Member Info for Bickmaster84

Snowking,

Yes, I sold down from 20m to 5m and managed to sell the majority in the high 0.3s and low to mid 0.4s and even a few million at 0.50. So all my sells are above where SP currently is, except for 2m last week which were almost exactly where SP is this morning.

I would say I am objective and realistic rather than pessimistic. PREM will come good again but, in my opinion, we wont see a major rerate until late in 2022 or early 2023. From now until then I predict SP will lag in the 0.25 - 0.35p range.

Cost of the pilot plant, delivery timescales and how it will be funded is of key interest at the moment.

Bickmaster

PB,

Good research. Has anyone been able to find out what the Arcadia pilot plant cost ? I looked for about 20 mins last week but couldn’t find anything.

Bickmaster

PB,

You will remember from the Suzhou Subscription, Suzhou have "An irrevocable right of first refusal for 180 days from the date of the Subscription to match any further equity or loan related funding that is contemplated by Premier, in particular any deal relating to Zulu, on terms no worse than those offered by another potential investor;".

This may be important as it gives them a big advantage from a competition perspective.

Bickmaster

Snowking,

I agree with the opening part of your 07.28 post; It is time for people to wake up to where this is going.

Unfortunately, I found last night's interview quite disappointing and the can continues to be kicked down the road. It was very appropriate for GR to state that he can't provide any new information because he is undertaking a review. Having 13,000m drilled is positive but the backlog from the labs will be huge. It is very difficult to place any reliance on what was stated without a RNS. Will we get one in May - I have my doubts.

Great to know that whilst LIBS currently isn't being used and has been shelved, PREM have major plans to use it in the future...

The pilot plant proposal sounds great in principle, however I have no confidence in PREM's ability to delivery this either on time or on cost. Hopefully for shareholders the pilot plants cost will be covered by income from what it produces. I am also expecting further dilution will be needed to pay for the plant. Lets assume a 3t per hour plant, running at 50% efficiency. This would equate to 1080T of product being produced per month. Would this be 6% product though - it is very hard to tell. If it were 6% ready to sell then I imagine PREM could get $4000 per tonne which would equate to approximately $4m per month in revenue - less operational costs of say $1m per month and the costs of the actual plant itself.

On timescales, lets assume optimistically that the pilot plant is operational early Q2 2023 and then runs for 6-9 months before enough information is available to commit to a larger plant. That effectively takes PREM to the end of 2023 and they are likely to need a further 2 years to build a large plant.

The other major risk I foresee from last night is that GR will go after the remainder of MNH and this could happen in the next few weeks. I expect this will cost a few more $m to acquire the remaining 81% but will also result in a few additional $m being spent to try to get it working.

Nothing will happen with RHA for the next few months (this is a positive) and I cannot see anything happening at Circum quickly either.

Have sold another 2m this morning. Down to 5m now, having held 20m only 2-3 months ago. Luckily I was able to sell a few million at 0.50p and get rid of the majority of the rest in the 0.38p - 0.44p range. Can see this languishing in the 0.22 - 0.28p range until Q1/Q2 2023. May buy some more back in the latter part of 2022 but will play that by ear.

Good luck all,

Bickmaster

Snowking

My response to your points below are in CAPS.

1. Drilling 13000 m , more than you thought bickmaster - YES, THIS IS GOOD PROGRESS, THOUGH ID PREFER TO SEE THE RESULTS IN A RNS.
2. German tests resukts good , this was the vital bulk tests , it cost about $350,000 - IF THE RESULTS ARE GOOD LETS SEE THEM IN A RNS.
3. Early production of 3-5 tonnes an hour of spodumene at possibly $4-5000 a tonne . This equates to $7.2 m a month , very high margin . YOUVE ASSUMED 5T PER HOUR WITH NO DOWNTIME AND NO COSTS OF BUYING THE PILOT PLANT. THESE ARE THREE VERY UNLIKELY ASSUMPTIONS.
This could be in December or January . MORE LIKELY TO BE MUCH LATER WITH TRACK RECORD .
So they could be making a profit of £50 m per year from early 2023 . This would give a market cap of at least £500 m and share price over 2 p . WHAT WILL THE PILOT MINE COST (BOTH PURCHASE PRICE AND DILUTION) AND IS IT ACTUALLY LIKELY IT WILL RUN FROM EARLY 2023. I WOULD SAY NOT.

Bickmaster

Progress,

Yes, I would be hopeful SP will remain in the 0.25 - 0.30p range, though MNH news has the potential to push it down to low 0.20s.

Bickmaster

The last thing we want is for GR to tell us he has transformation news in the pipeline but cannot say anything further tonight but will release in a few weeks. Need some jam today as we know his timescales generally slip quite significantly.

Bickmaster

I've reposted my questions to PREM on their post this morning. Given it was also posted as a reply to the Stockbox post yesterday there is no reason GR should not have sight of the questions before this afternoons call.

Quite simply, there is no good reason for GR not to answer the questions posed.

Bickmaster

PB,

Indeed, I would be happy with answers to Questions 1-8.

