

As for my two cents: Ignore anything posted by Snowking. His absence is shameful and disappointing, although unsurprising.

Regarding the company’s current state, I’m still unsure we’re getting the full picture. However, after holding for eight years, through all the ups and downs, one thing I do know is that George will do whatever it takes to prevent the company from collapsing. Hopefully, shareholders will be safeguarded too. Let’s be honest, who would’ve thought the FM would stick? I didn’t! That was a clever move, and he managed to outwit the Chinese lawyers, somehow.

My thoughts are with George and Brendan during this difficult time. Let’s all be kind to each other, after all, it’s only money we chose to risk by choice

Good evening all.

Results Published

Acker,

Also on twitter

https://twitter.com/intheknow2023/status/1674395581194682369?s=46&t=f4VrV81Xjc9c_NKCug9IFw

Acker,

Agree 100%. It’s not only extremely annoying this goes on but also illegal. SK’s post is all over twitter now, a public site.

https://twitter.com/intheknow2023/status/1674312890122137601?s=46&t=f4VrV81Xjc9c_NKCug9IFw