Member Info for Bickmaster84

The RNS from Friday is not as positive as everyone is making out and there is an orchestrated effort to make it appear better than it is on here and on Twitter. If it was positive why did GR release it at 5pm on a Friday? I don't think SP will close up tomorrow.

AIMHO, Bickmaster

Good evening all,

First impressions.

RNS 12 October stated 15 holes drilled amounting to 2735m.
RNS 05 November states 19 holes drilled amounting to 3231m.

So in 3 weeks PREM have drilled 4 holes amounting to 496m. This equates to 185m a week which is approx 93m for each of the two drills carrying out work (one is carrying out other bulk sample work). It appears the drilling progress has slowed down considerably. Perhaps the rainy season is the reason for this. GR said the rainy season wont impact drilling. From experience on drilling programmes I have worked on in the past, I would be very surprised if it didn't.

Scaling the current rate of progress up to 3 rigs focussing on core drilling and looking at the remaining 16800m, at 280m per week this will take 60 weeks of drilling. Even assuming an increase in productivity of 50% it will take 40 weeks just to complete the drilling. That would take us to Q3 2022 before the results are all analysed and verified, the DFS modelling has taken place and the DFS report is written.

Most importantly GR told us he would be providing results. He hasn't provided any results apart from the extract from the drilling logs detailing the mineralisation. This is better than nothing but falls a long way short of what he said he would provide at the London meeting.

The RNS states 'We have submitted sample material from the first 5 bore holes to independent laboratories for definitive assay and will be using these results to specifically validate and calibrate our LIBS system which will facilitate a better turn-around as we progress.' At the London meeting GR focussed on the fact PREM were ensuring all the samples being tested by LIBS were being checked against other verified test samples to ensure the system was calibrated. Why now is there a need to send them off externally instead of running them through LIBS and then getting them externally verified. That is a big question.

He has reiterated his previous stance on funding. Nothing new there and we are no wiser.

This board made it clear that shareholders want some clarification on not going after MNH. No clarification there and his silence on this is worrying. GR has never listened to shareholders in the past and it doesn't look like he is going to start now.

No update on bringing in fresh blood.

No update on Circum. There was supposed to be an update by the end of this week. I take no news as being good news on this one.

Overall quite disappointing and I can see why he waited until 5pm to release it. Am I surprised? Unfortunately not.

PREM is never going to provide the returns shareholders are looking for with GR at the helm. I will be looking to reduce my holding here on the next spike as I am fearful of a JV which will involved Circum and MNH. It may work out well for Dattels, Herbery, GR and Co. but I can't see it working out well for PREM shareholders. We know GR loves doing a deal, just not ones which provide va

Snowking,

I was down the back of the meeting. I didn't ask about independent testing but asked about MNH, etc. I think the person who asked most of the questions early on was BongoBlu who posts on here from time to time. I had abut 2 pages of questions but others asked most of them so I was able to sit back and listen.

Past experience is that surprises from GR are rarely positive!!

Finger's crossed we get something positive; we've been waiting long enough. God bless Stockholm Syndrome.

So George has missed another target.

In London he said results would be available in 2 weeks. We should have had a RNS this morning. Am I surprised? No.

Let's hope we get something by close of play today or tomorrow.

Bickmaster

ivans,

Yes, on 20th October GR said the next results would be ready in 2 weeks. Chris Male said one week but George stated two weeks was needed to provide some contingency.

So if George is to hit his self imposed deadline we should have a RNS tomorrow morning. Otherwise it will be another missed deadline.

I wonder will he also provide a link for the recording of the London meeting? If it has not been possible to upload it because of technical difficulties I hope he will be insisting on a refund from the company that recorded the meeting.

Bickmaster

Acker,

In my view, acquiring MNH may have some merits but not now and not until Zulu is completed. GR has too many plates spinning at the moment. Another one wont help the cause. He stated himself at the London meeting that PREM is weak on mining expertise and is better at exploration - another reason to avoid buying a mine when there are bigger opportunities which need to be progressed. Also, if MNH is a great opportunity why is it not being marketed to introduce some competitive bidding. Doing a deal with a long term business associate raises questions for me in terms of how the asset is valued and GR has already admitted he has paid over the odds for the 19% received to date.