Bickmaster

Jenkoo

I agree with you, it's less about the share price and more about credibility (which in turn impacts SP).

It must be more difficult to give a wooly presentation/interview than one with some meaningful information.

The fundamental point is shareholders want to know what is actually going on as we haven't been told in nearly 10 weeks.

Bickmaster

I have posted the questions below to PREM and Stockbox on Twitter. Put simply, there is no good reason George should not be in a position up answer each one. It is his job.

1. How many drilling rigs are mobilised and how many are working on each of Zulu and wider EPO areas?
2. How many holes/metres have been drilled on Zulu since EPO was granted?
3. How many holes/metres have been sent for sampling for Zulu and how may holes/metres have been received back from the lab?
4. How many additional holes/metres are envisaged as being required to complete Zulu DFS? Is the target still 60-80Mt indicated?
5. When do you expect Zulu DFS to be completed?
6. What has the Zulu DFS cost thus far and what do you estimate the overall cost will be?
7. Please answer questions 2-6 above but for the EPO area.
8. Why have PREM not issued any drilling results in the past 9.5 weeks?
9. What was the purpose of the Stockbox Interview a few weeks ago and why do you think the SP reacted so badly to it?
10. What is the latest on LIBS? Has it been abandoned?
11. What is the latest on RHA?
12. What is the latest on MNH? Has MNH started making its loan repayments and if not what actions are being taken to recover the monies due?
13. What is the latest on Circum?
14. If PREM committed to building a mine or will it sell Zulu if there is enough commercial interest from the market? Would PREM consider an auction to achieve best price?

Good luck all,

Bickmaster

If we don't get a meaningful RNS then it confirms that GR is not the best person to take PREM forward given his disdain for providing shareholders with any meaningful information.

Acker

I would judge Herbert by ALL rather than MNH. He has tried at MNH but it isnt working so he is trying to get rid of it to some idiot who doesnt know that they are getting into... PREM should do the same with RHA.

I imagine Herbert has too many plates spinning and is focussing his efforts where he can make most £ from.

Bickmaster

Snowking,

The last update we had on metres drilled was 7 Feb when the RNS stated 6000m.

Given that was 11 weeks ago, based on an average of 5 drills operating, 70 days of drilling between 7 Feb and now (assuming 7 day per week working but with 7 days off over Easter), and each drill doing 15m per day, I would expect PREM should have completed another 5250m by now, taking the total to 11,250m.

This is not unrealistic and may even be conservative.

Bickmaster

Snowking,

So are you saying we won’t get any drill results either via RNS before the interview or during the interview? How can you think this is in any way acceptable?

Bickmaster

Hi all,

Here are some questions I would expect answers to in a RNS to be released before the interview as unfortunately we are all aware GR loves to paint a pretty picture on his interviews when in reality very little of what he says comes to fruition.

1. How many drilling rigs are working on Zulu.
2. How many holes have been drilled on Zulu.
3. How many metres have been drilled on Zulu.
4. How many metres have been sent for sampling for Zulu.
5. How many holes/metres of results have been received back from the lab for Zulu.
6. How many additional holes/metres is envisaged as being required to complete Zulu DFS.
7. When do you expect Zulu DFS to be completed.
8. What do you expect the cost of completing Zulu DFS will be.
9. 1-6 above but for the EPO area.
10. What was the purpose of the Stockbox Interview a few weeks ago and why do you think the SP reacted so badly to it.
11. Why have you not issues and drilling results in the past 9.5 weeks.
12. What is the latest on LIBS. Has it been abandoned.
13. What is the latest on RHA.
14. What is the latest on MNH.
15. What is the latest on Circum.

Surely it isn't too much to ask for Gr to answer the questions above. If he had any interest in keeping shareholders updated we would receive the above via RNS on a monthly basis.

More than happy for others to add their own questions to the list above.

Bickmaster

Watcher

I agree fully. Its all about the RNS. GR's interviews are full of empty promises and never deliver.

Bickmaster

Jenkoo,

What seems strange to me is that Li3 sold the asset for $104k 2 years ago and have now entered an agreement to buy 50% back for $1. They will be putting $250k forward for exploration but I am assuming PREM will also need to put funds forward, I am assuming a contribution of $250k towards exploration as they aren't going to get much done for $250K; indeed $500k isn't much of a war chest to carry out feasibility studies.

I would like to think that for once PREM is on the right side of one of these opaque deals (experience would suggest otherwise) but there isn't sufficient information to know whether this is positive or negative.

Another plate spinning but I will reserve judgement until more information is available.

We need news on Zulu and the interview needs to be Zulu focussed. Everything else is just a distraction at this point in time.

Bickmaster

Redandy

His last interview was 30 mins of pure and utter bluster with absolutely nothing of use. This is George's opportunity to actually provide some useful information and give shareholders some confidence in him and PREM.

Bickmaster

Acker,

Is Snowking not always confident in his predictions?

The big risk I foresee is that the interview descends into a farce or GR starts talking about RHA and/or MNH. If either of these is mentioned it will overshadow any positive news on Zulu. By news I mean something meaningful and underpinned rather than promises of what is going to happen imminently.

Bickmaster