Member Info for Bickmaster84

Snowking

Prem is not more than half way through DFS.

Bickmaster

Acker,

I think the ar5eh0le in question was David Lenigas.
How could I forget KME and the famous XTR. I wonder if he bought that off any of his buddies and I wonder where it is now.
And CASA. What a mess that was.

Looking back over the last 9 years I believe the only good piece of business George has actually done was to buy Zulu.

Bickmaster

Acker

Enlighten me!!

Bickmaster

Steward

You're not allowed to deramp by pointing out some of the shocking decisions GR has made in the past and how they have resulted in the ~6000% increase in shares issues here over the last 8 years. GR's mistakes are in the past so have no relevance on why PREM currently has 19.5b shares in issue (soon to become 23b) and are no indication on GR's ability to make a good deal in the interests of shareholders, now or in the future.

For example you are not allowed to discuss:

1. The absolute shambles at RHA.
2. Circum.
3. TCT Limestone.
4. The hunting lodge and estate.
5. The KDNC discussions.
6. Raising money for Zulu DFS only to spend it on Circum.
7. MNH.
8. The Darwin death-spiral financing.
9. The timescales to get the Zulu DFS mobilised.
10. LIBS.

I very much hope we won't be adding the Suzhou deal to the list in the fullness of time.

Please refrain from mentioning any of the listed items above in the future please as we do not welcome derampers on this board.

Bickmaster

Watcher

I'll have to up my game.

Bickmaster

degrasse

The fact of the matter is GR didn't need to raise £12m to finish off the Zulu DFS. £6-7M would have done it. Had he carried out a placing a few weeks ago when this was in the 0.4p region, 1b shares would have raised ~£4m, a substantial amount of what is required. Then it would have been possible to secure short term debt for the remaining £3m later in the year to be repaid early 2023 on sale of the Zulu DFS area.

Instead he has raised about £5m more than is needed and given away more of PREM than was needed so he can play around with the moneypits at RHA and MNH.

Bickmaster

iky

If PREM was to pull off the unthinkable and hold 50% of a working mine, I would give it a mcap of approx £2b. Which assuming further dilution of 100% (to enable a 50/50 JV) would equate to a SP of 4.3p.

If i had the choice of 2p in early 2023 or 4.3p in mid to late 2025 I'd take the 2p all day long.

Bickmaster

Its not needed at this point in time. Would only happen on the back on a JV.

Steward

Yes, interesting how he slipped in the delays to the previously announced dates for the DFS. I had already worked on the DFS being competed Q1/Q2 2023 and my views on this have not changed, even with Suzhou on board. There was simply too much time spend pi55ing about last year when the drills should have been turning. 6 months of the programme down the drain.

Bickmaster

Steward

I think that even with PREM as a junior partner shareholders would need to wait until early 2025 to see first revenues. Each to their own but I would be much happier to see 2p by the end of 2022 or early 2023 on the sale of Zulu (~70Mt) rather than playing the long game. The income received would enable PREM to progress the remainder of the EPO area for Zulu mark 2 and possibly Zulu mark 3.

Instead, as you say, GR remains in charge and has spoken about starting to build a mine at the back end of 2022. We know how successful his attempts at moving from exploration from production have been in the past with other assets. He even said this in London himself - PREM are an exploration company and are no good at developing assets. Good to see he has learned from past mistakes!!!

Unfortunately the news also underpins my view that the new COO was brought on board primarily to look at RHA. Cue another few million being spent on RHA which will never provide a return for shareholders. GR is also now likely to bail his buddies at MNH out with PREM cash. Funny how no other miners are interested in MNH... even though a few have tried to make it profitable in the past and have failed miserably, including the current owners.

Have sold a few million shares this morning.

Bickmaster

Steward,

Exactly why my preference was to firm up Zulu's DFS and sell it. We would be looking at 2p+ per share which is massively derisked.

GR has got the strategy wrong on this one.

Bickmaster

Acker,

Impossible to know without seeing the fine print of the deal. I’d imagine the timescales to get terms agreed would be an issue. There is also a question of acting in good faith. And PREM needs cash fast to keep the drills turning.

Bickmaster

Hi all,

Few thoughts on the RNS.

Raising at 0.4p. 33% above market price. That is a positive.

