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Jag,

From memory, we sank 20m into RHA, Zim didn’t meet us half way, consider considering they have a controlling 51%. There’s the stalemate! Years back Zim Paid for the grid electrification, but the ownership and financing was never resolved. GR Then refused to put any more money in. Also from memory I believe the difference in funding is a 12 million Shortfall from the Zimbabwe side. This has been rolling on for years and years. I assume that the solution now could be sped up considering the massive increase in tungsten

Jag,

Exactly, to stop illegal mining

Zimbabwe desperately needs the money from exports. IMO this ruling is not cutting off supply routes, more cutting illegal movement of illegally mined “raw” materials

Jag,

I am not for one minute suggesting that this has not been a completely avoidable disaster, but it is what it is. I personally feel that Zulu under GH will be successful, the huge rise in the price of lithium has saved the project effectively

As you highlighted earlier, there has also been a huge rise in the price of tungsten. The company now needs to get Zulu producing and while it’s at it bring RHA back online as well. It would be crazy not to at current prices

Acker,

I have to disagree with you here. I don’t think you’re correct in your summary. I agree with Jags Interpretation. As we know there is not sufficient processing plants available to achieve what you’re suggesting must happen. The second planned $500 million lithium sulphate plant at the Bikita mine won’t be online until 2028/2029. But let’s see

Perhaps a question to be submitted for the EGM

Jag,

That’s the first meaningful - non manipulative post I’ve ever seen from you. Keep it up why don’t you!

Yes, if the policy is exactly as reported, a ban on exports of all raw minerals, then in theory it would not just apply to lithium. It could also affect things like tantalum and tungsten exports from projects linked to Prem, including RHA, depending on how the rule is defined and enforced by Zimbabwe

But there is an important detail that usually decides everything with these policies. What counts as “raw”

Governments often mean:

• Unprocessed ore, direct mine to export

• Low level concentrate with minimal processing

They often still allow:

• Upgraded concentrate that meets a certain grade

• Material that has gone through beneficiation or processing plants

• Projects tied to downstream plans or strategic partners

That is why the exact wording and implementation matter more than the headline

For PREM specifically, the key questions would be:

1. Does spodumene concentrate from the flotation plant qualify as processed product under the new rules

2. Are existing projects given exemptions or transition periods

3. Whether the government wants companies to finish building processing capacity, which PREM is already doing

4. If strategic partners (canmax / glencore) or offtake agreements influence exemptions

For tantalum and tungsten, it depends on whether they are exporting raw ore or upgraded concentrate. If it is concentrate, many countries still allow it

Also worth noting something people on the board might be missing. Zimbabwe has actually been moving in this direction for a while. They already pushed lithium producers to process locally. This sounds like an expansion of that policy rather than a sudden shutdown of mining

Lumipat,

Brave man, also added to my holding today, an additional 20m shares

Go big or go home

GLA

@ Al4x

Why? Nothing better going on in life?

“He who dares wins Rodders”

Acker,

Not necessarily a bad thing, Glencore are interested In Prem, Rio May not have shared that interest

Exactly, and that last point is the key

PREM isn’t just about getting Zulu running again, it’s about control of a large, under-explored pegmatite belt at the moment Zimbabwe is moving onto the global lithium stage. That’s why Glencore signed an LOI. They’ve done the site visits, they understand the geology, and they know the real value sits in the wider EPO, not just the current plant footprint

Once production is demonstrated and the operational risk drops, that EPO becomes strategic. Glencore won’t allow ground of that scale and quality to drift into a competitor’s hands. The LOI is about optionality and positioning, not short-term headlines

Zulu is the proof point

The EPO is the prize

GoldDuck,

Spot on. There is no requirement for the company to RNS routine creditor payments. That would not be a breach of AIM rules and has already been covered by previous disclosures

Jag, why do you keep wrongly insisting an RNS is needed for every operational step? Personally I’d much rather GH focuses on sorting finance, stabilising operations, and protecting cash than issuing an RNS every time something routine happens on site

You also seem permanently fixated on GR, despite him no longer running the company, and now you’ve transferred that obsession onto GH. It’s a strange hill to die on

Canmax and Glencore have very different motivations

Canmax is downstream. They want secure, long-term spodumene feedstock at the lowest possible risk and cost. They don’t want to own a mine, take geological risk, or deploy large capex upstream. Their leverage comes from offtake, not ownership. Zulu to Canmax is a supply tap, not a growth asset

Glencore is the opposite. They look for scalable, long-life assets with upside. Zulu is interesting, but the wider EPO is the real prize. That’s where district-scale potential justifies serious capital, drilling, and long-term strategy. Glencore doesn’t move early, they wait for risk to drop, then they move decisively

Right now, both can coexist. Canmax controls offtake. Glencore holds optionality via LOI. PREM needs consistent production to change the balance

Once production is stable, leverage shifts. Canmax’s influence peaks. Glencore’s interest turns from passive to active

The deciding factor is not sentiment, it’s execution. Production unlocks the next chapter

“Premier has previously outlined a conceptual exploration target of 60–80 million tonnes across the wider EPO based on geological modelling. That figure represents exploration upside, not a declared resource, and would require further drilling and reporting to become compliant”