With regards to the points on how to fund MNH, I don't see mortgaging Circum as an option as I am not sure it would be ascribed enough value as security given the current political situation. This assumption stands whether or not we get an update on the Circum DFS this week. I am not a fan of the other options are they allow too much scope for things to go wrong. GR has shown in the past he loves to do a deal - unfortunately for shareholders none of the deals he has done have resulted in the creation of shareholder value. In short, he does too many deals and is not very good at doing deals.

With regards to bringing in valuers, GR has not brought in valuers and doesnt intent to being in valuers. He is getting an engineer he knows to carry out an exercise to help underpin any discussions about what Zulu could be worth and what price selling a certain percentage of it should result in. . It is not Bara Consulting so it may actually be of use. I may be making a technical point but he is not getting a formal valuation undertaken per se. Shareholders will not have sight of this piece of work and because it is not a formal valuation (i.e. red book) I don't believe GR will be able to use any information he receives from it in any corporate comms.

My views are straightforward. If GR pursues MNH we will be back to the 0.10 levels I thought we had left behind. If GR provides clarification he won't pursue MNH at current levels and will focus on Zulu then I believe we will be back to the 0.20 - 0.25 range and wont have a weight of uncertainty holding the SP back on receiving good test results from the Zulu DFS.

Bickmaster

Indeed Edgy,

It is almost as if they are taking the pi55. Whoever is running the Tw1tter is a million miles departed from what Investors are looking for. It is almost as if they don't realise PREM is at the exploration stage and is not mining Lithium.

The third rig was delivered to site a few weeks ago and , according to GR, is operational. That would have been perfect material for a tweet. Chris Male should be sending on pics from the drilling locations to show progress, all of which can be shared on Twitter. That is what will help SP. Not crystal ball gazing about the Lithium market when we have only had a single unverified result from the works which have taken place to date.

The mind boggles.

Bickmaster

Snowking,

This is important. You state we could get MNH for a steal. Please provide some more info on what getting it for a steal looks like, noting it has a chequered past and two mining companies have tried to operate it successfully and failed.

So what would getting it for a steal cost PREM. and how much additional cost would come after the acquisition to buy the transport plant to get the manganese to Walvis Bay.

Please be as precise as possible with your answer.

Bickmaster

Surely everyone is aware Stalker was previously a Non-Exec Director at PREM stepping down back in 2018. He is not COO material and is not what PREM needs.

The Chris referred to below is Chris Male who is the DFS project manager. I imagine he will have been brought in on contract rather than being a PREM employee.

George needs to provide us with a RNS by Thursday morning (2 weeks from the meeting in London on the 20th). I am looking forward to some more test results and George clarifying the position re. MNH. Everything else can follow in good time.

Bickmaster

misstestes

When GR referenced that some were 'not too pleased' was it in recognition or was it dismissive of those views?

I imagine it will have been the latter which is incredibly annoying. It is clear from the SP performance since the London meeting that it is the market than isn't too pleased with PREM's performance rather than just being a few individual holders. SP doesn't fall 20% and knock £8m-£9m off the market cap if everything is rosy and the meeting with shareholders has gone well.

Time for GR to step up and tell us what the plan is.

Bickmaster

It will be interesting to see what the Circum shares are worth or if there is a market for them.

I actually now think that clearing up the MNH acquisition issue (i.e. confirming it wont happen) is a more urgent matter to sort out than providing the next set of drilling results. Even if the RNS provides a good update with a number of results in the 1% - 1.5% range the SP will be held back by the risk relating to MNH as some holders will look to get out.

Others have tried at MNH before and have failed, PREM shouldn't be going near it with a bargepole. GR has stated PREM is an exploration company and is weak when it comes to mining. So the logical conclusion would be to focus on Zulu and stay away from MNH.

Coincidentally, MNH, to the best of my knowledge is owned by Stephen Dattels. PREM shareholders have provided a good chunk of funding to Circum over the past few years, lets draw the line there and let the market deal with MNH rather than doing a deal where there is no way to value the asset. GR has already effectively admitted the has paid over the odds for the 19% bought thus far.

If PREM continue to acquire more MNH or extend loans to MNH I can actually see the SP returning to 0.10 levels. If we get confirmation that PREM is not going to acquire any more MNH then it paves the way for SP appreciation on the back of good DFS progress.

This is all in GR's hands. Let's hope he makes the right decision and takes the markets view into account.

Bickmaster

Bex10b

Fair comments. SP has taken a nosedive since GR's London presentation and he needs to give the market confidence he is in control and focussing his efforts in the areas which will provide best value for shareholders.