The Subscription fully funds the completion of DFS underway at Zulu – I really hope the £12m is ringfenced for Zulu progression and GR doesn’t have the ability to pi55 a few million up against the wall at RHA or MNH. The RNS states ‘Premier has agreed to use the net proceeds of the Subscription, primarily, subject to the reasonable general working capital requirements of the Company, for the purposes of funding the lithium and tantalum exploration and exploitation activities of Zulu.” The inclusion of the word primarily doesn’t fill me with much confidence GR will not start looking at other assets when he really does not need to.

The deal provides Suzhou with exclusive offtake rights on commercial terms to the marketing and sale of 50 per cent of all spodumene produced at Zulu. I think Suzhou got a very good deal on this and it will reduce the attractiveness of PREM to other parties in the future for JV etc though the offtake should make raising finance for mine construction etc easier to secure.

Suzhou also 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 is important as it means Suzhou effectively have a 6-month pre-emption agreement on investment in PREM. This means other parties will not be approaching PREM re. concluding a JV deal in the next 6 months but 6 months is a short amount of time and one the 180 day period is over PREM are free to deal how they see fit. PREM shouldn’t need to raise any more funds in the next 6 months anyway.

Shame to see those big buys earlier today before the news. PREM is obviously still as leaky as ever. If I had seen it I would have taken a few more million but I was busy with other things.

Looking forward to seeing how the market reacts tomorrow.

Good luck all.

Bickmaster

steward

I am not sure a RUS of any significance could be produced with the limited assay results received to date. I would expect it will take another 4-5 months before there are anywhere near enough results to warrant the production of a RUS.

Bickmaster

Acker

That deal is entirely different to PREM because of the partner (Tesla) and jurisdiction (Australia).

Unfortunately a JV with a Chinese partner in Zimbabwe provides a wholly different risk profile.

Bickmaster

Acker

The DFS I am referring to is the one which will hopefully give a resource estimate of 60-80Mt at Zulu.

I am aware Mr Roach continues to report that the Zulu DFS is on schedule for for completion Q3, however I don't believe this is realistic and believe late Q1 2023 or early Q2 2023 is more likely. I have provided my reasoning for this below.

I am also aware he rarely, if ever, hits deadlines. Indeed he usually misses them quite significantly.

Current we are in a position where approximately 6000m has been drilled and we have had verified results for 1000m. Assuming there have been three drills working for the last 6 months that gives an approximate drilling rate of 330m per rig per month - this is quite a low rate of progress.

Assuming the DFS will need 15000m of verified results (most need 20000m but I am assuming good grades means the 60-80Mt target can be achieved more quickly), the DFS will need a further 9000m of drilling, which, at 330m per rig per month, equates to approx 28 drilling months, which divided by 5 rigs equates to about 5.5 further months of drilling to get the 15000m. That takes us to the end of August 2022. I have purposely used 5 rigs instead of 6 as I don't believe PREM will ever actually get 6 rigs on site.

The bigger issue here is the lack of progress on getting the assay results back from the lab. Applying a very optimistic assumption that the lab can catch up and that the final results will be verified within 3 months of being drilled, this would mean that PREM would have all 15000m verified by the end of November 2022. This is a very optimistic assumption given the current rate of progress.

Then we need to allow a further 3-4 months to carry out the modelling and write up the DFS. This takes us to end of March 2023.

Hence why I believe my estimate is quite robust. Though I am sure Snowking will tell me why my estimate above is wrong.

Other issue here will be finding to keep the rigs drilling. Placing anyone?

And whatever happened to LIBS? XRT mark 2 perhaps?

Time to deliver George. We have been waiting here a long time!!

Bickmaster

Redandy,

How long away do you think RUS and DFS are?

I think RUS is 16 weeks away and a DFS is 12-14 months away.

Bickmaster

degrasse

Your are very naive to thing that a placing would be at anything other than a placing. I have seen over 19,000,000,000 additional shares being issued by PREM in my time and they have always been at a discount, whether by placing or otherwise.

Bickmaster

Nookie,

No, Peel have not been named in any RNS yet. As for Monecor, I am not aware of their holding being updated.

Bickmaster

Bridgedogg,

Your crystal ball is broken. We know that from your previous posts.

Bickmaster