Member Info for cringsing

0.10p incoming.

Did I miss the part of when CanMax will receive contracted amounts ?

In 2025 ?

Hello all,

So is the mood in Last Chance Saloon today ? Chipper (as usual) among paid rampers ?

Well I guess miracles do happen.

(Just rarely in the mining industry)

Bottom feeder PREM never fail to disappoint !!

I know I am talking to deaf ears here, but do consider cutting losses.

One of several things can be at play.

Most likely, variation in ore material is too great to process as expected, why output is miles from nameplate capacity. A back to drawing board kinda situation…

Less likely, plant up running as designed and at nameplate output, but GR is currently too busy to put out the RNS.

Yeah, it’s not the latter….

Worthwhile ??

GR told us months ago we were hours and days, NOT days and weeks away from continuous production…

It’s obvs a personal choice, but demonstrating gullibility so publicly online, seem a bit silly…

@Acker

The price of spodumene is of no interest, as there is no spodumene to sell, other than the few bits GR handcrafted in the lab out of specially selected ore..

CRINGSING

GR listened and updated us all this morning.

His silence speaks volumes.

GR never shy away from bringing even small news bits forward if these will be construed as positive.

Having now called in the A-team however puts him in a difficult position.

Remember, the Stark story as why they couldn’t get it to work has been entirely suppressed by GR, who just referred to them as numpties.

As the A-team are the specialists from the equipment manufacturers, he can’t easily call them out as numpties, and expect them to silently be his scapegoats this time.

In other words, GR is out of plausible excuses

For whatever reason, assuming GR continue failing in delivering the agreed quantities, I cannot see why CanMax wouldn’t use the money they will be owed next year, to take full control of the mine.

I would consider CanMax an extremely poorly run Chinese company if they do not leverage their financial position in Prem to their advantage. Prem isn’t a value add in other than getting the mine producing, and well….. we all know how that’s working out.

Nelly, it is obvs NOT debt YET on the PREM books but is money received in exchange of delivery of product. If the agreed delivery is missed, CanMax have several options, one asking for the prepayment to be returned. Assuming PREM can’t do that, I reckon most people will agree it then becomes debt….

I have no idea of how many delivery targets have already been missed, but can’t see any way PREM will ever catch up, even if plant reaches nameplate capacity.

I reckon another GR presentation is imminent, explaining the new probs, and I will go out on a limp and predict the key cause of delays is variation on ore material being wider than plant can handle of agreed parameters/tolerances, which I (by the way) think is what Stark has already told GR is the reason of all the probs.

CanMax $3m closer in taking over….

Precisely, all shareholders wiped dry…

Why not google what happened to the large U.K. services group InterServe. Company faulted, shareholders (mostly bottom feeders as here) was wiped out, but the business continued under new ownership with mostly same management team without skipping a beat.

It was seen as a successful event as most staff were unaffected. Shareholders are per definition taking carrying the risk.

And yes, CanMax are owed loads. They will not blink, but no point in a strike yet as George still can raise money from elsewhere whilst trying to fix the company.

No point for CanMax going for full ownership whist nothing works.

Litmus test:

How certain are you that CanMax aren’t already owed way over the value of the company ?

Majors taking over minors who despite several attempts cannot make it work ??

I can’t say I remember any such occurrences. The benefit of being a major is that you can afford to buy businesses with revenue streams.

Remember, the hard part of the lithium game isn’t to find it. It’s to get it up.

Same with oil really. A business on the Alaskan North Slope now have had independent expert report in their find of over 2bn barrels (value circa $100bn).

The conpany found the oil years ago, the technology to extract is has been available for decades, and their find is literally underneath the transalaskan pipeline. Despite being straight forward take-over target, market cap is 0,2% of recoverable oil in the field they own. Consequently PREM is worth f-all until tons of spod is produced every hour in a chemical process that works only within a narrow band of source material variations. In other words, will it ever work, given the vast variations in source material… No major is going to buy into that bet.

“One tweet of plant working”……

As I recall it, we have had several announcements of the plant working.

GR entirely skipped the commissioning part which is easily 6mth on a chemical plant (what this pretty much is), and we are now maybe 1 month into an effort of getting things to work with a new band of guys. Meaning, the next tweet might well NOT be as positive as you hope.

And we all know what sort of news GR share, if he remains quiet for a while….

There is a lot of whining this this morning. GR said 9 days ago that he on Saturday (just gone) would know if plant is working.

As with GR, good news break early, bad news break late, it is a NO.

To quote Steve from Business Academy from his PREM video just yesterday, re this ‘closed offer’ leaving current holders away from discounted stock - UNETHICAL !

PREM holders are like women in abusive relationships. They keep coming back for more abuse, as they don't know what else to do, and (incorrectly) think things can’t get any worse.

Given that not a single PREM holder mathematically can be up on his/her investment in PREM, the goodwill they show this chancer of a CEO must come from a point of fear for what may happen if they walk away from their abuser…

Anyway, somebody got to feed at the bottom, and even very violent spouses finds partners….

“ Not a chance......we are a whisper away from production...”

That naivety may make you a honourable member of the Halls of Misguided Judments.

Has GR said when he will ship anything ? No he hasn’t. He could have said “aiming at End April, End May, End June, but he hasn’t. With GR news releases, look for what he is NOT saying. That is the real (material) news…..

“Canmax backing consistent” ????

What other choices do they have ??

Where folks here have just invested expendable money, Canmax stupidly put their faith in this project, and consequently for more than a year have not had their lithium. They must obvs have found other suppliers not to look completely foolish among their peers…

So what is GR’s next excuse ?? Precisely, the Zimbabwe export license. They applied a while back now (some RNS’s) ago. How is that progressing ??

I’m now out of Prem, and will not revisit idea of buying until first shipment is a reality. My view is the site is burning through money as if no tomorrow, and I have not heard GR say anything re commercial arrangements with the OEM’s and I know by experience that GR do not share negative news easily.

Question, is it by now a fact that there will NOT be an April shipment ? Also, GR has mentioned that he had asked CanMax to chance shipping deal so CanMax was to collect product at mine-gate (to save him the hassle of exporting it). Has he said if CanMax have agreed to this ?

My best guess is that enough adverse news will emerge before 1st shipment to allow an SP drop to around 0.14p -ish so may scoop some up on the way down.

the resting place for broken promises…

gone are the hours or days, rather than days and weeks. another bunch is now being paid handsomely to ridicule the previous bunch (stark) and will undoubtedly be charging loads to do the remedial work, in the classic rinse & repeat fashion.

no chance i’ll sit in during a vote for more money, gr for all his wisdom hasn’t managed this one at all, which his ****e predictions offers plenty of evidence of.

i will offer my own prediction now. zulu will ultimately produce, but unlikely under gr, and not with the current crowd of shareholders. canmax have too much at stake to let this circus continue, and will put somebody else in place after wiping current shareholders.

it’s not rocket science really. we can all see that this nonsense can’t carry on.

Acker

For a guy with 16.500 posts under his belt, you are either incredibly gullible, or you are paid to post nonsense by PREM.

10 quid of mine says you aren’t gullible….

Considered how ‘tantalising’ close we are to a probable continuous production of spod, this is a steal…

See what I did there :-)