Member Info for Guly

The authority to issue shares new shares in the future is already known by the market and is why PREM is listed on AIM to fund growth, so is effectively priced in. What is not yet priced in is the significant upside from an operational turnaround, which in my view offers a minimum 10x from here and is the core reason I’m invested.

100% agree, Acker. I really don’t get why trolls with no investment are posting nonsense late on a Sunday. I think PREM lives rent free in their heads lol

The desperation shown by the trolls is on another level lol

It’s puzzling why individuals with no stake in PREM spend so much time attacking the company and begging shareholders to sell to push the price lower.

Why do they feel the need to police how grown adults invest their own money, honestly.

Core Assumptions (Conservative but Realistic)

Resource & Production

Recoverable spodumene concentrate (SC6) over mine life: ~2.0–2.2 Mt

Annual steady-state production (post-fix): 150–180 ktpa SC6

Mine life: 12–15 years

Pricing (Current Climate, not peak-cycle)

SC6 realised price: £1,300–£1,600 / tonne

(≈ US$1,650–2,000/t)

Long-term price assumption used: £1,450/t

Costs

All-in sustaining cost (AISC): £750–£900/t

Use midpoint: £825/t

Operating Margin

Margin ≈ £625/t

1️⃣ Life-of-Mine Gross Operating Value

Using 2.1 Mt SC6 recoverable:

2.1𝑀×£625=£1.31billion (undiscounted operating margin)

2.1M×£625=£1.31 billion (undiscounted operating margin)

This is not the project value — it must be discounted and risk-adjusted.

2️⃣ Discounted Project NPV (Post-Tax)

Applying:

10% discount rate

Zimbabwe jurisdiction risk

Ramp-up delay & execution risk

➡ NPV factor ≈ 0.40–0.45

£1.31𝐵×0.42≈£550𝑚

£1.31B×0.42≈£550million

Indicative Project NPV (100% basis):

£500m – £600m

3️⃣ Reality Check: Market & Execution Discount

Because:

Plant commissioning not yet stable

Financing dilution risk

Offtake/debt constraints

Markets typically apply 50–75% discount at this stage.

Risk-Adjusted Fair Asset Value Today:

£125m – £275m

4️⃣ Equity Attribution (Premier African Minerals)

After allowing for:

Project debt & obligations

Further capex required

No full credit for tantalum

Zulu’s current contribution to Premier’s equity value:

~£150m (mid-case)

Range: £100m – £300m

5️⃣ What Changes the Number (Materially)

Event Impact

Stable 3–6 months production +£200–300m re-rating

Lithium prices >£1,800/t +£150–250m

Failure to fix plant Value trends toward <£100m

Tantalum monetisation +£50–100m upside

We're in a commodity bull market so the time is now

Feel for the LT investors here. Investing is all about timing, I expect the price rebound strongly now theres a credible plan in place and that we are in a bull market. Gla

"The Board further confirms that the share authorities being sought will be exercised carefully and only where necessary in line with the Company's current operational strategy, and that alternative, less dilutive funding mechanisms will be considered. To the extent that such alternative funding can be secured on acceptable terms and within required timeframes, the Board intends to prioritise those funding sources in preference to issuing new ordinary shares."

AIM companies typically ask for maximum authority as a safeguard.

As spodumene prices rise, I expect non dilutive external funding to be used alongside equity financing, supported by increasing operational progress.

The current commodity bull cycle has significantly improved the outlook to the upside.

Minimum target 10x from current levels

Troll getting desperate now lol

As I said I'll take my chances for a potential minimum 10x from here, atleast with skin in the game unlike some. Gla

Thanks Acker, the numbers are conservative with ample headroom built in. I expect spodumene to continue to increase, which should help offset this, while tantalum credits will provide an additional uplift to margins.

Good luck to investors with skin in the game

Potential 10x, I'll take my chances, gla

Core Assumptions (Conservative but Realistic)

Resource & Production

Recoverable spodumene concentrate (SC6) over mine life: ~2.0–2.2 Mt

Annual steady-state production (post-fix): 150–180 ktpa SC6

Mine life: 12–15 years

Pricing (Current Climate, not peak-cycle)

SC6 realised price: £1,300–£1,600 / tonne

(≈ US$1,650–2,000/t)

Long-term price assumption used: £1,450/t

Costs

All-in sustaining cost (AISC): £750–£900/t

Use midpoint: £825/t

Operating Margin

Margin ≈ £625/t

1️⃣ Life-of-Mine Gross Operating Value

Using 2.1 Mt SC6 recoverable:

2.1𝑀×£625=£1.31billion (undiscounted operating margin)

2.1M×£625=£1.31 billion (undiscounted operating margin)

This is not the project value — it must be discounted and risk-adjusted.

2️⃣ Discounted Project NPV (Post-Tax)

Applying:

10% discount rate

Zimbabwe jurisdiction risk

Ramp-up delay & execution risk

➡ NPV factor ≈ 0.40–0.45

£1.31𝐵×0.42≈£550𝑚

£1.31B×0.42≈£550million

Indicative Project NPV (100% basis):

£500m – £600m

3️⃣ Reality Check: Market & Execution Discount

Because:

Plant commissioning not yet stable

Financing dilution risk

Offtake/debt constraints

Markets typically apply 50–75% discount at this stage.

Risk-Adjusted Fair Asset Value Today:

£125m – £275m

4️⃣ Equity Attribution (Premier African Minerals)

After allowing for:

Project debt & obligations

Further capex required

No full credit for tantalum

Zulu’s current contribution to Premier’s equity value:

~£150m (mid-case)

Range: £100m – £300m

5️⃣ What Changes the Number (Materially)

Event Impact

Stable 3–6 months production +£200–300m re-rating

Lithium prices >£1,800/t +£150–250m

Failure to fix plant Value trends toward <£100m

Tantalum monetisation +£50–100m upside

Funding requirements less than I was anticipating and relative to the huge upside of a fully functioning plant 0.25p isn't out of the question, 10x upside. Gla.

In the current mining bull market I expect exrernal funding via parnerships or offtakes, great risk v reward

We should hear more via interviews shortly, no brainer down here

2p+ tmoro, starting to break loose

Unaudited cash at year-end of $3.3m (2024: $4.1m), which is slightly ahead of expectations, with $1.6m accounts receivable (2024: $Nil) which continues to support expected cash runway into H2 2026 as previously communicated.

Should see a nice lift in anticpiation of further deals

Cash runway atleast 2 yrs assuming current run rate without additional contract wins