Member Info for Hikewithcaramel

Jag, we clearly have two very different views of the tape. You see a "dropping price"; I see a 28% recovery since the April 1 low (0.0128p) and a Bid that is currently sitting 10.3% above the recent institutional placing price.

Instead of going back and forth on the board about "narratives," why don't we do this properly?

I’d love to buy you a beer and we can sit down and actually go through the technicals. We can pull up the LSE Level 2 tape, look at the 7.5m EMS liquidity walls, and cross-reference the Xinhai 15–20 t/hr performance guarantee. We can even bring a printout of the latest site photos and see if we can find that wheelbarrow together.

I’m serious. If you’re truly convinced of a move to 0.008p in the face of $2,540/t spodumene and a fully funded commissioning run, I’d love to hear the clinical reasoning behind it without the forum noise.

What do you say? My treat.

Jag, if your only argument left is "I bet it drops to 0.008p after hours," you’ve officially run out of data.

While you wait for a crash that the Bid/Ask spread is refusing to provide, the rest of us are watching the switchgear and the ROM pad stockpile. Confidence isn't found in a forum post; it's found in the fact that the 0.0136p placing was swallowed and the price moved up.

Good luck with the wheelbarrow hunt.

Jag, while you’re counting shares and looking for wheelbarrows, the process engineers are already on-site.

The "trajectory" you're obsessed with is a historical chart. The Higher Lows on the hourly chart and the $2,540/t Spodumene price are the only metrics that matter for Q2. If 0.008p is your target, you’re betting against the Xinhai Performance Guarantee and the MMs defending the 0.015p floor.

Good luck with the wheelbarrow hunt—the rest of us are watching the switchgear

Jag, it’s a bold bet to aim for 0.008p when the Bid is holding 0.015p and the Spodumene price is climbing. To hit your target, you need the institutions to dump at a 40% loss, the MMs to ignore the 7.5m EMS, and the Xinhai circuit to fail despite being fully funded for commissioning.

You're looking at a 93% historical drop, but the Hourly Chart shows a structural floor being built. While you're hunting for wheelbarrows in photos, the engineering reality is focused on the 15-20 t/hr throughput guarantee and the high-voltage switchgear. The market doesn't wait for 'tomorrow' to price in dilution; the 0.0150/0.0171 spread shows the 0.0136p subscription has already been digested.

Jag, the market doesn't wait for 'tomorrow' to price in a known RNS. The 7 billion shares were priced in the moment the 0.0136p subscription was announced on the 28th. The fact that the price is holding 0.015p-0.016p today tells you the dilution has already been swallowed.

As for the 'trajectory,' you’re looking at a rear-view mirror. The 15-20 t/hr Xinhai guarantee and $2,540/t spodumene are the forward-looking metrics. While you're hunting for wheelbarrows in photos, the rest of us are watching the 7.5m EMS liquidity defend the floor. If 0.008p was 'realistic,' the Bid would have collapsed yesterday. It didn't. Why?

Jag, the '2-pager' is the Xinhai contract specs: 15-20 t/hr. The diesel is funded by the £1m raise you just saw on the RNS. Commissioning of the crushing circuit is already underway as of April 28. While you’re looking for a wheelbarrow, the Xinhai engineers are looking at the Performance Guarantee milestones. The 0.015p floor is holding because the market sees the $2,501/t spodumene price. Are you still waiting for 0.008p, or have you noticed the volume is moving away from you?

Jag, the Xinhai plant is a 15–20 t/hr modular circuit with a performance guarantee. We aren't relying on 'glued together' parts; we are using a dual-line strategy. The Xinhai line provides the high-grade recovery, and the existing equipment is being integrated to maximize volume. Total capacity targets remain 48,000 tpa. At $2,540/t, even at 50% capacity, Zulu is a cash machine. Why are you so obsessed with the 'weight of a pump' when the throughput math is right there in the RNS?

Let’s zoom out. The reason we’re sitting at a £4m–£5m market cap is that the market is still valuing PREM as a 'failed experiment.' But if you look at the actual data from this month, the stars are aligning for a Multi-Asset Producer rerate.

1. Zulu: The Engineering Shift (Q2 Commissioning)

Graham Hill isn't 'spinning stories'; he’s fixing flowsheets. The 17th April RNS confirmed the Xinhai flotation plant integration is on track. Crucially, Hill has simplified the circuit, bypassing redundant sorters and fixing the pipework bottlenecks that plagued the Roach era. We aren't betting on 'hope' anymore; we're betting on 40 years of engineering logic. With 5,000 tonnes of ore already on the ROM pad, commissioning isn't a 'maybe'—it’s an active process.

