Member Info for Bickmaster84

Would PREM not have built up sufficient development expenditure which would qualify as a tax credit against taxable income? For example the $20m which was ****ed up against the wall at RHA? I am not sure of the accounting/taxation rules in Zimbabwe but in other jurisdictions such expenditure qualifies as an allowable tax credit. So it is possible the first $20m - $50m of income would be tax free?

If anyone has any experience of the taxation system in Zimbabwe feel free to confirm the above or blow it out the water!!

Bickmaster

Wolf,

Circum is of no significance any more. It was a waste of money at the time when the $ should have been spent on Zulu. Unfortunately for us shareholders GR's buddies wanted someone to fund their development and GR owed them one from his time at Uramin, so us shareholders funded the early development of Circum. Whether we ever see anything back from that is doubtful. Anyone who talks about the special dividend from Circum, as many on here have done in the past, is living on a different planet.

In terms of not focussing on GRs failures or I will miss the true potential for this to multibag next year.., I have seen so many failures and poor decisions I would like to think GR has got them all out the way. But let's watch this space.

I haven't bought back the 10m I sold a few months ago yet but have the funds ready for when I think the time is right.

Bickmaster

Indeed, the move to spend the money raised for the Zulu DFS a few years ago on Circum wasn't so tactically brilliant.

We are where we are.

Some of us see the reality of the situation, the mistakes which have been made, but also the huge potential. Others only see every decision or turn in the road as being a masterstroke on the part of GR who had never made a bad decision in his time at PREM with the mistakes and resultant dilution and share price being down to others and external factors.

As long as I make a few quid I don't really care. But I would prefer to make it sooner rather than later.

Bickmaster

Tubbs

Whilst the drilling programme has performed very well since PREM actually mobilised enough rigs to make a difference, the lack of early progress has resulted in a huge number of cores to process and test at the back end of the drilling programme, pushing out the delivery date. By my estimation we have only had results for about 5% of holes thus far, showing there is a huge meterage still to be processed and reported. This is a delay to programme rather than a change in strategy or business model.

If the pilot mine is delivered on time and operates well we will all make good money here. Fingers crossed that will happen but I would estimate that PREM are approximately 10% of the way to getting the pilot mine built, so there is a lot of back-ended risk in the delivery programme.

Bickmaster

"It was tactically brilliant for prem to suspend full work on dfs to get work on drilling for this pilot mine."

I disagree strongly with this statement. Indeed I do not believe PREM has suspended work on the DFS, it is simply the case that saying is it suspended is an easier sell that saying it will take another 6-9 months before enough assay results have been returned to enable the DFS modelling be progressed towards completion.

Bickmaster

Jenkoo,

Having security over the assets means that if PREM defaults on their obligations, Suzhou can seek to exercise their charge over the assets (i.e. take over ownership of them). It’s the same as the bank having a charge over your house if you have a mortgage. GR did say that in the even PREM was ever in a position where there was a risk of this he could secured the funds required in the market so Suzhou would never be able to get as far as exercising their security over the assets. That, in my opinion, would be dilutive and I hope it never happens.

Bickmaster

With approx 25,000m of drilling and assays to process there won't be much change from the £12m.

Volume pretty much non-existent today and over the past few weeks. Needs much more than a single result being released to make a difference. Question mark remains over cherrypicking. Market not doing much at the moment though, PREM and COPL this morning are good examples.

Bickmaster

Acker,

I have been holding about 100k shares in COPL for 9+ months at 25p average. Was tempted to buy some more over the past few weeks but just took another 100k about 5 mins ago at 16.66p to average down. I expect a rebound on Monday when the CUDA completion is announced, though some of that news will already have been baked into today's drop. I am also expecting an interview from Art to tell us everything is ok and the market has overreacted. Where have we heard that before...

Between GR and AM, I have a great track record of picking winners!! Or not!!

Hopefully both PREM and COPL will be substantially higher in the next 9 months, when I will actually need the cash to put it into bricks and mortar!!

