Member Info for Bickmaster84

Acker,

I'll tell you what I find odd... Despite having a new MM and an unprecedented level of competition between the MMs according to some of our fellow shareholders, the volume thus far this morning is approx 45m shares!!

I would explain this as a pump and dump by the regular crew, though we should be in receipt of a RNS soon. It is only one week late from when GR said it would be provided. Monday will be the 15 week anniversary of the last time we received assay results.

Perhaps Snowking can explain this morning's activity as he is the only one on here who understands what is happening.

Bickmaster

M_Night,

It is questionable whether the progress you predict below (funded pilot plant, fastrack to production, RUS, EPO results and significant DFS progress) could result in an increase in mcap of £135m to push overall mcap past £200m. Personally, I don't think PREM will see a mcap of £200m+ until they start receiving income from production (likely mid-2023 if they go with pilot plant) or a significant bid is received for Zulu or the company as a whole (potentially August 2022). For the avoidance of doubt a £200m mcap equates to a SP of 0.89p.

On good results, including funding for a pilot plant (without dilution) and publication of an actual strategy I could see the mcap approach £90m-£100m which would result in a SP of 0.40p - 0.45p.

I would still favour selling Zulu or the company as a whole. If the sale achieved $600m shareholders would receive about 1.60p per share (CGT @ 20%, USD/GBP = 0.80 and assuming costs of £24m associated with doing the deal). If PREM were to receive €1b, shareholders would receive 2.75p per share. I would be happy to exit at either of the numbers above, given it would be a short term and low risk exit at 5.5x-9.5x current SP.

Bickmaster

Snowking,

I wasn't boasting that I had sold the majority of my holding. I was simply stating my current position is improved by the fact I have sold 75% of my holding well above the current SP compared to if I had held on to those shares. I wouldn't dare boast on here as I know there are plenty long term holders who are still seriously underwater and boasting would be in bad taste.

Currently sitting on 5m shares at approx. 0.22p average. Will take another 5-10m shortly but unlikely to be this week as I don't see the RNS coming and I can see SP dropping perhaps a further 10%. If I get it wrong then I may have to buy back in 10% above current levels. But we are not going to see an sustained changes in SP until about month 5 of the Suzhou 6 month pre-emption period (the 180 day pre-emption period ends on 2nd September), that is my view on matters anyway.

PREM should come good but I still have a number of issues, many of which are near term.
1. The Suzhou deal was very cheap. If it had simply been for shares then it would have been a decent deal but it also includes the 6 month pre-emption as well as the offtake rights to 50% of production. I really don't believe it was a good deal and it appears the market is also of this view based on SP since the deal was done.
2. Where are the results from the past 14 weeks. These could have been provided to the market via a monthly RNS to bolster SP whilst GR's 'review' was taking place. . GR obviously has no interest in this, hence he took the path he did. I also struggle to see exactly what he has been reviewing given the delivery to date, though the increased drilling progress is positive.
3. Who is going to fund the pilot plant should PREM go down that route. More dilution?
4. The pre-emption agreement will stifle bids from other industry competitors until early September and give Suzhou the ability to pick up shares on the cheap. The low SP is ideal for them and they will be getting ready to accumulate shares in the background. Picking a Chinese partner also means the other Chinese market players will take a step back from PREM.
5. Commercial risk of doing business with a Chinese partner.
6. Zimbabwe specific risk - for example bank lending was suspended only last week for a few days.
7. MNH acquisition risk - PREM should avoid MNH like the plague.
8. Reputational issues - the market just doesn't trust GR and this is holding share price back.

Indeed, if I was to play devil's advocate Suzhou would be telling GR to acquire MNH to drive SP and shareholder confidence down as that would be in their best interests over the next few months. But surely that wont happen...

Good luck all. Fingers crossed we all make as much as we are expecting to. But it won't be without hitting a few potholes.

Bickmaster

Johnny

Easier to laugh having sold majority of my holding substantially above current SP over the past 3 months. Will buy back a chunk at some stage. Now is not the time however as this will go lower.

Yesterday marked 14 weeks since our last update on assay results. It really is ridiculous how GR thinks it is acceptable to not provide updates.

Bickmaster

And we'll still be none the wiser about what any of the samples contain!!

pb,

If the next RNS is cr4p it wont matter as the macroeconomic factors such as demand for lithium and the price of spodumene makes it irrelevant whether PREM (a) has a plan in place (b) is ever able to get any lithium out of the ground, or (c) is able to monetise its assets.

