Member Info for LockedIn

For any non-delusional types who want to hear it how it is and not how it might be:

GR meeting with MoM today/tomorrow to try and finalise Zulu EPO. No guarantees but if secured, x50 land size @ Zulu.

GR meeting with MoI on Tuesday to address RHA situation. Everything still on the table at this point, no guarantee of funding and/or equity change but best case scenario RHA is funded by the Zim Gov and you're looking at 4-5 months for all optimizations etc to complete. Personally, I think it'd be a miracle if GR walks out the door with a $6mil cheque tomorrow but in saying that at least he has a confirmed face to face.

Circum struggled to raise the finance required prior to optimising DFS. Debt part ($750m) is now covered, several options for equity part ($350m). Looking at timescales of months as opposed to weeks for any liquidity event.

KME deal should slash costs at both RHA and Zulu, GR quoting 50% less for Zulu DFS alone.

HBR acquisition is intended to diversify away from reliance on RHA. Dilution involved at current prices is astronomical, which GR seemed to acknowledge and addressed lowly SP. Seems to be hoping for some upwards movement between now and shareholder vote/deal completion. Over to PREM for that one. Looking at 9 months from deal completion to cashflow.

Company in need of finance, lack of finance has delayed Zulu by 13 months and it is well known/obvious the company have to raise. Reluctant to do so at these levels but 0.2/0.3p GR should revert to form and raise. HBR deal would be slightly less crippling in terms of dilution at these levels.

GR admitted lack of expertise and missing skillsets on current BoD. KME/HBR deals would alter this. GR would still be involved in some capacity (chairman?).

May have more in my notes but this was the gist of it...

Hahahah that gave me a chuckle, harsh b*stard!

Lots of progress and positive newsflow to match but the SP just doesn't seem to respond. Had PPC on the watchlist for the best part of a year now but nothing seems to get this going. Wouldn't be surprised to see PL take this private if nothing changes

What a run this has been on. I was looking to average down here pre-spud but the move came earlier than expected. Never mind, all pre-Snow Leopard buyers will soon be in profit again anyway!

From 7.5p. An easy trade if ever there was one.

There's the placing then. Removing YA was the right move - saves months of constant downward pressure on the SP. The 4p price will be a kick in the teeth for many but the SP can now recover as positive news is released. Good move by Lucan. Board additions up next and some movement at Balcombe will start the road to recovery. At 4p, if it even goes there, this is a strong buy.

A very salient point bcl. If ever there was evidence needed that AIM BoD's are essentially salesmen for their companies and everything they say should be taken with a no-longer-required-excavators-worth of salt.

Three $750mil projects wasn't it.

1st RNS RHA Update. Assuming it isn't just a complete re-hash of what has been said before, then it looks like the Ministry of Industry are finally willing to fund RHA. This would be massive progress resulting in RHA coming out of C&M and PREM back on the road to profitable (hehe) production.

2nd RNS KME + Gold. Come on...I fail to believe that any human being could be so naive but good old George strikes again. In fairness, taking 50% of KME is a good move - limiting crippling dilution but still gaining exposure to the drill rigs.

As for the gold project - why any sane investor in PREM would see this as a good move is beyond me. Current BoD have failed to deliver on every single project so far. Adding yet another project into the mix just kicks the whole "lifestyle company, endless dilution" can down the road. Gold production in 9 months....just like RHA would be profitable 3 years ago!

If Circum is as close as many think why would it ever, EVER be a sensible move to hugely dilute current holders when the company could have the funds to buy asset(s) outright in the not so distant future. For GR to propose this gold deal, it smells of either Circum is still a long way off, the value we will receive from our Circum holding is nowhere near what was expected or GR is not fit for purpose even considering such a deal. Not ruling out a combination of all 3.

There appears to be a sensible play here. Secure funding from the Ministry of Industry, restart operations at RHA. Proceed with the 50% KME deal, accept the dilution and restart Zulu drilling. Vote NO against the gold prospect and wait for Circum funds before contemplating any additions to the current portfolio.

I also note mentions of shareholder loans to fund the work relating to the gold project. If GR really wanted to progress PREM these shareholder loans could be used to fund the KME acquisition and progress Zulu. Try delivering on one single project before continuing the conquest to mop up all of Zimbabwes' defunct prospects with shareholders money.

"When not if" - a classic from LC. Along with "We are looking forward to a prompt conclusion of the entire tender process."

Job done, well in LC.

To get to this.

LC must shoulder at least some of the blame - how many times were we told about the strong and special relationships between Tanz Gov and KIBO. The Gov are a joke, LC needs to make some serious decisions and fast.

First signs of Lucan and co unpicking the shite left behind by Vonk. ANGS could be rid of the death spiral in a fortnight

Nice one mate, appreciate the responses.

Might jump in for a run up to 18s. Wasn't there a risk of another placing here or was that associated with Djeno production? Todays announcement reads as if they are funded through to $1mil/month FCF or am I missing something?

Targets bonks?

Imminent on the 1year

"Management continues to work towards completion of the debt restructuring. This is progressing well and a further announcement will be made in due course. This will ensure MRS has the most efficient interest rates available and should contribute significantly to the strong FY19 profit performance."

If the debt restructuring is going to "contribute significantly to the strong FY19 profit performance" then they better hurry up and announce it before FY19 has been and gone. There must be a good chance it'll come alongside the interims on the 28th of this month.

The market is aware of the full year guidance for FY19 but we still find ourselves with a sub £9mil MCAP. Hopefully the interms will provide unquestionable evidence of MRS's turnaround to profitability is sound and the long-awaited debt restructuring can remove one of the main bear arguments against investing here.

Bouncing around the 50dma support which is holding for now. A nice bounce from this to chase down mid-Jan highs. Plenty upcoming news catalysts to kick on from there.

MikG, agree entirely.

PI's shafted yet again. Placing at near 3 year lows is bad enough, the warrants at a measly 2p yet another kick in the teeth.

Those in the know have likely made money on the way up and all the way back down again. I guess the one silver lining is we'll likely be "on the up" again once Sprott and Co are loaded up in the low 1p region.

Downwards pressure potentially from Vonk offloading his ~3%, coupled with YAII flipping death spiral shares which will likely be converted in the next week or so.

Brockham also fukt in the short term with kit being removed from site. Lidsey was a disaster, Brockham is emerging as a disaster. Next up Balcombe... I wonder how they are going to manage to screw that one up.