Member Info for Bickmaster84

Looks to be 0.78 - 0.88 (ignoring all the tiny trades going through at 0.095).

George obviously doesn't want to overload the market with too much good news in a short amount of time.

Ninja

I'd disagree with you on that. If we get news of a new CEO this could easily do 30% and if we get EPO news it could do 100%.
There are obviously other risks such as GR acquiring more Circum but there are definite opportunities to make money on PREM.

Johnost

The chances of getting that information from GR would be about the same as trying to get the list of assets that Bara valued as part of their report.

Bickmaster

Wrong again Jonjo.

You sent me a link to a vehicle with a GVW of 73.5t. GVW is the weight of the vehicle plus its load.

The link you have provided is to a dump truck which would be used in a mine and is far from ideal for transport on public roads. They also have a max speed of ~50kmph. Meaning the round trip of 280 miles would take them over 12 hours, based on averaging 40kmph, allowing time for the driver to have a break and loading/unloading.

The 70t reference in the vehicle name is to the gross load, including the vehicle itself which is 23t. So at most you could carry a nett 47t of ore.

As for the reference to tractors. You are obviously thinking of agricultural tractors. Gooogle 'tractor unit' and see what you find on wiki.

Snowking

It would be brilliant if that is the case.

I would assume that a tractor and 3-4 trailers needed to move 70-75 tonnes would weight another 25 - 30 tonnes taking the entire weight of the convoy to ~100 tonnes which is significantly above the 56 tonnes set out in the legislation. Hopefully there is a better source than GR for this. We know from experience that he has issues with perception, especially when it comes to the numbers.

Who are you again?

This issue here is that we have been given such little information we can only work on assumptions and i prefer to keep my assumptions realistic or better again, to err on the side of caution. Also, where possible I try to back them up if challenged.

I understood the maximum permitted weight of vehicle or combination of vehicles allowed on the roads under Namibian law (Road Traffic Regulations Parts 99C and D) is 56 tonnes and that vehicles cant had a combined length of more than 22 metres. As such I am not sure how you came up with 70t but am always open to challenge, as long as the challenge is underpinned and not just hearsay or drivel like many on here spout.

Bickmaster

It is quite a distance to be transporting 20,000t per month. Assuming a lorry/tractor can pull two trailers with 20t each it would mean 500 round trips. Or 25 per day based on a 5 day work week. I would assume each driver/tractor could make one delivery per day (280 miles round trip @ approx 35 mph average plus time for loading and unloading). Allowing for wear and tear and servicing this would required ~30 tractors/lorries, 60 trailers and ~30 drivers. Not unachievable but definitely a challenge.

Does anyone know how close the nearest railway sidings are to Otjozondu?

Snowking

I hope you are right re the new Chairman. We need someone who has some business acumen and not a puppet with GR pulling the strings from behind the scenes.

I wouldn't be surprised if SP went up 30-40% on news of a new Chairman.

Bickmaster

Has anyone actually read the RNS? All it says is that the off-takers are reviewing the credit facility.

"The offtake partners have confirmed to Otjozondu that they are reviewing the existing uncommitted credit facility with the intention of increasing prepayment for manganese ore in two equal tranches each $300,000, in the ensuing months."

Hardly worthy of an RNS and this is reflected in the stagnant SP. It also shows how reliant PREM is on a company that we hold just 19% of and shows how desperate GR is to try to release anything which could be perceived as positive to the market.

The numbers provided also cast significant doubt on GR's claims in the 6th May RNS. "Currently exporting up to 10,000 tonnes lump ore per month at better than 35% Mn". Then again, if we have a CEO who has no issue with taking stakes in new companies without doing any due diligence what can we expect. As long as get still gets his $200k+ per annum along with a considerable expenses account why would he actually need to do any DD!! Its not like he is paying for it.

The only chances of any positive SP appreciation here over the next 6-8 weeks are news on the TR1 or an update on the EPO. The biggest risk is that GR uses another few billion shares to bail out Dattels over at Circum and pay for their next tranche of working capital. He will have an eye on the Circum preference shares, otherwise he would not have provided so much information about them in the 15 June RNS. We should avoid these like the plague given previous experience with Circum, no matter how hard GR will try to push it in the future.

The sooner we can get GR out of the hot seat and someone competent in to replace him the sooner we have a chance of this company moving in the right direction.

Bickmaster

Degrasse, perhaps you weren’t aware of the call.

Hopefully GR doesn’t want to buy more Circum...

Anyone know how the call went today?

The key issue is that only any new shares acquired via the rights issue would be preference shares. The exiting shares held by PREM would not fall into that category. I am very nervous he included this to try to justify a further investment in Circum. Why else would he provide so much information about the mechanics of the preference shares when he has provided sweet f.a. on Circum over the past few years. There is no point in throwing good money after bad and i would be strongly opposed to any further acquisition of Circum shares.

Random,

I believe it is incorrect to refer to the group as the 'action' group. The group hasn't done a single thing over the past 18 months which has made a blind bit of difference to this share. If anything they give GR more licence to do what he wants as he has ~25% of PI's in a group and he knows from experience he can spin them a story and they will believe it. There are some really good individuals in the group but the people heading it up are sheep who believe rather than challenge GR and that negates any effectiveness it could possibly have.

Snowking,

That would give us 90% - 100% of a mine which has been dogged by problems rather than the current 50%. Not trying to be pessimistic here. Just trying to be a realist.

Ivans, the only positive news we could get now is re. Zulu EPO. It is impossible to get positive news on RHA. Processing the tailings without having better quality supplementary material to run through the plant is essentially 'fool's gold' and PREM will need a few more $m to go underground. We need to write RHA off given our previous experience with it. It is a money pit and the only way any further money should be spent on it is if the Zimbabwean Gov provide the funding. No offtaker in their right mind could forward fund RHA because of past performance.

So essentially everything short term now rests on the EPO.

Well that effectively pushes any hope of income from Circum back at least another 12 months. The reference to the Danikali market cap is of little use as they are substantially more advanced that Circum (advance finance in place, off-take agreement in place etc). Danikali are also listed whereas Circum are illiquid. It shows GR's allusions to Circum in the May webinar were leading investors down the garden path again. Most worryingly, as GR now has shares to burn, the amount of information provided about about the preference shares implies to me that GR will seek to acquire another chunk of Circum so PREM's shareholders will once again be funding Dattels and Co. This in my mind would be completely unacceptable but further underpins why GR was seeking a further 6.5 billion shares.

Yes YNWA,

For a guy who knows very little in general it appears he is being fed the high level info by GR but is then completely out of his depth when it comes to dealing with any kind of detail, not to mention any general questions about how businesses operate. Perhaps he should stick to making boxes.