Member Info for Bickmaster84

We need to see cores and results, not camps. Whoever is in charge of the Twitter account should be fired.

Aimisalaugh,

The current environment with regards to Lithium is very much different to when PREM were in discussions with Cadence. There are still a lot of challenges on delivery but, because of market activity, PREM is in a much better place now that it was even just a few months ago. PREM doesn't need to raise any money at the moment. It has sufficient headspace to raise approximately £6m at current levels. This also means they don't need to be in a rush to take the first offer on the table and can play off the bidders against each other. Of course that would be much easier if we had a DFS, or even some verified results. Hopefully we will have the start of these in the next month or so.

It also means there is no need to do a JV at the moment. I don't believe a JV with the Chinese is in PREM's best interest. A straightforward sale would be much more sensible.

Bickmaster

Acker

Is this just based on a hunch or it there anything to underpin it?

johnny

My view is the expectation of a sustained rise in SP up to the 1p level is not achievable and we will stay around current levels until we get results. We need a 500m+ day to make this move, possible a 1b day given the amount of shares in issue. Ultimately, the SP will only ever his the 1p area on the announcement of a sale of Zulu, should that sale be in the region of £300m.

In my opinion we may see 0.25p being tested on receipt of the next set of test results, though there is still far too much work outstanding to warrant a higher SP. I have no doubt others will refer to Arcadia. Arcadia is at least 12 months ahead of PREM.

Bickmaster

Phillips,

Yes, I missed that RNS as well and find it strange the JV partners hold less than 3%!!

Good to see a positive update on Twitter of a drill rig moving into the EPO area, though the wording of the tweet was confusing and clearly not written by someone who knows what they are on about.

Small steps…

Bickmaster

Vetta, if you have something useful to add, please spit it out. There is enough effort spent trying to understand GR's cryptic RNS's already.

Welshy and Adam, good to hear we are in the company of some fine actors. I can't claim to have any acting prowess (apart from having to take the stage in a number of Tribunals). However I would be confident I am the only member of this board who has single-handedly shut down a nuclear reactor...

Bickmaster

PJ,

Aim for 2.1m @ 0.5p which would give you just over £10k!!

Bickmaster

Snowking,

That's fine. It would be great to get it complete this year but I think the few months wasted last year will push it into 2023.

We are at a stage where I believe we still need to do 60-75% of the drilling, over 90% of the testing as well as writing up the report.

GR still hasn't got the COO on board he mentioned in October in London. He doesnt appear to be in any rush and I can't see this changing.

Bickmaster

Rob,

I am working on a like for like comparison between Arcadia and Zulu only. I am assuming 70Mt which is the most reasonable assumption which can be made given PREM are looking to expand the resource to 60-80MT. It may include a little of the step out area to bring the DFS to 70Mt but would only include the original Zulu area and as much of the EPO are as required to get to 70Mt. It definitely wouldn't include the whole EPO area.

Bickmaster

iky786,

Based on Huayou paying $422m for the Arcadia mine, which equates to £313m at current exchange rates, following a successful DFS, I would expect Zulu to sell for between £250m and £300m, which, assuming there will be 25b shares in issue at that point in time, equates to a share price of 1p - 1.2p.

I would be very happy is this outcome was achieved in the next 12 months, though I can't see the DFS being completed in 2022. I would love to be proven wrong.

Bickmaster

M Night,

You state the DFS is near completion. Can you provide some more information on this please.

Bickmaster

2.1m holding @ 0.05p is £1050, not £100k.

Snowking,

I remain positive, albeit there is still a lot of risk here, the majority of which is down to GRs lack of ability to demonstrate delivery. Indeed I had some interesting discussions over a few Christmas pints which should result in a few new investors getting involved in PREM on my recommendation.

Time for delivery now. We have had enough excuses over the past number of years.

Fingers crossed.

Bickmaster

Does the Zimbabwean Government have a history of building mines, or any infrastructure for that matter? History would suggest not.

Happy New Year all,

Lots of positivity on here over the past week or so. Nice to see it. However it is on the back of sentiment as a result of external influences (sector M&A activity) rather than any actions of PREM itself. Still huge doubts over GR's ability to deliver a DFS though if he does we are sure to be sitting on a good payday. However 2021 (and especially the 9 months from EPO grant) were extremely disappointment from a performance/delivery perspective.

There is no need to go anywhere near a JV at this point in time. There is so much work left to do on a DFS any suggestions about JVing to build the mine are detached from reality. Indeed, if the suitors are Chinese PREM should be looking at a full disposal of Zulu rather than a JV. The Chinese will not want to partner with PREM, they will want 100% of the asset themselves and will get it eventually so better getting paid for it upfront. Commercially it is also better to do a 100% sale of Zulu rather than getting into bed with the Chinese as they will run rings around PREM.

Good to get some funds being raised in December but still major uncertainty over MNH. Surely GR cannot still be contemplating any further investment in MNH at this point in time.

