Member Info for CF73

We're finally headed towards signficant profitability at RHA. A massive thing for an AIM Stock.

The content of the RNS again:

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Premier African Minerals Limited ("Premier" or the "Company") is pleased to report the signing of a new Management Agreement ("MA") with the National Indigenization and Economic Empowerment Fund of Zimbabwe ("NIEEF") that is expected to see RHA Tungsten Private Limited ("RHA") brought back into production without any further financing requirement from Premier. Premier holds a 49% interest in RHA and is the operator.

George Roach, CEO of Premier commented: "Whilst it has been a long haul, I am very pleased to be able to report that we have signed a new legally binding agreement with NIEEF that includes a funding undertaking of US$6 million for RHA. Use and application of these funds is expected to see RHA back in production later this year and allows for required upgrades that are expected to result in major operating cost reductions including electricity grid connection. Premier retains ownership of the plant and equipment and is reappointed as the manager for a further 5 years with renewal thereafter.

The investment from NIEEF will be structured as share capital and Premier will simultaneously capitalise an equivalent amount from Premier's existing loan account. In my opinion, this represents both an equitable solution and a good time for the Zimbabwean Government to invest directly in this project. RHA has been significantly de-risked over the past 4 years and is now an operation that is better understood.

We have agreed a provisional implementation process with NIEEF and I expect to provide further guidance thereafter."

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This is gerat news. This signed and sorted, money to arrive in short order I would expect. Meaning these levels are an utter gift!

Good luck to all the genuine holders and folks!

Great work NaPoM, Smile, tedoby and the many other decent folks here!

...looking forward to the week ahead...

Can only add to this that Hope's resignation and attempting to sack the board smacks of last minute desperation to me.

...but sod the money. I just want to us to win.

Post of the week here pophead. Much appreciated!

On the matter of why Zulu wasn't funded, remember there has been signficant political changes in the last year or two.

And now we are here, the case for RHA of funding of $6million is very different to what would need to put to Zim Givernment. The RHA $6million is monies we are owed. Now, if we get RHA running and making profit, we then have the money to drive Zulu forward (as we take 100% of the profits until the loan accoutn is cleared - and we're talking about $14million or so)

Sod Ukraine - our focus is this CASE Georgia. And NO - Zaza should only update when he is ready to.

OLADAPO007, agree with your view there. The California proceedings are to enable FRR to get their argument and evidence in the right order. Meaning whatever it was that got the judge deciding that Hope had beening trying to pull a dirty, that will go before the judge very quick and in the right order. It's about establishing context and setting out the narrative.

Regarding TRO, the judge would be mad not to grant it. Otheriwse they could be making an error they cannot rewrite/undo. The TRO is a 'safety'. Applying it doesn't hurt anyone (even if it is later decided it is not required or was unnecessary). However, not applying granting the TRO at this critical jucture could be catastrophic, with the error of such a judgement potentially emerging in due course. Don't think the judge would want to presiding over that kind of situation (just look at Kawaley back-tracking previously but by then the judge already in a bind!).

Another great post Daniel1son

Not sure what could be added to that, other than folsk need to accept that we need to wait this out as we will not be hearing from the company until they are ready so something.

Good post Zen.

In a situation where Judge Richard Seeborg has to wkrk hard to bring himself up to speed and with so much at stake, in my view he has little choice but to grant the TRO. Otherwise, he leaves himself - let alone FRR - in precarious place. The TRO not just assists FRR, it buys him time too.

Thanks from me tedoby.

We are sooo close. Not saying anything is a dead cert but from these levels, the upside is crazy and the downside has been visited already, several times, and we are familiar enough with it now...

Good luck to all the genuine holders and folks!

Makes a great deal of sense smilemore.

The project is not worth nothing, regardless if shareholders put money in or not. To say it's worth nothing till then is to say that someone could take it off our hands for free. Indeed, reference to historic costs and developers premium tells is that there is, as things stand, acceptance of value in the project by way of what NCCL have already put in (I get that if GE and CMEC walked, the SP would crash - but no one could just walk away with the project for nothing).

Freeatlast, in agreement.

This is going to an OoCS

Although he seems to be playing for it, and as a result we're left contemplating what ifs, he has no realistic chance of getting the assets. This is a late attempt to exert whatever pressure he can, muddy the waters and buy time.

Kenco, it was discussed at reasonable length on this BB recently that YA were left off lightly as it would've been too much for FRR to have to fight Hope and YA simultaneously. Restructuring with YA dealt with default loan issue on very favourable terms (including helping us in terms of the repayment structure and terms), allowing in turn to focus on Hope. It critically meant that Hope no longer could use the YA default against FRR in his arguments. If the YA case persisted, could've really complicated matters for us against Hope.

I believe we are in a reasonably strong position (although is hard to believe at this moment).

Good luck all!

For LTHs and anyone intending to be a LTH, is clear your investment would be in serious trouble if Hope remained on the board and he and OMF in the picture.

Am confident that FRR will come out of this reasonably.