Member Info for Bickmaster84

Snowking,

I think it is a little rich for you to accuse anyone of misleading people on here.

I agree the potential here is huge. The issue is delivery. You say 'the maths here shows that PREM will be in the pennies next year'. The maths have shown PREM will be in the pennies for many years. The big issue is we are not. We are sat at 0.24p. So we need a three bagger to even get to a penny.

Your posts also seem to infer the assay results we are waiting on will increase the 20Mt resource estimate or the overall grade above 1.06%. The assay results will be a table showing the highlights from the various holes drilled/tested. There wont be any further information on the resource estimate or average grade at this stage.

I am still here with my 20m shares waiting for a sunny day. I believe you hold a lot more than me so we are aligned in wanting success for PREM. Hopefully we get some good news but the pressure needs to be on the plan/programme rather than the short term view on the first 2-3% of drill samples.

Bickmaster

Indeed Acker,

Close to half way into the DFS programme and the majority are focussed on the assay results for the first 2-3% (areas which have been drilled in the past - so the results will only be confirmatory) rather than the fact we have less than 10% of the drilling completed.

I know the assay results are important. Their continued delay has however resulted in the eye being taken off the ball when it comes to drilling programme.

GR made nothing more than a cursive reference to the contractor bringing a third rig on the interview he did two weeks ago. There has been a need to get the third rig on site for a few months now. I would also push for a fourth and fifth rig once the rainy season has passed.

Bickmaster

Vetta, PREM only made a profit by removing an impairment on Zulu. It isn’t really a profit but more of an accounting treatment. Nothing from operations anyway.

I enjoy Snowking’s input on here. Same with Chuggleys. It’s just a shame it isn’t right more often.
As long as we all make a few £ here that is what matters. And it’s looking leaky so let’s hope something drops today!!

Chuggley

You're starting to sound like Snowking!!

Today 12:06 - 'Possibly Friday but my monies on Monday or Tuesday latest'.

Today 12:05 - 'I'm 100% sure it's before end of next week'.

Weds 19:31 - 'RNS re test results by the end of next week you and any alts are gone from this board - if there isnt one then ill go - very happy with that'

Weds 07.14 - 'I'd personally have hoped by now. But certainly this week'

So in the space of 27 hours you've changed from 'certainly this week' to '100% sure it's before end of next week'.

The mind boggles...

Bickmaster

Imminent - the easiest way to pass off poor performance and missed targets/deadlines without giving a proper reason why whilst also keeping shareholders on the hook!!

Steward,

That is what worries me. As you say he won't have been spending what he should have be spending on the DFS but I have no doubt he will be spending it elsewhere. I have a funny feeling he is taking his time with the DFS because he knows he has an open tap on funding for the next 18 months so he can use that to look at other things. We know he has been spending money on RHA. He has also increased the loan that MNH were due to start paying back in September.

There is always the risk with GR that as he knows the $$$ are there for the next 18-24 months he can look at other stuff. This will clearly detract from DFS delivery. It was clear on the video last week he has no interest in getting a 3rd drill on site and is not pushing the contractor on it.

Lets hope we get the test results in the next week or two though I predict a spike rather than a sustained rise and we will be back down to the 0.22 -0.23 range a day or two after. I would like to be wrong on that one though.

Bickmaster

Mr. B,

I'd be hoping for a SP of 1p on the back on a good DFS.I would expect this to be mid 2023. That would equate to a MCAP of around £250 - £300m, allowing for dilution from the current 20b shares in issue to 25-30b shares.

It must be remembered that GR is not capable to getting a 3rd rig on site so there is little point in looking any further than post DFS.

AIMHO, Bickmaster

Its almost impossible to know given the lack of quality in GR's RNS. We don't know if material was actually sent to Germany for testing. If it was we don't know how much was sent or when it went. Because we don't know how much was sent we don't know whether the results will represent all of the samples sent.

The 14th July RNS said the Laboratory equipment was expected on site in week commencing 19 July. So we are looking at only two months late on that, when it was expected in less than 5 days. Hopefully there are not any issues setting it up, though I am surprised at the type of huts being built on site for the labs. They look quite small. Surely a larger linear facility would have been more suitable to get results through more quickly and reduce the amount of handling required.

Obviously a number of holders on here have been saying the lab equipment has been on site for some time which is clearly not true.

Surely, for a company sitting on the opportunity PREM is sitting on it is not unrealistic to expect some better communication from GR. I would expect the following in the next RNS.

1. The status of the lab (is everything needed on site and if so is it operational. If not, why not? Why have there been delays of 2.5 months?)
2. The progress on the Zulu DFS (i.e. how many metres drilled).
3. The status of the 3rd rig.
4. Plans for any additional rigs.
5. The overall DFS programme with some key milestones and target dates (though that would result in accountability to deliver which has never been his strong point).
6. Summary of what will happen during the rainy season.
7. DFS Funding.
8. MNH (loan repayments with interest were due from September 2021).
9. RHA (ideally confirmation that the mine is still closed and will remain so will all funds being spend on Zulu).
10. Circum.
11. Cash position.
12. Strengthening the management/deliver capability within the company.