Good to see Snowking posting on here again after his self-imposed furlough in December. I do however notice a huge increase in the use of 'I think', 'I reckon', 'could', 'should' and 'if' since his return.

Looking forward to seeing good updates in RNSs rather than in interviews. GR has a history of painting a rosy picture in interviews whilst never following through in RNSs where it matters.

Fingers crossed for a good 2022 and getting the DFS finished, hopefully.by the end of the year

Bickmaster

Redandy

I believe we would be worse off with GR gone. He is not a delivery person or a comms person and needs to get the support he needs. I am sure he will have plenty use behind the scenes.

No new years resolutions here apart from toning down my positivity a bit.

Bickmaster

Steward

I wouldn't hang my hat on the Cadence example from a few years ago - we all know where that deal went (or didn't go).

There will be information available from the SAMREC compliant estimate of 20.8Mt. The target is 60-80Mt. My fear, given the lack of progress, is that the 60-80Mt target gets eroded and GR ends up with a DFS for a smaller resource.

Not much point in commenting further given there is so much uncertainty at the moment as a result of (1) Lack of news. (2) When news does arrive it is smoke and mirrors.

Here is a post I put up at the start of December when SP was 0.19/0.20. Amazing how little has changed in three weeks when we were supposed to get a lot of news.

From early December - "I think the biggest issue here is the disparity between the interviews GR does and the RNSs he releases along with the lack of regular communication. It is very easy to say the world is great in a Stockbox interview. It is a very different thing to write it in a RNS. The twitter is a shambles. PREM should be posting pictures of drilling activity and mineralised cores on a daily basis. The market simply doesn't trust GR and this holds SP back.

I only see minimal downside here - potentially a drop to 0.15p levels. The upside is potentially huge but needs to be underpinned by demonstrable delivery (which is sadly lacking) rather than promises and pipe dreams. Apart from the EPO spike the SP has done very little in the last 9-10 months.

Approaching 9 months since EPO and we've had unverified results for approx 200m of drilling out of what was planned to be 20,000m of drilling. Need I say any more."

Bickmaster

Cheers Welshy, post recommended ; )

Snowking's post from Sunday afternoon shows nothing has changed and we need to be as wary of his posts as ever. He stated "i think 11 companies talking to PREM , one completed due Diligence...". I have done DD on different assets for a number of clients in the past. I have also prepared clients' assets for sale and been responsible for managing the collation and presentation of information to prospective buyers to enable them to undertake their assessments before making an informed offer. How can any company interested in acquiring PREM or a % or PREM complete due diligence without any results? To get best value for PREM we need to give the market verified information, something which we have not yet done.

The fact Snowking actually believes one company has completed DD shows how little understanding he has of what happens in the real world. Fundamentally, and reflecting on the feedback he posted on here after the London meeting and after GR's November interview, I actually believe he genuinely lacks any knowledge of the resources industry. Snowking will continue to post a lot of nonsense on here, as NAPOM did before him. Any new investors on here should be particularly careful if deciding to invest - I would advise against placing any weight on any posts by Snowking or Oranolio (Lloyd).

GR, in his November interview said he was expecting results back 23-26 Nov. Another target missed and I have my doubts we will see anything until late January or even February.

There is still a lot of potential here but things need to change and we need a COO who the market will believe and can improve comms. There is still a role for GR but he needs to step back as he is doing the company, himself nor shareholders any good. Recognising this it is also important a new COO is given some autonomy and is not a GR puppet - we have enough of them already!!

Fingers crossed for a positive 2022. It won't be an easy ride but there is a big pot of gold at the end of the rainbow if PREM can actually deliver for the first time in 8 years.

Bickmaster

Hi Dazed,

I have no doubt the MNH accts will not make for pretty reading. The current owners are looking to get out, as did the previous owners before them. I imagine they are getting little in the way of interest from the market, hence they good old fall back position - let's get PREM's shareholders to bail us out. Surely GR and PREM with their substantial knowledge of mining operations can make MNH work, unlike all of those mining companies who tried before and failed!!

I've just looked back at my notes from the London meeting and the terminology GR used to describe MNH is that is was a 'potentially profitable' mine. In layman's speak that means it is loss making.

If we lost the 19% we have in MNH I wouldn't have an issue with this if it meant the focus was wholly directed to Zulu. I believe every single dollar spent on Zulu over the next 9 months has the potential to result in a payback of anywhere from $40-$50 whereas it is more likely every dollar spent on MNH will be lost, whilst also detracting the focus from Zulu.

Bickmaster

@Alert

You mention the London meeting and the purpose of sounding out investors for a take over of MNH. I have my doubts this was the case as MNH was very much at the periphery of discussions. Indeed the meeting was about to conclude when I began to ask further questions about MNH. In hindsight I wish I had been much harder with my line of questioning.

Bickmaster