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Martini,

George was always going to release the accounts on time with CANMAX breathing down his neck and GC Sniffing around. A late filing and suspension was never going to happen. All good IMO to have these guys piling on the pressure

I do share though the funding worries, even if I am very hopeful that the plant can produce SC5+ during the test run, (which we still don’t know has been paid for) I really don’t see how there are any funds left to push the plant to production, not without external funding, perhaps GC or CANMAX may step in after a successful test run, but that’s a huge if

If these two big hitters choose not to then absolutely PREM Will be using the remainder of the headroom after the successful plant test run assuming it produces SC5+ and more than likely asking for additional headroom once there is a spike in the share price, then comes a consolidation

Interesting times! I’m loaded up with 200m at a silly low price.. Come on George!

GLA

Just watched the latest media and while the tone was hopeful, there are some glaring omissions worth noting

GR now says he’ll step down “once everyone is happy” That’s not a commitment it’s a moving target. Let’s not pretend that’s a clean resignation

He talks about the secondary floatation plant being his great idea back in August last year, and then kind of blames shareholders for not approving the funding. No, George it is not shareholders fault this company is in a mess. You were the CEO. You had the opportunity to raise £20 million at around 1p and failed where almost any other competent CEO would have delivered. Please don’t pin this on shareholders. This is your failure, not ours

Mentions of “ongoing upgrades” and “quotes received” but as always, no details, no numbers, no timeline. If it’s all quoted and ready, why not publish the numbers?

Still no confirmation of funding to run the 3–5 day plant test. I emailed the company 10 days ango asking this question and haven’t had a reply. If the cash is there, surely that’s a simple “yes”?

Time for less PR and more transparency, maybe start by answering questions posed by shareholders

The impression I got is that there are no funds currently available to run the plant test, and that George won’t be stepping down until “everybody is happy” whatever that means. He also referenced a list of ongoing upgrades that have supposedly been quoted for, yet gave no explanation of what those upgrades are, why they’re needed, or what they cost. My further observation is simple: if this is all progressing so well, then why not just tell us?

This could be the moment everything starts to change. Graham Hill isn’t some AIM placeholder, he’s a proven mine builder with a serious track record in tough environments, combined with Roach stepping back shows the board finally gets it: Zulu needs delivery, not delays

If the inserts and reagents deliver, and now we’ve got someone on the ground who actually knows how to execute - Zulu becomes a functioning plant. That brings Canmax and Glencore straight back to the table. At that point, you’re not buying hope anymore

GLA

Nelly,

That reply is clear as mud :)

I have emailed George and Wilna and will post the response here if/when received. If I have misunderstood the RNS I’ll hold my hands up

Again, the text below is from the RNS

“This proposed use of funds includes a test run period and allows for the balance of the purchase of a Secondary Flotation Plant. However, the budget does not deal with operating costs under normal production, after installation and commissioning of the Enprotech inserts that have been paid for and the secondary spodumene float plant.”

The way I read this is that The figure listed does not cover commissioning of the Inserts or the commissioning of the Chinese floatation unit. But the inserts already paid for and the flirtation unit is included in the 800 K figure

If I’m reading this wrongly, please tell me. For clarity I’m going to email George and Wilna this evening

Ray,

Except the Floatation component is part of the 800 K. I don’t know how you can deny this when it’s clearly stated in black-and-white in the RNS. I’ve posted the text from the RNS. What don’t you understand about this?

Ray,

As you can see from my Previous posting, The 500 K For the floatation is included in that figure of 800 K. As stated in the RNS

It does appear to me that you will always find a problem to the solution

Wolf,

That’s the way it reads to me

Wolf,

From the RNS 19th May - Notice of AGM

Balance of cost of Zulu Secondary Flotation Plant

$ 500,000.00

Costs associated with plant readiness and test running. Reagent assessments.

$ 885,122.99

This proposed use of funds includes a test run period and allows for the balance of the purchase of a Secondary Flotation Plant. However, the budget does not deal with operating costs under normal production, after installation and commissioning of the Enprotech inserts that have been paid for and the secondary spodumene float plant. It is also noted that the payment arrangements do not call for immediate payment of the amounts set out above and no revenue allowance has been contemplated.

