Member Info for GoldDuck

And yet, in Canmax's own company accounts they have it listed significantly lower than $50m.

"I think interest is running at 12.5% but I think it might be 15%"

Reaching Trump levels of spin and just openly making up inflated numbers.

To reiterate the pertinent point which you kindly swerved, in either of the claimed debt figures:

Canmax have no first charge on the plant.

Zulu also has outstanding debt to PREM.

If Canmax attempt forcing repayment then any proceeds of Zulu will be distributed evenly to both PREM & Canmax.

The Canmax debt is $35m, not $50m.

Canmax have no first charge on the plant.

Zulu has outstanding debt to PREM.

If Canmax attempt forcing repayment then any proceeds of Zulu will be distributed evenly to both PREM & Canmax.

What will happen (and is the ongoing discussion) is that the prepayment will be revised (again), the arbitrary valuation will reduce, the long stop will be pushed, and the egm vote will be passed.

It's them up to GH to get into production, as there will be no 3rd revision to the prepayment.

We've been in this position before.

Canmax have said they'll vote one way, and then at the last moment pull back. They are in a position where they can do so. All it is is posturing, and frankly a good negotiating ploy.

The terms of the agreement will get revised. Canmax will get there pound of flesh. And the show will go on.

The obsessive will tell you that Canmax will take PREM for free at the longstop. But they cant actually explain how. Or why they haven't already. Particularly when in the same position 1 year ago.

This will play out. The EGM will go ahead. There will be dilution. The plant will be producing.

More than a few weeks until we get finality on the glen/max agreement. Have some patience. It's all but done.

But a shorter (but not insignificant*) update on plant next week.

Test run concluding.

Update likely next week. A (big) step in the right direction.

Roach - over promise, under deliver. Hill - vice versa.

Note the second line in the 5th paragraph:

"Subject to the outcome of the current test run..."

hint, it tells you the test run is still ongoing.

Canmax Glen on course to finalise the agreement at the conclusion of this test run.

RHA - there may be a will to get this moving, unfortunately there has been little headway despite the renewed dialogue. Isn't going anywhere anytime soon imo.

Where is the funding coming from?

Deferred payments. Which is simply another vote of confidence from the OEMs (which is being proven already but the results).

And framing it as an upfront requirement is strange given the test run is already in progress.

Ditto about the mag separators. There is ample ore to run the plant.

Test run heading to a positive conclusion, broad strokes of a Canmax/Glen agreement in place (which includes funding ), tantalum offtakers waiting eagerly in the wings.

Test run in progress.

It's a multi day run so RNS will not be soon.

Very early days, but initial output - as expected by the engineers on the ground - is promising.

Canmax and Glencore are on the same page and an agreement is largely in place.

It is no longer a case of 'if' the plant can produce, but rather 'what' the plant should produce.

That refers to both grade and gangue material.

SC6 is a price point. Anything above or below comes with a premium or discount, as does the content of other materials. A premium or discount if certain gangue materials are above or below a %. Magnesium Oxide, Sodium Oxide, Phosphorus Pentoxide etc.

It is now a case of weighing up innumerable variables as changing the configuration changes the recovery, the grade, the contaminants, the opex, and the final sale price, to decide which combination is the most lucrative.

Any significant funding will be coming from a GLEN/Canmax agreement, not shareholder dilutuion.

RHA is a long way away from being operational. Won't be 2025.

Snowking

You shouldnt always take what you're told at face value. Questioning what you're told with a critical view will uncover a far more accurate picture.

You are going to need some patience as there is not going to be anything substantial this week.

Another example is Tungsten: RHA is not even close to being restarted. If that's what you've been told you are going to be disappointed

News will come, but not this week.Snowking is misinformed as usual and wide of the mark.

There is another test run in the works. Cautious optimism by those on the ground it could be the 'big one' that demonstrates grades, recoveries, and stable continuous running.

Funding still a requirement. Possibly one more placing but if so, not expected to be a big one. Post that funding will come from GLEN: the broad strokes of a GLEN/Canmax agreement already in place.

Acker

Taking the only feasible option is not fortuitous, it is expected. Hence why many of us expected it, and said so, at the time.

Acker

Again, contemporaneously there were many, including myself, that said that it didn't make business or financial sense for Canmax to call in there debt on the 1st of April. And that they had no legal means to 'take Zulu for peanuts'. Yet I was told in no uncertain terms over and over that is what would happen.

Acker

And yet, there were many at the time who with the same information were looking at the bigger picture, and came to the different conclusion that it was in the interests of Canmax to strike a new deal.

They were ridiculed and shot down, and told in in definitive terms that PREM was about to go into administration.

You were explicit in saying Canmax would take Zulu on 1st April, that no company would sign a LOI, and that GLEN would never get involved.

Whether you want to describe implementing a tantalum circuit in 2025 as 'soon' or 'not soon', it doesn't really matter. It is as irrelevant as your opinion is on anything related to PREM.

You couldn't imagine GLEN signing a LOI either.

Tantalum circuit to be in place by end of 2025.

Jaglith

It's cute that you think that any of your posts merits a response. Your lack of knowledge renders your contribution worthless. I'd be better off flipping a coin, 50% is a better prediction rate than what you've ever given.

Acker

With demonstrated production, that won't be the only option.

Acker

I don't agree with your theory that the PREM board will sign an agreement to shaft themselves.

Acker

Good to hear you agree the plant will work.

As for testing, we'll see.

I believe in the coming months (September /October) we will be producing, and it will be no more than a case of ongoing tweaking and optimising whilst in production