Member Info for Martinigirl

V2611, theres hardly any of that headroom left, certainly not enough to cover their required financing for the remainder of the comissioning process.

Acker, my thoughts that there may be some issues with the "going concern" element of the accounts due to the limited ability to raise further funding and not having called an EGM for the headroom increase. They do have until 7am tomorrow to release the RNS however my initial confidence is waning somewhat.

Chuggley, i dont recall ever stating as a fact that the EGM call would be today. Whatever you say, the requirement for an EGM is urgent, that cannot be denied if you look at the monies required and the monies in the bank. There are no alternative options at this time. Graham has made that abundantly clear.

You keep on looking through those rose tinted spectacles and let the rest of us see things for exactly what they are.

Snowking, im intrigued by your calculations.

You say PREM will spend around £4 million a month in production costs so therefore will only need £4million plus a possible £1 million placing.

Where's this mysterious £4 million coming from? Where's the £1 million placing coming from? At current price the headroom Graham has isn't enough to raise your £1 million placing.

You now seem to agree that the company requires £5 million, let's call that the "shortfall" for that is what it is. Once the company receives the shortfall it will be able to continue with the commissioning of the plant. That process will take approximately 30 days.

Even if Graham could find a sugar daddy willing to part with £5 million today, and they could get the comissioning done and produce saleable product all within 30 days, they still wouldn't receive any payments until October at the earliest. Where's the money coming from for working capital to last until then?

For a seemingly intelligent senior health care professional, you really dont think things through.

Chuggley not looking to scare anyone. I pop up when there's anything of note to comment on.

I've no agenda just use my experience to analyse the facts and make a judgement based on those facts and my knowledge.

I merely provide my analysis amidst all the uber positivity and uber negativity and whilst my opinion still sides with the risk is too great givent the facts as they are currently presented, that may change should the company sufficiently address the issues I have outlined. As I see it theres further dilution to the tune of around 7.5 billion more shares, that dilution will be in the form of a discounted placing (around 20%) which still doesnt provide the working capital required to complete the commissioning process. Therefore theres a whole lot more pain to come before any potential gains which will, if the company successfully complete the commissioning process, some months away.

Granted there will be opportunities for a trade should anyone have the appetite to do so, off the back of a decent RNS, but the gains you and others are talking about are currently unrealistic based on your opinions.

Nelly I think you've gotten yourself a little confused. Following the placing of 19,299,166,667 there were 70,266,795,715 shares in issue, that number increased to 84,859,029,039 before the share consolidation happened

Chuggley, whilst you make a valid point, the number of shares is very much an issue as back in June last year they did a 10:1 consolidation because "The intent of the Share Consolidation is to reduce the number of shares in issue to enhance the Company's ability to meet the continued listing requirements of AIM."

Yet here we are now with a similar number of shares in issue, and a requirement to increase the headroom, therefore the company may not be able to meet its continued listing requirements on AIM.

It's not all about the mcap or the potential value should they start production, it's all about the right now, the next 5 days, and their proposals to continue to finance the company going forward.

Jaglith, an EGM is the only possible way forward for the company. The remaining headroom if used will raise enough to make the necessary payments this month and keep the dream alive but it won't be enough to complete the works required for the plant comissioning.

An EGM requires 2 weeks notice so if called tomorrow the earliest it could happen would be 10th July, it's unlikely shareholders would vote against a headroom increase (all depends on what Canmax want) so if approved they would raise immediately and announce on 13th July.

After that it's down to if the 30 day test run proves the grades.

It's a possibility as they'll need to do some additional work on the "going concern" I personally expect them to be published by 7am on 1st July. They won't be pretty reading but at least we can then start to extrapolate figures and get a better idea of the cash burn and required funding going forward.

I'd guess tomorrow for the fundraise and EGM call, however Graham may be hoping for a recovery in SP tomorrow so could be done on Monday. They'll be lucky not to get it away at a discount so I'm thinking around 0.0145 which should see them through to the EGM mid July

Snowking, do you really think a 2 month extension to the longstop would be enoughto solve all PREM problems?

Where's the money coming from to run the plant for 30 days in July (remember there's onlyb31 days in July), where's the money coming from to pay Goddards this month? That's not to mention all the other bills due this month.

The longstop whilst a big issue, is currently the least of their worries.

Well that's not the best news for the faithfully.

The only positives in that RNS are that they've managed to produce at around 5.5% how much they've produced at that grade isn't published, I recall George releasing similar news stating the plant had produced in excess of SC6. As I previously stated, new dog, old tricks. How much was produced? 1g, 1Kg, 1 tonne? That's vital information especially when you're talking about trying to sell it, again George i recall was also going to sell some bags of contaminated sub standard unknown grade.

As for the rest of the RNS, no cash, no ore on the pad, confirmation that they've got a small scale mining contractor (perhaps Jaglith isn't too far off with his wheelbarrow talk), limited capacity to raise additional funds and a requirement for a 30 day test run which they cannot afford.