As Snowking predicted below, sales will be :
2023 $70 m
2024 $420m
2025 $500 m

So it doesn't matter that GR has missed another self declared timeline to provide the RNS - it should have been with us last week if he was sticking to what he said on the interview. And the content of the RNS will matter even less. Obviously there is no need to keep shareholders updated as he has some $9-$10m at his disposal. He may even be on a tour of Africa to see what other undeveloped gems he can acquire.

Looking at 0.25p for a top up.

Bickmaster

RedAndy,

I would be happy with a RNS covering the items below.

1. Confirmation of no. of holes/metres drilled to date.
2. Confirmation of no. of holes/metres sent to the lab.
3. Confirmation of no. of holes/metres of results received back from the lab.
4. Table with key results from each hole.
5. Detailed plans for the pilot plant and how it will be funded.
6. Confirmation of next steps on MNH.

I don't think this is too much to ask. Indeed, it is actually what should be expected. Do I think we will get it? No, as GR always disappoints with RNSs. Indeed, it we get the wrong RNS I can see this back below 0.25p.

Good luck all,

Bickmaster

Volume today was about 44m shares. Considering there are 23,418m shares in issue I wouldn't be getting to excited. The needs days of 500m - 1b volume to get moving.

Indeed, it is very unfair how the spring Mining Indaba on them every year!!

Fingers crossed,

Bickmaster

Horult,

2 weeks is 2 weeks. If he didn't think it was achievable he should have said 3 weeks. He gets this wrong time and time again and doesn't learn from his mistakes.

Was tempted to add a few million earlier but will hold off for now. Would like to get the MNH news out of the way before deciding on my next steps.

Bickmaster

Jenkoo,

The big question for me is whether the next RNS will be unambiguous and provide shareholders with certainty that a pilot mine is being developed or whether GR announces he has appointed a consultant to advise on whether a pilot mine may be developed. Hopefully GR provides clarity and sufficient detail given how long we have been waiting for news.
A few thousand metres of drilling results would be good as well, with confirmation that all of the results received back from the lab have been released to the market to remove any thoughts he is cherry-picking results to be released. Sometimes a blank hole can actually be positive as it shows you have delineated the ore body.

Bickmaster

Bickmaster

Agreed Horult,

If the CEO said he would provide an update in two weeks there is no way shareholders should actually expect him to provide an update in two weeks. What planet are these shareholders living on, expecting the CEO to actually hit the dates he provided himself!!

Bickmaster

Acker

Anything under 30 is a gift. But anything under 28 is more of a gift!!

Bickmaster

Snowking,

Correct, we should not be getting tied up on timescales which were mentioned by PREM, and specifically George Roach himself. If we have learned anything over the past 8-9 years of being invested in PREM it is to simple ignore any timescale proposed by GR as he always over-promises and under-delivers. It should be up to us as investors to take this into account rather than for PREM/GR to provide reasonable expectations for providing updates and actually achieving them.

Bickmaster

Jenkoo

The MNH decision could be 'finance impacting'.

Bickmaster

Wolf,

They want to see progress on the ground but SP to remain low. Hence why there has been a news blackout in the past 11 weeks.

Bickmaster

M Night,

Suzhou aren't worried about their initial investment. It was £12m to open the door and get a 6 month pre-emption over PREM. It is in their interest to keep the SP as low as possible for the foreseeable.

Bickmaster

Alex

Lots of uncertainty on timescales. If PREM were to go down the pilot plant route it is possible this could be producing late Q1 2023. I would imagine it would be later than this though based on track record and experience. That of course is if PREM is not sold off in the interim.

Bickmaster

I see MNH as the fly in the ointment and in my opinion, GR, given he has funds to play with, will go after the rest of MNH. PREM owns 19% having spent $1.9m for this and have a loan of $440k outstanding. The previous consideration was based on a Bara report which I wouldn't place any reliance on. I would much prefer to write off what has already been spent on MNH than spend another penny on it.

I was hoping GR would be of the same tone but we see in the next few months what the decision is.

Bickmaster

Boycey,

Easy to sell 15m shares when there are 22b shares in issue. Having been here for 8+ years it was fairly clear to me there was an opportunity to trade this in early 2022 - so I did.

Wolf, good point on the pre-emption period. I presume you are still forecasting a sale of Zulu? or PREM?

Bickmaster