2. The Regulatory 'Moat' in Zimbabwe

The new Quota System announced on 14th April is a game-changer. By restricting exports to only six major, compliant producers, the Government is clearing out the 'cowboys' and informal trade. Being part of this approved framework gives PREM a protected 'moat' that didn't exist in 2023. The 10% tax is a small price to pay for a stable, regulated export route.

3. The 'Hidden' Manganese Monster (MNH)

While everyone ignores Otjozondu, MNH is ramping up to a record 1 million tonnes for the 25/26 period. This isn't a 'rusty mill'—it’s one of Namibia's largest manganese operations finally reaching scale. That 19% stake provides a massive valuation floor that the current share price completely ignores.

4. The 'Smart Money' TR-1s

While retail is fearful, the big players are absorbing the dilution. Indigo Capital (9.6%) and Richard Deacon (8.5%) didn't take those positions for a 10% trade. They are front-running the transition from 'Explorer' to 'Producer.'

Summary: 0.016p is the 'Disbelief' price.

$2,400+ SC6 + 4,000t/month target + 1M tonne Manganese stake = A company that fundamentally doesn't belong in the sub-£10m market cap bracket.

We are in the final weeks of the 'Engineering Phase' before the 'Revenue Phase' begins. Patience is the only thing required now.

GLA

Jaglith,

let’s keep it simple: You don’t sell your engine to buy petrol. MNH is currently ramping to 1M tonnes of manganese for the 26/26 period. It’s an illiquid 19% private stake—trying to 'fire-sale' it now while they are hitting record exports would be management malpractice. It’s a value play, not a petty cash drawer.

On Tantalum: It’s a byproduct, not the main event. Hill is an engineer—he's stabilizing the primary circuit first. Adding complexity now is how you get more delays, which I thought you were against?

The £4m market cap is pricing in a ghost. The TR-1s show Indigo and Deacon are buying the reality. I’ll follow the large-scale accumulation over the 'wheelbarrow' commentary.

GLA.

Jaglith, if only I were getting paid for this—I’d put the fee straight back into the bid!

On MNH: You’re right, it’s a £10m valuation on paper, but it’s a 19% minority stake in a private Namibian entity. You can’t exactly 'sell' that on an app like an ISA. Finding a buyer for a minority slice of a private manganese mine during a turnaround phase is near impossible without taking a 70% haircut. As for borrowing, banks don’t lend against illiquid minority stakes in junior miners. It’s 'trapped capital' until a liquidity event occurs.

On Tantalum: It’s a great byproduct, but adding complexity before the lithium flotation circuit is stable is how plants fail. Hill is an engineer; he’s clearing the 'bottlenecks' (like the sorters and thickeners) to get the primary revenue stream flowing first. Simplification = Stability.

The math isn’t PR; it’s the only metric that matters once the hardware is in place. Whether it's 8m or 6m revenue, at a £4m market cap, the gap between 'current price' and 'producer value' is huge. Let's see what the Q2 commissioning RNS says before we worry about the wheelbarrows.

GLA.

Let’s strip the emotion out for a second. We all know the history—the years of George Roach’s promises, the endless "on the cusp" updates, and the dilution that tested even the most patient holders. But the market is missing the fundamental regime change that happened when George stepped down last August.

1. The "Engineering" Era under Graham Hill

Since Graham Hill took the reins, the narrative has shifted from "blue-sky hope" to "hardware and flowsheets." With the Xinhai flotation circuit commissioning in Q2 2026, we are no longer betting on a vision; we are betting on 41 years of engineering experience to stabilize the plant.

2. The EBITDA Reality

At today's 0.015p, the market is still pricing in the "Roach Risk"—assuming more delays. But look at the math:

Target: 4,000t/month SC6.

Price: With Lithium holding at $2,000/t (driven by AI data centers and BESS, not just EVs), Zulu generates roughly £6.3M revenue per month.

The Yield Gap: Even with high opex, we’re looking at £30m–£40m annual EBITDA.

If the market cap stays at £5m, the company is trading at 0.1x earnings. Profitable producers do not stay at these levels; they get re-rated or they get taken over.

3. Macro: Data & Energy

The 2024 lithium floor is history. 2026 is the year of Storage. Fossil fuels can’t power the AI revolution—it requires massive BESS capacity. This creates a permanent floor for lithium demand that didn't exist two years ago. PREM is sitting on the right asset at the exact right turn of the cycle.