The key step is consistent revenue generating production from the existing plant. Once that is demonstrated, it’s reasonable to expect Glencore to take a much closer look. At that point, the incentive shifts, funding to upgrade the wider EPO to a compliant resource becomes viable, and the heavy lifting can be done by a partner with the balance sheet to do it properly

There’s a lot of noise r about the big lithium discovery in the US, and fair enough, it’s eye catching

But it’s worth remembering that what’s usually quoted for Zulu only relates to the defined, compliant resource feeding the current plant. That alone sits at around 131,600 tonnes of contained Li₂O, equivalent to roughly 2.2 million tonnes of SC6

What tends to get forgotten is the much bigger prize. The Zulu EPO covers roughly 205 km² around the core deposit and the wider pegmatite belt. Historically, the company has referenced significantly larger potential across that ground, including earlier inferred figures and conceptual exploration targets running into tens of millions of tonnes. None of that is in the current MRE, yet

That wider EPO is where the longterm value sits. It’s also why Canmax are still here and why Glencore signed an LOI and have visited site. They’re not interested in a short term plant restart story, they’re interested in scale, longevity, and consistency

Zulu producing is the gateway. The EPO is the prize

Makes you think doesn’t it

Jag,

Sure can

Graham Hill didn’t join PREM to oversee a collapse or manage a bankruptcy, he joined to stabilise a broken company and fix a broken operation. That’s exactly what he’s been doing

He inherited a mess, a non-functioning plant, legacy liabilities, hostile creditors and a Zulu project that simply did not work commercially. The first priority was survival, not the share price. Administration was a very real risk at that point and it was avoided

Under Graham, legacy creditor issues have been tackled, largely through equity rather than cash, removing immediate pressure on the balance sheet. The reality of the original plant configuration was acknowledged rather than spun, and a decision was taken to install a proven secondary flotation circuit instead of continuing to throw money at something that wasn’t fit for purpose

The flotation solution is not experimental, the cost has been clearly disclosed publicly, the civils for it were completed months ago, and the recent fundraise was explicitly to cover the remaining plant balance, installation, commissioning and working capital. That directly addresses the single biggest blocker to production at Zulu

Key relationships remain intact. Canmax are still on board, still equity holders, and the offtake remains in place. Goddards has been dealt with within the context of the raise. Glencore remain engaged under an existing LOI and have already visited site, they are waiting for consistent production, not debating the resource

Judging Graham purely on the share price ignores context. The collapse happened long before he arrived, lithium juniors on AIM have been smashed across the board, and share price reflects risk and credibility, not spot spod prices. His job has been to reduce existential risk and put the company back in a position where production and cash flow are achievable

That work isn’t glamorous, but without it PREM wouldn’t still be standing

• Canmax remain an equity holder with offtake in place, not a party walking away

• Glencore have an active LOI, have visited site, and are waiting for consistent production

• The flotation plant is proven, funded, and civils are already complete

• Historic creditors have been largely dealt with via equity, preserving cash

• The primary remaining risk is execution, not funding or geology

Jag,

Weren’t you posting…

JAG predictions / assertions that have not come true

• Imminent insolvency / administration

• Repeated claims that PREM was effectively finished, cashless, or heading for administration

What actually happened:

• Company has continued trading, raised funds, settled creditors, and progressed Zulu

• Zulu “stripped” / bailiffs on site

• Suggested assets had been removed or seized

What actually happened:

• No RNS, photos, or third-party confirmation ever supported this

• Canmax taking Zulu “for pennies”

• Claimed Canmax would end up owning the project cheaply or for nothing

What actually happened:

• No such transfer, takeover, or enforcement has occurred

• No further funding possible

• Asserted PREM could not raise again due to dilution fatigue and reputation

What actually happened:

• £1m raise completed, with creditor management explicitly referenced

• Flotation plant effectively dead

• Claimed secondary flotation would never be funded or installed

What actually happened:

• Plant purchase explicitly prioritised in RNS, balance cost disclosed previously ($500k)

• Goddards issue terminal

• Framed Goddards as an unresolvable, fatal problem

What actually happened:

• Debt acknowledged, managed, and now explicitly factored into funding discussions

• Canmax walking away

• Implied Canmax support had collapsed

What actually happened:

• Offtake, equity position, and engagement remain intact

• No path back to production

• Repeatedly stated Zulu would not restart in any meaningful way

What actually happened:

• Company narrative, funding use, and plant upgrades are explicitly aimed at restart

Pattern

• Consistently presents worst-case outcomes as inevitabilities

• When events move against the narrative, the goalposts shift rather than the thesis being revisited

• Focuses on failure modes while ignoring counter-evidence once it appears

Https://www.investing.com/news/company-news/glencore-signs-fiveyear-lithium-hydroxide-offtake-deal-with-tvl-93CH-4469468

Jag,

“no one believes the data about the ore”

Perhaps you forgot the company clearly stated GLEN had been onsite and were happy with the resource. So no one believes the data except GLEN…

Martini,

I quite like you. I don’t know why.

Perhaps you’re the intelligent one out of the three (Jag / Ray / Martini) That’s not much of a compliment I know, but nevertheless your posts are well written

Yes! Please do, I look forward to reading your research on their trading habits and on how you managed to get access to James Goozee and Snowkings trading platforms. I assume you have screenshots to share of their trading for the last few years. Really exciting!