Bickmaster

Shiny,

Depends on whether they were actually sent in June or not, how long it would have taken to ship them from Zim to Germany and how long it would have taken to process them. I can't imagine there is a huge amount to be tested, though things are generally taking longer than usual because of Covid.

Not making excuses as I am used to deadlines being missed here for the last 8 years.

Bickmaster

Profitbags,

I believe a number of samples were sent to Anzaplan in Germany. PREM have used them previously also.

Bickmaster

Radika, my current average is 0.21p, though I have made a few £ back in March and in the subsequent months on the spikes and dips.

There are some really good people in the large shareholder group and I keep in contact with a few of them, though they will remain nameless on here. They even send me the odd snippet of information or screenshot from time to time. The issue is that the ringleader in the group is NAPOM and he doesn't have a clue and is unable to take objective challenge without thinking it is an insult.

Colonel,

Yes, I'm aware the contact details are posted at the bottom of each RNS. However the company should be providing the information via RNS rather than having individual investors having to ring up to see what is going on. Do I think they will change. Absolutely not unless there is a change of management.

Johnny,

It is a forum of a number of large holders of PREM shares. I'd imagine they hold ~ 20% of the stock between them. I can't remember which platform the group is held on. Whtsapp from memory. The link surfaces on Twttr from time to time.

MJ,

Don't confuse negativity with realism. Everything I have listed in my posts below are material considerations that should be taken into account when assessing the overall position. Look back at my posting history. I don't ramp. I don't de-ramp. If I make an argument it is backed up with logic/reason.

I've clearly said I am hoping for a 3 bagger from current levels here but there is a shed load of risk to take into account also.

Bickmaster

MJ,

Yes, I have 20m shares. I hold about 15m of these long term and have a 5m trading pot.

Why am I still here? The simple answer is the huge potential of the Zulu deposit. It overshadows everything else; the poor management, the poor communication, RHA being a money pit, MNH being a money pit, the recent accommodating of a Director's Loan through PREM to MNH (i.e. PREM providing security), Circum being in a very hostile and unsafe area of Africa, the previous shenanigans with TCT and the hunting lodge, the fact that when I invested here first there were ~350m shares and now there are ~20b, the lack of clarity, the age profile risk of the CEO, the risk the CEO does a deal to bring in his Uramin/Circum buddies on the cheap to the detriment of long term shareholders, the political risk that the DFS takes too long and the Zimbabwean Government give the project to a bigger company with deeper pockets, the risk the post DFS sale doesn't provide the expected returns.

There is obviously a lot of risk here but I am hoping for a 3 bagger from current levels. That is why I am still here.

Bickmaster

Shiny,

I have seen this time and time again with GR. If I was a betting man I would have a punt that he is waiting for the drilling results so he can release what will hopefully be positive news on that front, but he will also provide other not so good news as part of the same RNS in the hope the good news will outweigh/hide the negative. The bad news could be delays to the on-site lab which PREM have previously said they will develop but was stuck in customs (for the avoidance of doubt this should be on site and operational but there has not been any confirmation of such from the company so we must assume the opposite is true), delays in getting more rigs on site (its shambolic the 3rd rig is not on site yet, let along a 4th and 5th), an increase in the cost of the DFS without providing any underpinning on programme and milestones (the $5.1M was never realistic in any case), conversion of the $260k loan to MNH into equity (hopefully this will be the last time PREMs shareholders need to fund MNH which appears to be a failing mine), and finally, a placing (this is inevitable). So potentially 5 pieces of bad news versus one piece of good news. This is all speculation on my part but the proof of the pudding will be the next RNS and ,whilst I am not always right, I am rarely wrong.

Also for the avoidance of doubt for any newbies on here, I am not part of the 'big shareholders group' as NAPOM kicked me out of that one and I am not part of the tele gram group as Lloyd kicked me out of that one.

Nil illegitimi carborundum !!

Bickmaster

The ongoing he said / she said on here is detracting from the fact PREM are potentially sitting on a huge and very valuable resource.

If only there was some method by which our CEO could update shareholders and the market as to the progress with:

1. The status of the lab (is it on site and if so is it operational. If not, why not?)
2. The progress on the Zulu DFS (i.e. how many metres drilled).
3. The status of the 3rd rig.
4. Plans for any additional rigs.
5. The overall DFS programme with some key milestones and target dates (though that would result in accountability to deliver which has never been his strong point).
6. DFS Funding.
7. MNH (loan repayments with interest were due from September 2021).
8. RHA (ideally confirmation that the mine is still closed and will remain so will all funds being spend on Zulu).
9. Circum.
10. Cash position.
11. Strengthening the management/deliver capability within the company.

It isn't a lot to ask that these areas are covered in the next RNS.

Bickmaster

Big question is will GR deliver the test results?

Based on previous experience the unfortunate answer will be no. Though if the results are good who cares if they come through in October or November. We need to remember these results are for only 2-3% of the DFS total metreage drilled. The more important questions is what steps are being taken to speed up the DFS. Based on current progress we will be looking at Q2 2023 for DFS. The focus needs to be on accelerating programme rather than banking on good results in light of the high prices at Pilbara.

More rigs are needed on the ground. It really is as simple as that.

Bickmaster