4. The "Hate Gap"

Retail has fallen out with PREM because of the historical baggage. But capital is like water—it finds the path to the highest return. Once the RNS lands confirming that first 4,000t shipment under the new quota framework, the "skepticism discount" evaporates.

Summary:

0.015p: The "Pariah" Floor.

0.10p: "Proof of Life" (£25m cap).

0.30p: "Steady Producer" (£75m cap).

George Roach laid the foundations and secured the asset, but Graham Hill is here to turn it into a business. The numbers can't hide forever.

GLA.

Jag, the share price is down 14% because 7 billion shares just hit the ledger at 0.0136p. That’s basic math, not a lack of confidence. The fact that it’s holding at 0.0150p—significantly above the placing price—despite your best efforts to talk it down, is actually a massive signal of underlying strength.

You spent the morning hoping for a collapse to 0.008p, but the 'cracks' Acker is talking about are in the bear thesis, not the glass ceiling. The Goddard debt is handled, the plant is being wired up, and the 'wind' is very much back in the sails.

Jag, searching through RNSs from 2022 is a great history lesson, but traders live in the present. You were adamant just days ago that the electrical gear was '4-6 weeks away.' Today's RNS confirms it's on-site and installed. That’s a 1,000% miss on your part.

If you were that wrong about the hardware, why should anyone trust your math on the 'funding gap'? You're still valuing this as a distressed developer, but the switchgear install means we’ve moved into the commissioning phase. The funding requirements for a producer are vastly different—and much more attractive to third parties—than a developer. You’re trading a rearview mirror while the rest of us are looking at the windshield

Been following the back-and-forth this morning and thought I’d weigh in. There’s a lot of noise, but if you look past the bickering, there’s actually a decent story forming here.

First off, credit where it’s due—Graham Hill’s latest update was a breath of fresh air. Dropping the sorters and simplifying that flow sheet is exactly the kind of 'no-nonsense' engineering Zulu needs. He’s leaning the place out and actually making it operable, which George never quite managed. If he hits that Q2 commissioning target, the sentiment shift will be massive. The ore quality coming out of the EPO ground is the real deal, and that’s what we’re all here for.

That said, we can’t ignore the mechanics of today. We’ve got nearly 2 billion shares hitting the market at 0.0126p. That’s a lot of paper for the market to chew through. The morning tick-up to 0.02p was good for the soul, but it’s natural to see some of those contractors and partners taking a bit of 'walking around money' now that they’re liquid. It’s just how the AIM game is played.

I’m genuinely bullish on the project once Graham gets the concentrate in bags, but for now, the smart play is just watching the volume. If we can absorb this admission without the floor falling out, it sets a solid base for the run-up to production.

I’m looking to build my stake further as we go, but I’m doing it on the dips. No point chasing the spikes when there’s a big admission to settle first. Ray’s not race, but the finish line is looking a lot clearer with Hill at the helm.

GLA.

The 'Placing' drumbeat is getting a bit tired now. Let’s look at the cold data instead of recycling 2024 fears.

The TR-1 Reality: Richard Deacon didn't cross 8.55% (2 Billion shares) this week to get 'diluted' by a Friday placing. Professional financiers of that caliber don't buy into the open market 48 hours before a discounted raise. They are the raise.

The LSE Plumbing: The EMS upgrade to 7.5m on April 29 is the exchange preparing the pipes for institutional volume. The LSE doesn't widen the road unless they know the heavy freight is coming.

The 'Closed Period': It’s highly likely GH is in a closed period due to the Canmax/Zimbabwe negotiations. If the MD can't buy, but the 'Smart Money' (Deacon/Indigo) is hoovering up shares, the conclusion is clinical.

The plant is bolted down and 5,000t of ore is on the pad. While some are waiting for 'certainty' at 0.15p, the smart money is building a fortress at 0.016p.

Stick to the facts, ignore the noise. GLA.

let’s strip away the sentiment and the history for a second. if you look at the last 14 days of rns data and filings, the "lifestyle" narrative just doesn't survive the bull****ometer.

​1. the tr-1 reality: in the last two weeks, over 17% of the company has been consolidated by indigo capital (9.59%) and richard deacon (7.7%). professional private equity and high-conviction players don't drop millions into a "con." they buy when the risk/reward is at a clinical tipping point.

​2. the 5,000t factor: the rom pad currently holds 5,000 tonnes of ore (march 25 rns). at current april spot prices (~$2,450/t for sc6) and a standard yield, that is approximately £1.47m in net revenue sitting on the floor. the plant isn’t waiting for a mine; it’s waiting for the final pipe to be connected.