My firm belief is we will get a RNS by the end of next week with the next set of DFS results. Just how many results there will be remains to be seen. I would be happy with 4-5 more holes, which would equate to approx 1000m of result thus far. I am confident they will be positive and will continue to demonstrate PREM is sitting on a large reserve of high quality low iron spodumene.

The biggest near term issue George needs to address is where PREM's focus lies and in particular what the plans are on MNH. He dropped a huge clanger by saying he is interested in acquiring the rest of MNH at last weeks meeting. At least it is out in the open and can be addressed. I am confident that I speak for the vast majority of shareholders when I say that more MNH is the last thing shareholders want. GR stated at the start of last weeks' meeting that PREM's strengths lie in exploration, not mining. But now he wants to buy a mining operation that a number of other mining companies have lost significant amounts of money on and haven't been able to turn a profit, at a time when Manganese prices are low.

What the market needs is a firm statement from George that he isn't going to buy any more MNH until the DFS has been completed. I know George reads these posts so hopefully will take this on board. Unless there is a firm commitment to no more MNH in the next RNS the share price will continue below 0.20 and further fundraising will continue to be expensive.

The power is in George's hands.

If anyone on here disagrees with me I would like to hear why.

Bickmaster

I wouldn’t be surprised if the video from last week isn’t released. It not sure it will do anything to help share price and it may actually have a negative I’ve impact.

Tarquin,

I disagree with selling 51%, at this stage anyway. PREM has the resources (4b+ shares) which can be used to raise funds to complete the DFS. There will come a point in time where selling the asset is the right choice, but we are a long way away from that at this stage.

Bickmaster

@AlertRNS,

Yes, I am well aware that Oranolio is Lloyd as he kicked me of out the Telegrm group for 'being negative', 'attacking other members' and 'potentially being a troll'. Obviously he didn't appreciate a bit of objectivity. But then again he is the person who posts most of his updates on Telegrm using voice messages which he deletes shortly after - an interesting approach. Other members of the Telegrm group update me if there are rumours of anything landing and forward messages to me but I've come to realise certain posters are simply empty vessels who make a lot of noise. Have a look at his posts Wednesday night after the London meeting. It appears that using the term 'reading between the lines' gives him poetic licence to provide update contrary to what was actually discussed at the meeting and avoiding the key risks such as MNH. Take everything you read on here and elsewhere with a pinch of salt.

Bickmaster

Stewart,

JG is very knowledgeable and knows MNH isn't where the prize is and I am hopeful he will have some ability to get this through to GR. Unfortunately I believe some other members of the group would believe buying MNH was a great idea if GR says so given they dont have the ability to think for themselves. I thought it was telling that Oranolio or Snowking did not mention MNH in their updates last Wednesday night but instead said there will be no more placings, which is not something GR said at the meeting.

Bickmaster

Stewart

I agree, the big players in the market will want control or, as a minimum, the ability to get control at a later stage and would struggle to get internal sign off without this being part of a deal. My guess is PREM need $8m - $10m to get the DFS done and my guess is it will be finished early to mid 2023. It should be possible to self-fund this if the focus is solely on Zulu given there are ~4b shares to issue to get it done. However GR is like a magpie and cannot pass any opportunity by and if he starts spending more money on other non-Zulu activities it makes matter much more complicated. MNH is my biggest worry. Even if he was to buy the remaining 81% for $4m (a 50% discount on the $1.9m paid for 19% already), he needs to realise this doesn't mean he is getting a good deal. It simply means he overpaid for the 19%. If he takes any more MNH I will be out of here like scalded cat. There's only so much of a beating shareholders can take.

Bickmaster

Tarquin,

I agree a JV could take away a lot of the funding risk. GR's issue is knowing or being able to justify what is a good deal and what is a bad deal. For example, if PREM is worth £40m (mcap) and you assume Zulu is 75% of this it means Zulu is currently valued at £30m. If PREM was to sell 20% for £6m would this constitute a good deal? That is the dilemma GR faces and the reason he is getting the valuation work done. The other aspect you need to consider is that if a bigger player was seeking to acquire ~20% of Zulu they would almost certainly insist on getting a pre-emption agreement as part of the deal. Pre-emption agreements are risky for the likes of PREM as they are likely to need to tell the market, which reduces the interest from the other larger parties that don't have the pre-emption agreement. So lots to consider.