Bickmaster

Snowking,

Yes, I didn't believe PREM would have 20,000m drilled in the timeframe they did. I though it would be possible by ~ October but they have beaten my expectations. Let's hope they can perform as well on getting assay results back.

In relation to putting the DFS to one side to focus on the pilot plant, I can see the merits in this but I don't fully understand why they cannot be progressed in tandem. The lack of assay results may be the main issue here, where there is effectively little point in getting going on the DFS until all of the results are back from the lab. PREM should have adequate resource in place to deliver both activities in parallel, given they have both geology/exploration resource in place and are in the process of bring in additional resource to deal with the pilot plant build, though hopefully the modular design means they will be able to rely on the supply chain for the majority of their requirements for construction. It will be the active commissioning and operational stage where PREM will need to ensure they are adequately skilled up.

Like you say, once we get to a resource of 100MT+ or somewhere in that ballpark that is all that matters, whether it takes 6 months or 12.

Bickmaster

Nookie,

In response to your query below re gold and tungsten, the answer is no.

Bickmaster

The big issue, which we are all aware of, is the turn around of assay results. It would be good if a DFS was issued once there is approx. 15,000m of assay results back.

Q3 2022 for the DFS was never realistic, despite the claims of many on here but there's no reason PREM could not release a stage 1 DFS and follow up with a stage 2 at a later point in time, such as 2-3 months after the pilot plant has been operating and sufficient data is available to inform recovery rates.

Bickmaster

Johnny,

I'd much prefer if I was still holding 15m and SP was 0.4p+, but yes, I timed the last sell correctly, even though i still hold 5m. Just need to make sure I don't wait too long to rebuy. Perhaps we will see some positive SP movement in August as the Suzhou pre-emption agreement comes towards an end (2nd Sep). But it is hard to know and it is possible we don't get any material news until early to mid 2023. Focus is on COPL for the next few days.

Bickmaster

Dykee

Maybe you bought them in Premier Oil by accident!! ; )

Bickmaster

To use Andrew Lang's ideology, these charts are about as useful as a lamp-post to a drunk, the may provide some support rather than illumination. SP performance at PREM will need delivery of the pilot plant, production and revenue, until then SP wont move much outside the 0.28 - 0.33 range, unless of course we get some from of unexpected event which the charts can't take account of.

Cheers PB.

Overall I was quite happy with the assay results, though it is a shame they aren't a little shallower to reduce overburden removal costs, though that wont matter hugely if we are dealing with a massive resource!! Let's hope we get a steady stream of results over the next few weeks and months.

I was very tempted yesterday to buy back the 10m shares I sold at 0.33/0.34p a few weeks ago but the stagnant share price following the good news over the past 2 weeks makes me think I will hold off for another few weeks, possibly to mid-August.

Bickmaster

The assay results provided do not represent the Li20 content along their length. As such, the mathematics you have applied to arrive at an average of 1.56% Li20 is incorrect. To get the right % this needs detailed 3d modelling. Mineral Resource estimation (MRE) and classification

Snowking

What do you expect the next RNS will cover?

Bickmaster

Johnny

Yes, the longer the DFS takes to complete, the higher the risk of a hostile takeover. The DFS is the key to unlocking value for shareholders.

Given the drilling campaign is nearing its end, there is very little justification to delay the DFS and the programme will be wholly dependent on how quickly the labs can turn around the assay results. Once they are all back there is no reason the DFS should not be issued within 3 months. Unfortunately we don't know the state of progress on the assay results so we are guessing.

August could be interesting if Suzhou start accumulating in the run up to the end of the pre-emption agreement.

Bickmaster

If GR can get the pilot plant built and operating as it should, the DFS to 80Mt and the mining licence agreed this is a $1b sale all day long.

By my calculations (tax at 20%, GBP/USD @1.2 and £40m in transaction/other costs) that would amount to 2.4p per share. So a 7 bagger from where we are sat today.

If there is anyone on here who would not be happy with that they need their head checked!!

Bickmaster