​3. the ems upgrade: the lse is increasing the exchange market size from 750k to 7.5m on april 29. the exchange doesn’t widen the pipes by 1,000% for fun. they do it when they expect a surge in institutional volume.

​4. the export quotas: while the "bears" are shouting about bans, the zimbabwean ministry of mines (as of april 14) is already granting export quotas to firms with "value addition" commitment. prem’s new flotation circuit is exactly the industrial roadmap the government is rewarding.

​the bottom line: we aren't in the roach era anymore. we are in the graham hill commissioning window. the plant is bolted down, the ore is on the pad, and the "big boys" have taken their seats.

A dog barking at a passing train, doesn't stop the train.... Choo Choo

For Sundayroast and the new arrivals, here is the clinical recap. Forget the history; look at the current board:

1. THE ENGINEER (The Physical Pivot)

The Actor: Graham Hill (GH), a 40-year veteran operator, not a promoter.

The Action: Simplified the plant by removing the UV sorters (the previous failure point) and installing a dedicated Xinhai Flotation Circuit.

Status: Motor control gear/switchgear is currently being wired. Wet commissioning (ore through the cells) is the immediate next milestone.

2. THE FINANCIER (The Structural Floor)

The Actor: Richard Deacon, MD at Octane Capital (Debt/Bridge specialist).

The Action: In the last 4 trading days, he has aggressively moved from 0% to 7.7% (1.8bn shares).

The Logic: Debt specialists don’t take top-tier stakes in "zombie" miners. They do it to anchor a refinancing or a debt-to-equity swap. He is effectively "warehousing" the float and setting a hard floor at 0.0126p - 0.015p.

3. THE CUSTOMER (The Geopolitical Tailwind)

The Actor: Canmax (13.38% stakeholder).

The Context: Zimbabwe has banned raw ore exports. Canmax needs Zulu’s processed SC6 to bypass this.

The Deadline: June 30 Long Stop Date. With production imminent, the risk of "asset seizure" is being replaced by the reality of "first delivery."

4. THE MARKET (The Liquidity Shift)

The Event: London Stock Exchange is increasing EMS from 750k to 7.5m this week.

The Meaning: The "pipes" are being widened to handle institutional-grade volume. The days of 15k "penny trades" moving the needle are ending.

SUMMARY:

We have moved from a "hope-based" speculative punt to a mechanical execution play. The hardware is in the ground, the smart money is on the register, and the product (SC6) is at a $2,200/t premium.

In the clinical world of AIM mining stocks, there is no such thing as a "fluke" when a billion-share TR-1 and a technical turnaround coincide. The timeline suggests a coordinated strategy designed to move the company from "distressed" to "operational" before the June 30 Long Stop Date.

Here is the breakdown of why the April 2 – April 9 window is a calculated sequence:

1. THE ADMISSION COINCIDENCE

The TR-1 confirms Richard Deacon crossed the threshold on April 2. This was the exact date the 6 billion shares from the March 26 placing were admitted to the market.

The Reality: Deacon didn’t buy these on the open market from retail sellers. He likely took a "cornerstone" chunk of the placing.

The "Non-Fluke": Professional financiers don't participate in placings unless they’ve done due diligence on the Engineering Audit. He bought in because he knows the hardware (pumps and switchgear) is either on-site or in transit.

2. THE INFORMATION ASYMMETRY WINDOW

Note the delay: He crossed on April 2, but the RNS wasn't released until April 9.

The Reality: Under disclosure rules, he has two days to notify the company, and the company has another two days to notify the market.

The "Non-Fluke": This "quiet period" allowed the early profit-takers from the placing to wash out of the system. By the time the TR-1 dropped yesterday, the selling pressure from the 0.0126p raise had neutralized, allowing the Deacon news to spike the price to 0.016p.

3. THE "DEBT BRIDGE" ALIGNMENT

Deacon’s expertise at Octane Capital is "bridging." PREM currently has a $2.4m debt to JRG and a looming conversion with Canmax.

The Reality: You don't appoint a 41-year veteran engineer (Graham Hill) and then have a debt specialist take 5% of the company by accident.

The "Non-Fluke": Hill is fixing the plant; Deacon is fixing the balance sheet. This is the classic "pincer movement" required for a turnaround. They are cleaning the house before the big institutional money is invited back in.

Richard Deacon is not a retail punter or an unknown entity; he is the MD of Sales at Octane Capital, a firm specializing in complex debt and bridging finance. A debt specialist taking a 4.83% stake of over 1.1 billion shares is a targeted move positioning for a debt-to-equity swap or a restructuring event rather than a gamble.