Similarly, the prospect of non-dilutive finance options remains when the plant is fully commissioned and operating to design specifications.

And from the AGM notice notes and costings there is 500,000 owing on the Chinese flotation unit, From memory the cost was 600,000 so I assume they have a 100,000 holding deposit on it. Anyway, it’s not a huge amount of money in the scale of things

Ray,

Said it before and I’ll say it again. The biggest mistake made was not raising £20m at one pence, that would’ve been a measly 2 billion shares and seen us through this complete mess. Since then with the current headroom we will end up at around 70 billion which is an increase of around 45 billion

Anyway, onwards and upwards. In the last interview, George looked remarkably relaxed, the most relax has seen him in a few years, He didn’t look like a man who was about to get fired, which in effect he has been, or like a man who was about to see his company fold.

In the past, I would’ve said that the company folding and George picking up the remnants for a couple of million would likely have happened. Now because Canmax And Glencore Are involved that’s never gonna happe. If the company folds he will get nothing and he knows this.

So for him to look so relaxed right now, there’s obviously something he knows which we don’t

Ray,

Thanks for pointing that out. Then I would be even more sure that the company is pretty damn certain that the plant will produce as expected without the need for the additional floatation equipment, Although from what I understand, they are going to use this anyway to hopefully double up on the floatation part of the process

Let’s see what happens

Profit,

Percentage of headroom used: 52.16%

Which is a bit worrying really because it only raised a very small amount of money. I was just looking through the AGM notice where the company list funds needed and for what. The total was just over £10m

I can only assume that the company is extremely confident that the plant will produce with just the additional screens and the reagent modifications. Assuming this is the case, then the share Price will raise significantly And allow the company to generate more funds at a higher price. That’s assuming Glencore has no intention of offering any funds

11:00:27

0.011 1,000,000,000

Sell* 110.50k

Hi Profit,

Yeah, Jabulani definitely came across better than GR usually does

That said, I just wanted to flag a bit of a mismatch between what was said back on the 7th May and what we’re actually seeing on-site now

In the 7 May RNS, George said:

“It is indeed most pleasing to commence civils and confirm the float plant order…”

That read to me (and I think most others) as if civils were already underway at that point, over a month ago. He has also stated in at least one stock box interview that the Civils were well advanced…

But if you look at the video posted on X today, you can see most of the foundations still just at the rebar stage, hardly any concrete poured. It doesn’t look like a site that’s been under construction for 4–5 weeks. If we’re still 10–14 days out, then that original statement was, at best, overstated

Not trying to knock the whole thing just think it’s worth being honest about the disconnect between the messaging and what we’re seeing on the ground. Hopefully it all comes good, but timelines feel a bit elastic here (again)

GLA

Https://x.com/premafrimin/status/1932448272016175127?s=46

Steward,

Exactly, all the information is out there for anyone who actually takes the time to look. Instead, some people would rather spin their own doom-and-gloom narratives based on assumptions and misinformation

This constant “end of the world” chatter is getting old. The share count is publicly available, and the consolidation talk is straightforward, it’s about system limitations, not some hidden agenda. Do your research instead of recycling the same old fear-mongering nonsense

GLA

CREST is the UK’s electronic settlement system for securities, operated by Euroclear UK & International. While it’s incredibly robust and designed for large volumes, there are practical limits, though they are high and rarely documented publicly.

Here’s what matters:

1. No Public Hard Cap, But There Are Constraints

• There’s no public upper cap on the number of shares CREST can handle for a company.

• But CREST identifiers and databases may start encountering practical constraints with extremely high-volume, ultra-low price stocks — like PREM potentially heading toward a hundred billion shares, if not capped.

2. Registrar Systems and ISIN Field Lengths

• Some back-office systems, including those of registrars and brokers, may encounter inefficiencies or risk errors when dealing with ultra-high share volumes.

• This is more of a systems integration issue than a specific rule, but it can matter when volume becomes excessive.

InvestorMadness,

Thanks

Acker,

What’s this?