The longstop remains an uncertainty and George's Loan isn't mentioned.

Accounts might be delayed which will result in suspension.

The only way forwards is to call an EGM and ask for significantly more headroom and conduct another consolidation.

Oh Chuggley, really? Being 5 days out in the raise is worth criticising me about? You really should look at the issues rather than what other people think. Focusing your attention away from where it needs to be will be your downfall.

Have a good look at the finances, the last few RNS, what the company need against what they've raised, look at George's Loan and the conditions of that loan going back to when it was made. Do some decent research into the company and then start to criticise me and others, your knowledge of the company is clearly short term "it's gonna 10 bag" type knowledge which is way off mark.

Listen to what I say, listen to Raaydaay, listen to Acker, even listen to Jaglith, hear what we say, weigh it all up and then make your investment decision. Don't be so focused on the 10x or more brigade, there is a substantial negative side to investing here and im all about making you and others aware of it whether you like it or not andbi don't care how much abuse I'll get. I know this company and im not wrong with my ipinion as arrogant as that may be.

Chuggley, does it damage him to take shares in lieu of interest and delays repayment? No it doesnt Does it damage him if he demands full repayment in cash knowing that PREM cannot afford to pay him? No it doesn't he's fleeced enough shares out of the PREM coffers to not carry anymore. He's no longer a major shareholder or a director and therefore his trades aren't reportable. I wouldn't be surprised if he's been selling down his holdings, not that we'd ever know. George will look after George and nobody else, his interests were never aligned with shareholders, if they were he would have simply taken back the number of shares he sold to make the loan, no more than that, that would have proven his commitment to the company, he didn't and showed how he is not aligned with shareholders and merely committed to looking after his own interests. He will no doubt continue to look after his own interests

Yet another day without clarification on the situation with George's Loan, no progress update nearly 2 weeks after the last one where some were saying it just needed a few tweaks, still nothing on the longstop and still no accounts published. Funds are rapidly running out of they haven't already and the faithful are now talking about bags of concentrate soon to be shipped.

Let's be clear, if any saleable product had been produced it would have to be released via RNS, if they had obtained an export licence to ship said saleable product it would have to be released via RNS no such RNS have been released therefore none of those things have happened.

Now let's address the speculation on 3rd party investment. Graham has made it clear in RNS form that whilst talks (allegedly) continue, there will be no 3rd party funding before Zulu can demonstrate sustained production at grade and volume, so let's put that wild speculation to bed.

The market wants to see answers to significant questions about George's Loan (will he wait and take interest or does he want his money back?), funding (how is the £5 million shortfall to be covered?), progress (are the plant modifications working?) and they want to see the accounts to determine cash burn, ongoing funding requirements etc

Snowking,

I was of that belief then and it's still a distinct possibility now given the current £5 million or more funding shortfall.

I never said PREM could "loose" half of anything, that would suggest some tightness somewhere which hasn't been evident. They could lose half of Zulu or more depending on how much interest has accrued and it would be a shrewd move on the part of the Chinese to do that should they believe enough progress has been made for them to take over a viable yet non producing plant for the cost of their initial investment. Should that happen I would then I suspect that would be the end of Prem, it would be taken private, delisted and shareholders would get nothing.

We shall see what happens, George's Loan repayment is the next issue to traverse and then the accounts need to be published by 7am 1st July. The Canmax issue will also be announced around the same time.

I'm expecting another placing and EGM call this coming week.

Snowking,

I was of that belief then and it's still a distinct possibility now given the current £5 million or more funding shortfall.

I never said PREM could "loose" have of anything, that would suggest some tightness somewhere which hasn't been evident. They could lose half of Zulu or more depending on how much interest has accrued and it would be a shrewd move on the part of the Chinese to do that should they believe enough progress has been made for them to take over a viable yet non producing plant for the cost of their initial investment. Should that happen I would then I suspect that would be the end of Prem, it would be taken private, delisted and shareholders would get nothing.

We shall see what happens, George's Loan repayment is the next issue to traverse and then the accounts n

Well here we are with little to no interest ahead of a deadline for a £1.7 million loan repayment becoming due and no RNS. Will George be supportive or will he, as I suspect, enforce the interest option which will be paid in shares. I dont think he'll go for full repayment but it is an option.

They'll have to confirm the situation on Monday.

Accounts due by the 30th, they won't be pretty. Canmax longstop also due by 30th and that's another dilemma for shareholders, will they or won't they enforce the agreement. If they do then that's a big blow to PREM losing around 50% of Zulu and the associated reduction in share price will hit shareholders hard.

Chuggley, there wasnt an rns stating that.

MrNewbie, then why, given that they have very little room to raise further funding, which we all know they require as per their own cost analysis, hasn't Graham been prudent and called an EGM? It would make perfect sense to have additional funding options available as and when they are required. The current shortfall in funding that is well known means that they will require significant further capital to complete the commissioning process let alone move the project forward.